exam1-sample - Economics 304K SAMPLE EXAM I Helen Schneider...

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Economics 304K SAMPLE EXAM I 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. What will happen in the rice market if buyers are expecting higher rice prices in the near future? a.The demand for rice will increase. b.The demand for rice will decrease. c.The demand for rice will be unaffected. d.The supply of rice will increase. 2. If a study by medical researchers found that brown sugar caused weight loss while white sugar caused weight gain we likely would see a.an increase in demand for brown sugar and a decrease in demand for white sugar. b.an increase in demand for brown sugar, but no change in the demand for white sugar. c.a decrease in the demand for white sugar, but no change in the demand for brown sugar. d.no change in either demand because weight loss is not a nonprice determinant of demand.
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exam1-sample - Economics 304K SAMPLE EXAM I Helen Schneider...

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