midterm1spring2008withanswers

midterm1spring2008withanswers - Economics 102 3/3/08 First...

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Economics 102 Student Name : 3/3/08 Section # : First Midterm TA Name : Student ID # : First Midterm Examination Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST. You have 50 minutes to complete the exam. The exam consists of 10 binary choice and 20 multiple choice questions. Each binary choice question is worth 2 points and each multiple choice question is worth 4 points for a total of 100 points. We reserve the right to deduct 3 points from your final score for failure to provide your name, student ID number, discussion section you’ve been attending and test version number correctly on your scantron. Please answer all questions on the scantron sheet with a #2 pencil. No cell phones, calculators, or formula sheets are allowed. PICK THE BEST ANSWER FOR EACH QUESTION. How to fill in the scantron sheet and other information: 1. Print your last name, first name, and middle initial in the spaces marked "Last Name," "First Name," and "MI." Fill in the corresponding bubbles below. 2. Print your student ID number in the space marked "Identification Number." Fill in the bubbles. 3. Write the number of the discussion section you’ve been attending under "Special Codes" spaces ABC, and fill in the bubbles. You can find the discussion numbers below on this page. 4. Write the version number of your exam booklet under "Special Codes" space D, and fill in the bubble. The version number is on the top of this page. 5. If there is an error on the exam or you do not understand something, make a note on your exam booklet and the issue will be addressed AFTER the examination is complete. No questions regarding the exam can be addressed while the exam is being administered. 6. When you are finished, please get up quietly and bring your scantron sheet and this exam booklet to the place indicated by the instructors. Discussion sections are as follows: John Gentry 330 12:05 F 215 Ingraham 33 3 2:25 W 52 Bascom 33 5 1:20 F 4308 Soc Sci 3 40 8:50 Tu 6240 Soc Sci Kaitlin Janusz 3 28 3:30 W 55 Bascom 33 4 2:25 W 222 Ingraham 3 36 7:45 Th 6310 Soc Sci 338 7:45 Tu 6310 Soc Sci 341 3:30 Th 6228 Soc Sci Hon Ho Kwok 32 7 3:30 W 58 Bascom 33 2 8:50 F 6102 Soc Sci Saad Quayyum 3 29 12:05 F 23 Ingraham 3 31 8:50 F 6203 Soc Sci 337 8:50 Th 6224 Soc Sci 339 8:50 Tu 116 Ingraham 1
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Work Sheet
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Binary Choice (2 points for each question) 1.) Suppose a small, closed economy supplies bananas to their domestic consumers at a constant price of $.50 a pound and that domestic suppliers are willing to supply bananas at this price over the entire relevant range of consumption. Suppose the country moves from a closed economy to an open economy and that the world price of bananas is $.40 a pound. Then a.) the domestic demand for bananas will be satisfied through a combination of domestic production and imports. b.) the country will import bananas, and the domestic production of bananas will fall
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This note was uploaded on 08/08/2008 for the course ECON 102 taught by Professor Drozd during the Spring '08 term at Wisconsin.

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midterm1spring2008withanswers - Economics 102 3/3/08 First...

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