FinalExam2007Fallv2

# FinalExam2007Fallv2 - FINAL Thursday, December 13th, 2007...

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FINAL Last Name: ______________________________ Thursday, December 13th, 2007 Econ 1 First Name: ______________________________ Student ID: ______________________________ DO NOT OPEN YOUR EXAM UNTIL INSTRUCTED TO DO SO!!! INSTRUCTIONS 1. Make sure you have all pages (40 multiple choice, 5 short answer). 2. Answer all multiple choice questions in the space provided below. 3. For the short answer, show all work. We reserve the right to deduct points from answers that are hard to read. 4. You may NOT use a calculator. 5. There are a total of 100 points. DO NOT WRITE IN BOX Question Points MC Q1 Q2 Q3 Q4 Q5 Total MULTIPLE CHOICE ANSWERS (1 point each) 1. ______ 2. ______ 3. ______ 4. ______ 5. ______ 6. ______ 7. ______ 8. ______ 9. ______ 10. ______ 11. ______ 12. ______ 13. ______ 14. ______ 15. ______ 16. ______ 17. ______ 18. ______ 19. ______ 20. ______ 21. ______ 22. ______ 23. ______ 24. ______ 25. ______ 26. ______ 27. ______ 28. ______ 29. ______ 30. ______ 31. ______ 32. ______ 33. ______ 34. ______ 35. ______ 36. ______ 37. ______ 38. ______ 39. ______ 40. ______

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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The effect of a rent ceiling set above the equilibrium price A) encourages the development of black markets. B) is powerful, strengthening price as a regulator of quantity supplied and quantity demanded. C) is essentially nonexistent. D) is powerful, eliminating price as a regulator of quantity supplied and quantity demanded. Point Production of X Production of Y a 04 0 b 43 6 c 82 8 d 12 16 e 16 0 2) Refer to the table above, which gives five points on a nation ʹ s PPF . The opportunity cost of increasing the production of X from 8 to 12 units is a total of A) 1.33 units of Y. B) 3.5 units of Y. C) 8 units of Y. D) 12 units of Y. 3) The average total cost curves for plants A, B, C and D are shown in the above figure. Which plant is best to use to produce 20 units per day? A) plant A B) plant B C) plant C D) plant D 1
4) In the figure above, the marginal rate of substitution ( MRS ) at point A is equal to ________ pounds pickles per pound of olive. A) 6 B) 1 1/3 C) 2 D) 8 5) Making the buying and selling of a good illegal shifts the demand curve ________ and shifts the supply curve ________. A) rightward; rightward B) leftward; leftward C) rightward; leftward D) leftward; rightward 6) A fall in the price of lemons from \$10.50 to \$9.50 per bushel increases the quantity demanded from 19,200 to 20,800 bushels. The price elasticity of demand is A) 1.20. B) 0.80. C) 8.00. D) 1.25. 7) A constant marginal rate of substitution between two goods implies that they are A) perfect substitutes. B) independent goods. C) perfect complements. D) unattainable. 8) The marginal product of labor is the A) change in output resulting from a one - unit increase in labor. B) output level above which the rate of total product per unit of labor falls. C) maximum output attainable with fixed factors when labor is the only variable factor. D) output level above which the slope of the total product curve falls. 2

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9) The figure above illustrates a linear demand curve. By comparing the price elasticity in the \$2 to \$4 price range with the elasticity in the \$8 to \$10 range, you can conclude that the elasticity is A) greater in the \$2 to \$4 range. B) the same in both price ranges.
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## This note was uploaded on 07/30/2008 for the course ECIB 1 taught by Professor Antonovics during the Fall '07 term at UCSD.

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FinalExam2007Fallv2 - FINAL Thursday, December 13th, 2007...

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