Micro_Midterm_One_Spring_2008_Ver_D_-_MC - Midterm Exam 1...

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1 Midterm Exam 1 key Version D Principles of Microeconomics Penn State ECON 002 Midterm Exam One Spring 2008 Clair Smith LAST NAME: _________________________ FIRST NAME: ________________________ LAST 4 DIGITS OF YOUR PSU STUDENT ID: __ __ __ __ Instructions: Neatly write your name and other info on both this exam and the scantron form. Write and fill in the appropriate bubbles for PSU ID, SEC. NO, and TEST VERSION on the scantron form. PART I Multiple Choice Section (25 questions, 3 points each) Choose the best answer and mark your answer choice clearly in pencil on the answer sheet. You may make any notes you wish on the test questions, but credit will be given only for readable answers on the answer sheet. PART II Graphs and Short Answer Write your answer or draw your graph neatly in the space provided. Make sure you address all parts of the question. Points vary and are indicated in each question. When you are finished, bring both this exam and your scantron sheet to the front of the room with your id card. You have 50 minutes to complete this exam. You may thumb through the corners to ensure that your exam contains 5 sheets of paper, but please do not open the exam until you are instructed to begin. When you do open your exam, you should find 25 multiple choice questions, double-sided on pages numbered 2-5, and the 4 graph/short answer questions printed single-sided on pages numbered 6 and 7. Good Luck.
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2 ______1. Which of the following would not cause a change in the demand for apples? a. a change in the price of pears *b. a change in the price of apples c. a change in consumer income d. a change in the number of people shopping for fruit ______2. Consider my demand curve for tortilla chips. If the price of salsa decreases while the price of tortilla chips stays the same, then I would consume more tortilla chips because a. salsa is an inferior good b. salsa is a normal good *c. tortilla chips and salsa are complements d. tortilla chips and salsa are substitutes ______3. There is a deadweight loss a. when the market is at the competitive equilibrium. *b. whenever the market is forced away from the competitive equilibrium. c. when the market produces where marginal costs equal marginal benefit. d. when economic surplus is maximized. ______4. A recent study indicates that “Stricter college alcohol policies, such as raising the price of alcohol or banning alcohol on campus, decrease the number of students who use marijuana.” On the basis of this information, how would you classify the relationship between alcohol and marijuana? a. Alcohol and marijuana are unrelated. b. Alcohol and marijuana are substitutes. *c. Alcohol and marijuana are complements.
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This note was uploaded on 05/04/2008 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Spring '08 term at Pennsylvania State University, University Park.

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Micro_Midterm_One_Spring_2008_Ver_D_-_MC - Midterm Exam 1...

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