Econ 201 First Exam 2008

Econ 201 First Exam - Econ 201 First Examination Page 1 John Vahaly Econ 201(H FIRST HOURLY EXAMINATION Part I Multiple Choice(45 Directions

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Econ 201 First Examination Page 1 John Vahaly Name: Econ 201 (H) Microeconomics FIRST HOURLY EXAMINATION Part I. Multiple Choice (45%) Directions: Mark in pencil on the answer sheet provided the one best answer to each question. 1. NAFTA includes all of the following except a. Canada. b. the United States. c. Mexico. d. the Russian Federation. 2. For parking at U of L during peak demand periods, which of the following is correct ? a. Quantity supplied is zero. b. Non-price rationing is used. c. There is no daily demand curve because there is no daily price. d. all of the above are correct. 3. The reason schools require proof of immunization for communicable diseases is a. local school districts are required to use extra paperwork whenever possible. b. students cannot be trusted to keep diseases to themselves. c. external costs associated with containment of diseases. d. some parents might choose not get their children immunized. 4. In 2007, New York City announced a new approach to dealing with the problem of congestion on NYC streets: a. Drivers will be paid to stay home during peak times. b. Citizens will be encouraged to buy “Smart Cars” that are ¼ the size of mid- sized sedans. c. Stiff fees will now be paid by peak-hour drives ($8 each way per vehicle). d. New York City subway fares will be zero (taxpayers actually pay).
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Econ 201 First Examination Page 2 5. The Law of Demand predicts there is an inverse relationship between the price of any product and a. demand. b. quantity demanded. c. supply d. quantity supplied. 6. All economic policy issues have two dimensions. They are a. scarcity and plenty. b. equity and efficiency. c. taxes and user fees. d. public goods and public services. 7. For any society, which of the following is not a scarce resource? a. labor. b. money. c. land. d. real or physical capital. 8. Because resources have alternative uses in meeting the needs of society, economists say a. “There is no such thing as a free lunch.” b. “Too many cooks spoil the broth.” c. “A fool and his money are soon parted.” d. “You can lead a horse to water, but you cannot make it drink.” 9. Basic themes in economics include all of the following except a. taxes. b. specialization. c. scarcity. d. exchange. 10. The equity or fairness question in economics is associated with the a. “For Whom” question. b. distribution of income and wealth. c. problem of distribution of GDP. d. all of the above. 11. Pollution is a problem for the U.S. economy in large part because it is associated with which of the following resource-allocation issue?
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Econ 201 First Examination Page 3 a. External costs associated with production of some goods and services. b. Price controls.
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This note was uploaded on 05/01/2008 for the course ECON 201 taught by Professor Vahaly during the Spring '08 term at University of Louisville.

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Econ 201 First Exam - Econ 201 First Examination Page 1 John Vahaly Econ 201(H FIRST HOURLY EXAMINATION Part I Multiple Choice(45 Directions

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