VersionB_Yellow

VersionB_Yellow - ECONOMICS 201 Midterm 1, Spring 2008...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
ECONOMICS 201 Midterm 1, Spring 2008 Instructor: Yasin Akcelik Version B (Yellow) Please print and sign your name below. Detach this page and hand it in with your answer sheet. NAME (please print)_____________________________________________________________ SIGNATURE____________________________________________________________________
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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 YELLOW 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
Background image of page 2
Economics 201_Spring 2008_Midterm 1_ Yasin Akcelik Ver B MULTIPLE CHOICE. Choose the one alternative that best completes the statements or answers the questions. READ EACH QUESTION & ANSWER CAREFULLY. 1. The graph shows the demand for cigarettes. Which of the following(s) can explain the change represented by the arrows on the graph? I. Mandatory health warnings were placed on cigarette packages. II. Government imposes a new tax on cigarettes. III. The price of marijuana, a complement to cigarettes, has increased. a. I and II. b. II only. c. I and III. d. II and III. 2. What will happen to the equilibrium price and quantity of new textbooks if more students attend college, paper becomes cheaper, textbook authors accept lower royalties and fewer used textbooks are sold? a. Price will rise, quantity demanded will be ambiguous. b. Price will fall, quantity demanded will be ambiguous. c. The price change will be ambiguous, quantity demanded will increase. d. The price change will be ambiguous, quantity demanded will decrease. 3. Which of the following(s) will not cause a shift in the demand for flip-flops? I. change of the season from Winter to Spring. II. a change in the price of a flip-flop. III. a change in the cost of producing flip-flops. a. I only. b. I and II. c. II and III. d. I and III. 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4. The figure above shows the market for teddy bears. If there is a shortage of 40 teddy bears in the market, which of the following could be the prevailing price of a teddy bear? a. $14
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 10

VersionB_Yellow - ECONOMICS 201 Midterm 1, Spring 2008...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online