m1w07 - ECON-2 Winter 2007 Midterm I (Version A)...

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ECON-2 Winter 2007 Midterm I (Version A) Instructions BLUEBOOK : s Don’t forget to write your name and your UCLA 9-digit ID s On the UPPER RIGHT CORNER of the cover page write your exam version and TA CODE (see table below for TA codes) SCANTRON FORM : s On the UPPER RIGHT CORNER write your exam version and TA CODE s Fill out the following fields (always write from left to right) Last Name First Name Identification #: UCLA 9-digit ID. Make sure it is correct !!! No cell phones or pager on desk. All hat rims turned backwards Be sure you are in the right room ( 20 points deduction ) s Rolfe 1200: ABID to KWON s Humanities A51: LAM to ZIA No pen or pencil in hand when turning in exam ( 20 points deduction ) Stop writing when time is over ( 25 points deduction ) There will be no office hours after the exam. TA NAME CODE SECTIONS Fukui, Tani 10 1C, 1G Levy, Ariel 20 1A, 1I Liao, Pei Ju 30 1F, 1H Robles, Miguel 40 1E, 1J Sodsriwiboon, Piyaporn (Nikki) 50 1K Yang, Jie (Joy) 60 1B, 1D Don’t know 70
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Part I. Multiple Choice Questions: Select the choice that BEST answers the questions. 2 points each. 1) Which version is your exam? A) A B) B C) C D) D 2) Sunk costs are A) the additional costs of producing an additional unit of a product. B) the additional costs of consuming an additional unit of a product. C) the costs of what we give up when we make a choice or a decision. D) costs that cannot be avoided, because they have already been incurred. 3) If your tuition is $2,000 this semester, your books cost $500, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $10 per hour, and your room and board is $2500 this semester, then your opportunity cost of attending college this semester is A) $3,000. B) $2,500. C) $8,000. D) $5,500. 4) To isolate the impact of one single factor, economists invoke the assumption of A) inductive reasoning. B) Ockham's razor. C) post hoc, ergo prompter hoc. D) ceteris paribus. 5) Whenever the Democrats gain control of the Congress, spending on social programs increases; whenever Republicans gain control of the Congress, spending on defense increases. Hence, we know what the next party in control will do. This statement is an example of A) ceteris paribus fallacy. B) post hoc, ergo prompter hoc fallacy. C) fallacy of composition. D) fallacy of inductive reasoning. 6) You have noticed that there is an increase in the number of homeless people in your city. At the same time you observe that there are also a number of vacant apartments. You believe that the government could reduce the number of homeless people if landlords were required to rent their apartments for less than they are currently charging. This policy recommendation would be motivated by concerns over A) economic growth. B) equity. C) efficiency. D) stability. 7)
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m1w07 - ECON-2 Winter 2007 Midterm I (Version A)...

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