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midterm1s06 - ECON-2 Spring 2006 Midterm I(VersionA...

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ECON-2 Midterm I (VersionA) Instructions Spring 2006 . BLUEBOOK: . Don't forget to write your name and your UCLA 9-digit ill . On the UPPER RIGHT CORNER of the cover page write your exam version and TA CODE (see table below for TA codes) . SCANTRON FORM: . On the UPPER RIGHT CORNER write your exam version and TA CODE . Fill out the following fields (always write from left to right) . Last Name . First Name . Identification #: UCLA 9-digit ill. 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 . ROLFE 1200: ABUSHAWISH to LEDO . BUNCHE2209A: LEE to ZHOU . No pen or pencil in hand when turning in exam (20 points deduction) . Stop writing when time is over (25 points deduction) TANAME Enoch, Cheng Loboguerrero, Ana Maria Sodsriwiboon, Piyaporn (Nikki) Robles, Miguel Sosa Ravello, Sebastian Yang, Jie (Joy) Zhou, peilan Don't know CODE 10 20 30 40 50 60 70 80 SECTIONS lI,IL lA,lC lH,lE 10 lG,lJ lK,lF lB,lN .' I
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PART I. MULTIPLE CHOICE. Choose the one alternative that best answers the question. 2.5 points each. 1) Which of the following is an example of opportunity cost? A) The value of other things you could have done with the same time and money it cost you to go to the movies. B) The value of the next-best bundle of goods and services that could have been produced instead of using those resources to put astronauts on the moon. C) The income that could have been earned by working full-time instead of going to college. D) The decline in the grades of a student athlete that occurs because she decides to spend more time practicing sports than on her academic work. E) All of the above. 2) Marginal cost is best defined as 3) "Good deals", or profit opportunities, are A) rare because at anyone time there are many people searching for them. B) common if markets are efficient. C) worth the risk they entail. D) rare because of the laws of nature. E) None of the above 4) Poverty is primarily a concern of ,1 I
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