Midterm-f02 - Department of Economics University of California Economics 121 MIDTERM EXAM Fall 2002 Woroch/Lopez/Warmerdam GENERAL INSTRUCTIONS

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Econ 121 Fall 2002 Page 1 Midterm Exam Department of Economics Fall 2002 University of California Woroch/Lopez/Warmerdam Economics 121 MIDTERM EXAM GENERAL INSTRUCTIONS : Write your name and your TA’s name on the front cover of each of TWO BLUE BOOKS. The exam has 3 parts. Put Part I and Question II.1 in one blue book, and Question II.2 and Part III in a second. The exam is worth 100 points. Point assignments are given in the instructions for each part. Check your calculations on scratch paper but be certain to put all of your answers in the bluebooks . I. TRUE or FALSE or UNCERTAIN and EXPLAIN : Choose 4 of the following 6 statements, decide whether each is true or false or uncertain, and then explain the reasoning behind your answer in a few sentences; provide any assumptions you may think necessary to draw your conclusion. We will only grade the first 4 that appear in your bluebook. Each question is worth 7 points for a total of 28 points. 1. While retail sales of ready-to-eat breakfast cereals in the Bay Area exhibits an HHI of 1,840, this figure likely overstates the extent of concentration in this market. 2. When firms in an industry act as price takers, their index of scale economies, s, will be less than 1 when the industry reaches in equilibrium.
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This note was uploaded on 05/05/2008 for the course ECON 121 taught by Professor Woroch during the Fall '07 term at University of California, Berkeley.

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Midterm-f02 - Department of Economics University of California Economics 121 MIDTERM EXAM Fall 2002 Woroch/Lopez/Warmerdam GENERAL INSTRUCTIONS

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