Econ 212-Spring 2006 Exam 1

Econ 212-Spring 2006 Exam 1 - Spring, 2006 ECONOMICS 212...

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1 Spring, 2006 ECONOMICS 212 Professor D. K. Benjamin WARM-UP EXAM Print and encode your (i) name, (ii) student number, and (iii) course and (iv) quiz section number on the scoring sheet (see the overhead). If you fail to do the preceding actions correctly, you will be penalized five points . On the answer sheet, mark the letter corresponding to the correct answer, using a pencil. There are 25 questions. You have plenty of time; read the questions carefully and engage brain before putting pencil in gear. Go Tigers. 1. In this course, the rule on the use of calculators on in-class exams is this: a. only approved calculators available from the CU bookstore are permitted b. calculators are OK, but only with written permission from our TA c. calculators are prohibited d. calculators that display numbers only are OK e. both (b) and (d) are correct 2. If you fail one of the in-term exams a. you can drop the score on it, as long as you passed all the other exams b. you can take an optional make-up exam c. you can drop the score on it, as long as you have a written medical excuse d. its weight is shifted completely onto your quiz section grade, which thus would count either 30% or 40% of your course grade e. none of the above 3. Quiz section a. counts toward your grade only if it helps you b. is worth 20% of your course grade c. is optional in the sense that if you don’t go or do the work for it, your course grade won’t be harmed d. counts more if you miss an in-class exam, because some of the weight of such exams is shifted automatically to quiz section e. both (b) and (b) are correct 4. An equilibrium is an outcome (or state of the world) a. in which no economic agent has an incentive to change behavior b. in which demand equals supply c. in which gains from trade are minimized d. all of the above e. only answers (b) and (c) are correct 5. A "reduction in supply" of a good refers to a. a movement along the supply curve for that good b. a reduction in the desired rate of production, due to a lower price for that good c. a shift to the left of the supply curve for that good d. a shift to the right of the supply curve for that good e. both (a) and (b) 6. An increase in the demand for kumquats will lead to a. an increase in the supply of kumquats b. an increase in the equilibrium quantity of kumquats c. an increase in the equilibrium price of kumquats d. answers (a), (b), and (c) are correct e. answers (b) and (c) are correct
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2 Questions 7-10 are based on the following information. Two countries, China and America, initially are capable of producing only two goods: potables (P) and edibles (E). China can produce a maximum of 6 P and 0E, or
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This note was uploaded on 04/29/2008 for the course ECON 212 taught by Professor Lady during the Spring '07 term at Clemson.

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Econ 212-Spring 2006 Exam 1 - Spring, 2006 ECONOMICS 212...

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