Eco102InclassFinalparts2006 - _ QUEENS COLLEGE, ECONOMICS...

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____________________ QUEENS COLLEGE, ECONOMICS 102, Prof. Dohan Fall 2006 Last Name (Print)_________________________, First _________________ Last 4 # of Soc Sec. # ___________ Start Time:___________. End Time____________ If you want your final exam grad and final grade sent to you by email please complete the following: I,______________________________, whose Student ID end in the last 4 digits _ _ _ _, hereby request that my final exam grade and my final grade be send to the following email address: ___________________________________________. I understand that emails are not secure and may be read by others. I also understand that I can put an stamped, self addressed envelope under Prof. Dohan’s office door with a piece of paper requesting my grades. I also understand that I can access my grade online as soon as it is posted. Signed____________________________________________ Date________________________________ In taking this exam, I agree to observe the highest standards of academic integrity and agree to not benefit from others work or any outside sources and to not permit other students to benefit from my work during the exam. Any violations will be placed on file with the Dean of Students. I also understand that no electronic device – except for the simple electronic calculators approved by the proctor, may be active during the exam and are subjected to permanent confiscation to be donated to a charity. ________________________________________ ___________________ . 1. The definition of opportunity cost of an item or ticket or property _____A. How much money and time you gave up in order to acquire the item originally _____B. How much money it cost? _____C. How much money you would get and time you could used elsewhere, etc, if you could sell or rent it instead of using it yourself? _____D. The suggested manufactures retail price? _____E. The difference between what you paid for it and the amount you could sell it for today. 2. Which of the statements about the market price are (is) false ? _____A. If the market prices too high, too much is produced. _____B If the market price is too low, quantity demanded is greater than the quantity supplied. _____C. If the market-clearing price is reached, buyers will complain that the price is too high and the sellers will complain price is too low. _____ D. At the market clearing price the quantity demanded is equal to the quantity supplied. 3. Here are four responses to a doubling of wages relative to capital and land in producing rice. Which are true if that the firm is producing 100 units at the cost minimizing combination of L and K before the wage increase and need to continue to produce 100 units to fulfill a contract. _____A. Substitute capital for labor so that costs will actually fall. _____B. They use less labor, more capital, but costs will still rise but by less than if they used the same amount of labor and capital as before. _____C. Use the same amount of labor and capital, and just let costs rise _____D. The switch to capital when the cost of labor goes up. 4. Show the new Isoquant line on the graph with an isocost line of $200. How many units could they produce with $200 with of inputs and the new higher price of labor.
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This note was uploaded on 05/19/2008 for the course ECON 102 taught by Professor Dohan during the Fall '07 term at CUNY Queens.

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Eco102InclassFinalparts2006 - _ QUEENS COLLEGE, ECONOMICS...

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