exam2-sample - Economics 304K EXAM II-SAMPLE Helen...

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Economics 304K EXAM II-SAMPLE Helen Schneider Spring 2007 Student Name: ______________________________________________________ INSTRUCTIONS 1. There are three sections in this exam. 2. ANSWER ALL QUESTIONS. TOTAL POINTS = 100 3. Part I: 15 multiple choice questions(2 points each) Part II: 3 true/false questions (10 points each) Part III. 1 problem (40 points) 4. Read all questions carefully. 5. Write legibly and remember to LABEL ALL GRAPHS. 6. Total time = 50 minutes. GOOD LUCK
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Part I. Multiple Choice. Do the following 15 multiple choice questions: Read each question carefully and CIRCLE the best answer. THERE IS ONLY ONE ANSWER TO EACH QUESTION. It often helps to jot down a quick graph or do some work next to the question before searching for the answer. 1. Consumer surplus equals the a. Value to buyers – Amount paid by buyers. b. Amount received by sellers – Costs of sellers. c. Value to buyers – Costs of sellers. d. Value to buyers – Amount paid by buyers + Amount received by sellers – Costs of sellers. 2. According to the graph shown, what area represents total surplus in the market when the price is P 1 ? a. A + B b. B + C c. C + D d. A + B + C + D 3. If Roberta sells a shirt for $30, and her producer surplus from the sale is $21, her cost must have been a. $51. b. $30.
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This note was uploaded on 05/01/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas.

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exam2-sample - Economics 304K EXAM II-SAMPLE Helen...

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