2007 final - answer - Econ101 Final Exam Version 1...

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Econ101 Final Exam Version 1 Economics 101 Professor Serrano-Padial Final Exam December 19, 2007 Student Name: _____________________ ID#: ______________________ Discussion #: ________ DO NOT BEGIN WORKING UNTIL YOU ARE TOLD TO DO SO. READ THESE INSTRUCTIONS FIRST! The exam consists of 45 multiple-choice questions. Please fill out the scantron with a #2 pencil. You have 120 minutes to complete the exam. Please leave enough time to fill out the scantron carefully and accurately. 1 . Print your last name , first name , and middle initial in the spaces market “Last name”, “First Name”, and “MI”. Fill in the corresponding bubbles below. 2 . Print your student identification number in the spaces marked “ Identification Number ”. Fill in the bubbles below as well. 3 . Write the discussion section number for which you are officially registered under “ Special Codes spaces ABC , and fill in the bubbles. Discussion sections numbers are as follows: Aris Avgousti Chen-Yu Li Hiroaki Miyamoto Jiao Shi 363 F 2:25pm 357 F 11:00am 356 F 11:00am 362 F 2:25pm 365 F 3:30pm 359 F 12:05am 358 F 12:05pm 364 F 3:30pm 367 F 8:50am 372 R 4:35pm 366 F 8:50am 370 R 4:35pm 373 R 2:25pm 369 F 7:45am 374 R 3:30pm 371 F 9:55am 4 . After filling your discussion section number in the “Special Codes” spaces ABC, please put the version number of the exam in the “ Special Codes ” space D . The version number can be found in the page header. This is a close-book, close-note exam. You can use a non-graphic calculator if you need. If you have a question during the exam, stay seated, and please raise your hand. All answer sheets must be turned in as you leave the exam. Think carefully before you answer each question. Good luck! 1
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Econ101 Final Exam Version 1 E D C B A Pizza Soda 1. The above graph illustrates the PPF for Columbia. As we move from C to B to A, the opportunity cost of Pizza a) Rises. b) falls. c) stays constant. d) rises and then falls. e) falls and then rises. 2. Which one of the following statements is true? a) Point C is infeasible. b) Point E is efficient. c) Point D is super efficient. d) The only one way to reach point D is trade. e) None of the above. Suppose the demand for light bulbs is Q d =170-2P-4P l where P l is the price of lamps. Supply is given by Q s =30+3P . Initially, P l = 10 . Answer the next three questions. 2
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Econ101 Final Exam Version 1 3. The equilibrium price is ____ and the equilibrium quantity is_____. a) 20, 90 b) 18, 84 c) 26, 108 d) 10, 110 e) None of the above. 4. What is the cross-price elasticity of demand for light bulbs with respect to lamps at the equilibrium? a) -8/9 b) 4/9 c) -4/9 d) -1/36 e) -4 5. What is the price elasticity of supply for light bulbs at the equilibrium? a) 4/9 b) 8/9 c) 2/3 d) 1/3 e) 3 6. The demand for cancer medicine in the US is perfectly inelastic at 200 q = , and the supply of cancer medicine in the US is 5 qp = . The world price of cancer medicine is $60. What happen to the producer surplus after the US cancer medicine market is open to international trade?
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This note was uploaded on 04/14/2009 for the course ECON 101 taught by Professor Hansen during the Fall '07 term at University of Wisconsin Colleges Online.

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2007 final - answer - Econ101 Final Exam Version 1...

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