Mid1d_101_UCLAW07

Mid1d_101_UCLAW07 - Econ 101 UCLA Winter 2007 Midterm I...

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Econ 101 UCLA Winter 2007 Name: ___________________________________ Version D Midterm I Wednesday February 7 PRINT CLEARLY - This exam consists of 25 multiple choice questions (50 points) and 10 short answer/graphical questions (50 points) - Clearly mark your answers to the multiple choice questions on your scantron form and on this exam. - Clearly write answers to the ten short answer/graphical questions on this exam. - Students may use an ordinary calculator (but nothing that can access the internet). Part I. 25 Multiple Choice – mark the best answer on your scantron form 1) A “classical liberal or “European liberal” would favor a. less defense spending and less social spending b. more defense spending and less social spending c. more defense spending and more social spending d. less defense spending and more social spending 2) Which of the following is true? a. Keynesian economists think markets work well and government should be small. b. Classical economists think markets often fail (do not work well) and government should be small. c. Keynesian economists think markets often fail (do not work well) and government should be large and active. d. Classical economists think markets work well and government should be large and active. 3) Suppose the demand curve for a good is expressed as Q = 50 – 2p. If the good currently sells for $3, then the point elasticity of demand is (a) -3 (2/50). (b)-2 (50/3). (c) -2 (3/44). (d)-3 (44/2). 4) If the demand equation is expressed as Q = 10,000/P = 10,000P -1 then demand has a unitary elasticity (a) only when p = 10000. (b)only when p = 100. (c) for all prices. (d)never. 5) If the average productivity of labor equals the marginal productivity of labor, then (a) the average productivity of labor is at a maximum. (b)the marginal productivity of labor is at a maximum. (c) Both A and B above. (d)Neither A nor B above. 6. A price-discriminating monopolist should divide sales among markets so that A) average cost is less than average revenue in each market. B) marginal revenue is the same in all markets. C) price is the same in all markets. D) output is the same in all markets. 7. When a profit-maximizing monopolist sells output in two distinct markets, which of the following is true? A) Price will be higher in the market in which demand is unit-elastic. B) Price will be lower in the more elastic market. C) Price will be equal in each market, as long as there is a constant marginal cost. D) Price will be lower in the market for which there are fewer substitute goods.
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8) A perfect price discriminator ( that uses first degree price discrimination) (a) charges each buyer the maximum price they would be willing to pay. (b)charges different prices to each customer based upon different costs of delivery.
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Mid1d_101_UCLAW07 - Econ 101 UCLA Winter 2007 Midterm I...

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