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Fall+2006+Midterm+1+-+version1++with+key+ - Midterm1aKey...

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Midterm 1a Key Version #1 Please select the best answer from the choices provided and mark the corresponding letter on your Scantron form. For True/False questions, please mark "A" for True and "B" for False on your Scantron form. 1. (p. 35) One reason that GDP is not a good measure of social welfare is because it does not include volunteer activities. TRUE Midterm1 Fall06... #44 Schiller - Chapter 02 Type: Basic 2. (p. 62) Ceteris paribus , according to the law of demand, if the price of a movie ticket decreases from $9 to $6, then the: a. Quantity demand of movie tickets will not change, but people will spend less for a ticket. b. Demand curve for movie tickets will shift to the right. C. Quantity demanded of movie tickets will increase. d. Quantity demanded of movie tickets will decrease. Midterm1 Fall06... #54 Schiller - Chapter 03 Type: Basic 3. (p. 133) In perfect competition, an individual producer faces a firm-demand curve that: Midterm1 Fall06... #108 Schiller - Chapter 06 Type: Basic Fall 2006 Economics 1 – Midterm1 (version 1) Page 1 of 17
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4. (p. 97) Total revenue is: Midterm1 Fall06... #81 Schiller - Chapter 04 Type: Definition 5. (p. 35) Total output includes: Midterm1 Fall06... #31 Schiller - Chapter 02 Type: Basic 6. (p. 14) Market failure means: a. Government solutions fail to improve economic outcomes. B. The market mechanism does not produce the best mix of output. c. The market allocates goods more efficiently that does the government. d. The market is responsive to consumer demand. Midterm1 Fall06... #21 Schiller - Chapter 01 Type: Definition 7. (p. 70) In a market, the equilibrium price is determined by: Midterm1 Fall06... #55 Schiller - Chapter 03 Type: Basic Fall 2006 Economics 1 – Midterm1 (version 1) Page 2 of 17
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8. (p. 4) The opportunity cost of an economic decision: Midterm1 Fall06... #4 Schiller - Chapter 01 Type: Definition
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