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VersionA_White - ECONOMICS 201 Midterm 1 Spring 2008...

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ECONOMICS 201 Midterm 1, Spring 2008 Instructor: Yasin Akcelik Version A (White) Please print and sign your name below. Detach this page and hand it in with your answer sheet. NAME (please print)_____________________________________________________________ SIGNATURE____________________________________________________________________
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INSTRUCTIONS: 1. USE #2 PENCIL ONLY ON YOUR ANSWER SHEET. 2. WRITE YOUR NAME IN THE BOXES AND FILL IN THE CIRCLES BELOW. 3. IN THE AREA MARKED “GRADE OR EDUC” MARK BUBBLE ‘1’ IF YOU HAVE A WHITE EXAM; MARK BUBBLE ‘2’ IF YOU HAVE A BLUE EXAM. 4. ANSWER SHEETS MUST BE TURNED IN BY 4:48PM. 5. KEEP THIS EXAM FOR YOUR RECORD. THIS EXAM CONTAINS 25 multiple-choice questions. CHECK YOUR COPY NOW TO BE SURE IT IS COMPLETE. Good Luck! 2
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Economics 201_Spring 2008_Midterm 1_ Yasin Akcelik Ver A MULTIPLE CHOICE. Choose the one alternative that best completes the statements or answers the questions. READ EACH QUESTION & ANSWER CAREFULLY. C 1. The figure above shows the production possibility frontier of Narnia. If the economy moves from production point A to point C, the opportunity cost of 1 toothbrush is a. 1/2 toaster. b. 2/3 toaster. c. 1 toaster. d. 2 toasters. 2. Using the PPF given above, which of the following(s) would be true about the production point B ? 3
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= Flow of inputs and outputs = Flow of money FIRMS HOUSEHOLDS FACTOR MARKETS MARKETS FOR GOODS AND SERVICES A B C D 2 3 4 1 3. Production possibilities frontiers are usually bowed outward. This is because a. the more resources a society uses to produce one good, the fewer resources it has available to produce another good. b. it reflects the fact that the opportunity cost of producing a good increases as more and more of that good is produced. c. of the effects of technological change. d. resources are specialized, that is, some are better at producing particular goods rather than other goods. e. both b) and d).
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