m1S07 - ECON-2 Spring 2007 Midterm I (Version A)...

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ECON-2 Spring 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: Last name ACEVES to JUAREZ s Haines 39: Last name KAPLAN to ZHENG 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 1G, 1J Liao, Pei Ju 20 1I, 1N Robles, Miguel 30 1F, 1O Sodsriwiboon, Piyaporn (Nikki) 40 1L Yang, Jie (Joy) 50 1A, 1B Don’t know 60
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Part I. Multiple Choice Questions: Select the choice that BEST answers the questions. 2 points each. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which version is your exam? A) A B) B C) C D) Give me an F 2) You own The Wizard of Oz on DVD. The opportunity cost of watching this DVD for the second time A) is zero. B) is the value of the alternative use of the time you spend watching the DVD. C) is one - half the cost of the DVD, as this is the second time you have watched it. D) cannot be calculated. 3) Studying how the management of US Steel, a large steel - producing company, decides how many tons of steel to produce and the price to charge for its steel would be considered A) empirical economics. B) microeconomics. C) descriptive economics. D) macroeconomics. 4) If the slope of a straight line is 5 and if X (the variable on the horizontal axis) increases by 10, then Y (the variable on the vertical axis) will A) increase by 50. B) decrease by 50. C) increase by 0.5. D) decrease by .5. 5) According to the theory of comparative advantage, specialization and free trade will benefit A) only that trading party that has an absolute advantage in the production of all goods. B) all trading parties, even when some are absolutely more efficient producers than others. C) all trading parties under certain circumstances. D) only that trading party that has a comparative advantage in the production of all goods. 6) Which of the following does NOT constitute an act of "investment" as economists use the term? A) A grocery store increases its inventory of potato chips and soda before the Memorial Day weekend. B)
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This note was uploaded on 03/05/2008 for the course ECON 2 taught by Professor Hou during the Spring '07 term at UCLA.

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m1S07 - ECON-2 Spring 2007 Midterm I (Version A)...

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