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Practice Midterm 2006

# Practice Midterm 2006 - Econ 1 Midterm 1 Monday LAST NAME...

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Econ 1, Midterm 1 LAST NAME: ____________________________ Monday, October 16, 2006 FIRST NAME: ____________________________ STUDENT ID: ____________________________ TA: _____________________________________ SIGNATURE: ____________________________ DO NOT OPEN YOUR EXAM UNTIL INSTRUCTED TO DO SO!!! INSTRUCTIONS 1. Make sure you have all pages (40 multiple choice, 2 short answer). 2. Answer all multiple choice questions in the space provided below. 3. For the short answer, show all work. We reserve the right to deduct points from answers that are hard to read. 4. You may NOT use a calculator. 5. There are a total of 100 points. MULTIPLE CHOICE ANSWERS (2 points each) 1. ______ 2. ______ 3. ______ 4. ______ 5. ______ 6. ______ 7. ______ 8. ______ 9. ______ 10. ______ 11. ______ 12. ______ 13. ______ 14. ______ 15. ______ 16. ______ 17. ______ 18. ______ 19. ______ 20. ______ 21. ______ 22. ______ 23. ______ 24. ______ 25. ______ 26. ______ 27. ______ 28. ______ 29. ______ 30. ______ 31. ______ 32. ______ 33. ______ 34. ______ 35. ______ 36. ______ 37. ______ 38. ______ 39. ______ 40. ______

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Midterm 1, Fall 2006 Version #1 Dent'nScratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: 1. ________ has an absolute advantage for selling cars and __________ has an absolute advantage for selling trucks. A. Joe; Ralph B. Joe; Joe C. Ralph; Larry D. Larry; Ralph E. Larry; Joe 2. ______ should specialize in truck sales and ______ should specialize in car sales. A. Joe; Ralph B. Joe; Ralph C. Ralph; Larry D. Larry; Ralph E. Larry; Joe 3. For Larry, the opportunity cost of selling a truck is A.10 fewer cars sold B.one-half car not sold. C.1 fewer car sold. D.5 fewer cars sold. E.2 fewer cars sold. 1
4. Antony's Pizza uses the same dough, sauce, and cheese for pizza and calzones. When the price of pizza is low Antony produces more calzones. For Antony, with respect to price, supply of pizza is ________ compared to supply at a pizza restaurant that does not serve calzones. A. unitary elastic B. lower quality C. more unpredictable D. more elastic E. more inelastic 5. The company that owns all of the vending machines on your campus has doubled the price of a can of soda. They notice that they are selling approximately 25% fewer sodas. Price elasticity of demand for sodas from the campus vending machines is A. Elastic B. Zero C. Inelastic D. Infinite E. Unitary elastic 6. The following data represents the production values for two goods, M and N, i.e., (M,N): (10,0); (9,2); ( 8,4); (7,3); (6,6). This data is A. consistent with a convex production possibilities curve. B. consistent with a concave production possibilities curve. C. possibly consistent with a production possibilities curve.

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Practice Midterm 2006 - Econ 1 Midterm 1 Monday LAST NAME...

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