midterm1_B

midterm1_B - University of California, San Diego Economics...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
October 16, 2006 Economics 2 Lecture 11:00-11:50 AM Professor Augusto Nieto Fall Quarter 2006 MIDTERM EXAM 1 VERSION A There are 15 multiple choice questions, each worth 6 points. You have 50 minutes to work on the exam. ANSWER ALL QUESTIONS IN THE SCANTRON FORM. YOU CAN USE THIS FORM AS SCRATCH PAPER. ANSWERS IN THIS FORM WILL BE IGNORED. Use the following to answer questions 1-5: 4 8 16 20 24 28 32 10 20 30 40 60 70 80 S D Q (pair/day) P ($/pair) Supply and Demand Curve for Jeans in Gallania Mall. 1. At the quantity of 24 pairs of jeans a day, the marginal benefit to consumers of an extra pair of jeans is ____. A) $0 B) $20 C) $40 D) $60 E) $80 2. The price of $60 will lead to an _____ of _____ pairs of jeans per day. A) excess supply; 8 D) excess demand; 8 B) excess supply; 16 E) excess demand; 16 C) equilibrium quantity; 16 3. At the quantity of 24 pairs of jeans a day, what is the cost of producing an extra pair of jeans? A) $20
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/30/2008 for the course ECON 2 taught by Professor Kim during the Spring '08 term at UCSD.

Page1 / 4

midterm1_B - University of California, San Diego Economics...

This preview shows document pages 1 - 2. Sign up to view the full document.

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