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Econ 212-Spring 2007 Exam 1

Econ 212-Spring 2007 Exam 1 - Spring 2007 ECONOMICS 212...

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1 Spring, 2007 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 Economics 212 (Sections 1-18 and H212), the rule on the use of calculators on in-class exams is this: a. calculators that display numbers are OK, but only with written permission from our TA b. calculators are prohibited c. calculators that display numbers only are OK d. only approved calculators available from the CU bookstore are permitted e. both (a) and (c) are correct 2. If you miss one of the in-term exams a. you must notify me in writing beforehand, or else you will receive a grade of zero on it b. you can take an optional make-up exam c. you must have a written medical or other bona fide excuse or else you will receive a score of zero 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. is worth 20% of your course grade b. counts toward your grade only if it helps you 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 20% as much as the final exam does e. both (b) and (c) are correct 4. An economic model a. generally works well in theory, but not in practice b. is unlike models in all other disciplines, because it is abstract c. ideally is simple, general, and useful in predicting behavior d. all of the above e. none of the above 5. Suppose that Larry and Moe are each capable of producing carrots and onions. When we say that Larry has a "comparative advantage" in producing onions, we mean that a. Larry can produce the most carrots b. Larry can produce the least onions c. when Larry produces a carrot, he must give up fewer onions than Moe must give up when Moe produces a carrot d. Larry is the low cost producer of onions e. both (c) and (d) are correct.
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2 The questions on this page are all related, and based in part on this information : Two persons are located on an otherwise deserted island, with only two ways to spend their time: fishing or gathering bananas. If Christina spends all of her time gathering bananas, she can gather 10 a day; if she spends all her time fishing she can catch 20 a day; and if she spends some of her time of in each activity, she can produce any linear combination of these extremes (e.g., 4 bananas and 12 fish, or 8 bananas and 4 fish). If Ann spends all her time gathering bananas she can gather 20 a day; if all of her time is spent fishing she can catch 10 a day; and if she engages in a mixture of activities she can
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Econ 212-Spring 2007 Exam 1 - Spring 2007 ECONOMICS 212...

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