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TangFinal-VersionA-yellow

# TangFinal-VersionA-yellow - Econ 1 Final Saturday LAST NAME...

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Econ 1, Final LAST NAME: ____________________________ Saturday, December 15, 2007 FIRST NAME: ____________________________ STUDENT ID: ____________________________ TA: _____________________________________ SIGNATURE: ____________________________ DO NOT OPEN YOUR EXAM UNTIL INSTRUCTED TO DO SO!!! INSTRUCTIONS 1. Answer all multiple choice questions in the space provided below. 2. For the short answer, show all work. We reserve the right to deduct points from answers that are hard to read. 3. You may NOT use a calculator. 4. There are a total of 80 points. (50 pts multiple choice, 30 pts short answer) MULTIPLE CHOICE ANSWERS (1 point each) 1. ______ 2. ______ 3. ______ 4. ______ 5. ______ 6. ______ 7. ______ 8. ______ 9. ______ 10. ______ 11. ______ 12. ______ 13. ______ 14. ______ 15. ______ 16. ______ 17. ______ 18. ______ 19. ______ 20. ______ 21. ______ 22. ______ 23. ______ 24. ______ 25. ______ 26. ______ 27. ______ 28. ______ 29. ______ 30. ______ 31. ______ 32. ______ 33. ______ 34. ______ 35. ______ 36. ______ 37. ______ 38. ______ 39. ______ 40. ______ 41. ______ 42. ______ 43. ______ 44. ______ 45. ______ 46. ______ 47. ______ 48. ______ 49. ______ 50. ______

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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In a perfectly competitive industry, which of the following determines the market price? A) market demand and market supply B) market demand and a firm's supply C) a firm's demand and its supply D) market supply and a firm's demand 2) If the quantity demanded changes by a relatively small amount for a given change in price, then demand is A) perfectly inelastic. B) inelastic. C) elastic. D) perfectly elastic. 3) A single - price monopoly is characterized by a marginal revenue curve that is A) horizontal. B) downward sloping. C) upward sloping. D) vertical. 4) The creation of a monopoly results in gains to A) consumers at no expense to producers. B) producers at the expense of consumers. C) producers at no expense to consumers. D) consumers at the expense of producers. 5) The above figure shows the demand and supply curves for housing. What would be the effects of a rent ceiling equal to \$500 per month? A) a shortage equal to 250 apartments B) a shortage equal to 3,000 apartments C) a surplus equal to 3,000 apartments D) nothing because the rent ceiling has no effect on the equilibrium price and quantity 1
6) Which of the following is a defining characteristic of a perfectly competitive industry? A) persistent economic profits in the long run B) higher prices being charged for certain name brands C) advertisements by well known celebrities D) no restrictions on entry into the industry 7) If the price of a movie ticket increases by 4 percent and the quantity of movies demanded falls by 2 percent, the price elasticity of demand is A) 4.0. B) 2.0.

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TangFinal-VersionA-yellow - Econ 1 Final Saturday LAST NAME...

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