2007 midterm - answer

2007 midterm - answer - Midterm1,Version1,Page1of11...

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Midterm 1, Version 1, Page 1 of 11 Economics 101 Professor Serrano-Pardial Midterm 1 October 10, 2007 Student Name: _____________________ ID#: _________________ Discussion #: ________ DO NOT BEGIN WORKING UNTIL YOU ARE TOLD TO DO SO. READ THESE INSTRUCTIONS FIRST! The exam consists of 33 multiple-choice questions. Please fill out the scantron with a #2 pencil. You have 70 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 exams and scantrons must be turned in as you leave the exam. Think carefully before you answer each question. Good luck!
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Midterm 1, Version 1, Page 2 of 11 Aircraft DVD 1) What is the explanation for the shift in the PPF that is observed in the above picture? a) Technological improvement in both industries b) Technological improvement in the DVD industry c) Technological improvement in the aircraft industry d) A negative technology shock that affect both industries e) A change in expectations Use the following information to answer the next five questions. Spain and Holland produce Shoes and Pickles. They have linear PPFs and each country can dedicate 200 hours to produce the goods. Holland Spain Shoes Pickles 4 pairs /per hr. 0 0 3 bottle /per hr. Shoes Pickles 3 pairs/per hr. 0 0 2 bottle /per hr. 2) If Holland only produces pickles, how many bottles can Holland produce? a) 3 b) 4 c) 400 d) 600 e) 800
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Midterm 1, Version 1, Page 3 of 11 3) Which one of the following statements is true? a) Holland has a comparative advantage in producing shoes. b) Holland cannot benefit from trade. c) Spain has an absolute advantage in producing shoes. d) Holland has a comparative advantage in producing pickles.
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2007 midterm - answer - Midterm1,Version1,Page1of11...

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