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Exam1-version 1 Key

Exam1-version 1 Key - Econ 211 Version A Exam#1 Kerry...

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Econ 211 Exam #1 Version A Kerry Waller Print and encode your name and student number. If you fail to do these actions correctly, you will be penalized five points. On the answer sheet, mark the letter corresponding to the correct answer, using a pencil. If you (i) fail to answer a question, (ii) select the incorrect answer, or (iii) select more than one answer, you will receive zero credit for that question. There are 30 questions. You have plenty of time; read the questions carefully and be sure to engage brain before putting pencil in gear. Go Tigers . 1. Which version of the exam do you have? (Look in the upper right hand corner) a. Version A b. Version B 2. Economics deals primarily with the concept of a. scarcity. b. poverty. c. change. d. power. e. money. 3. When we say that the grade of “A” in this class is scarce, we mean that 4. The phenomenon of scarcity stems from the fact that 5. The term ceteris paribus means 6. The opportunity cost of going to college is a. the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses. b. the value of the best opportunity a student gives up to attend college. c. zero for students who are fortunate enough to have all of their college expenses paid by someone else. d. zero, since a college education will allow a student to earn a larger income after graduation. e. Both (a) and (b) 1
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Econ 211 Exam #1 Version A Kerry Waller Questions 7-10 are based on the following information: Suppose you know that for Peggy Sue, the marginal benefits of studying decline with the amount of time spent studying each week, while the marginal costs of studying rise with the amount of time spent studying each week. You also know that Peggy Sue allocates her time each week to equate the marginal benefits of the last hour spent studying to the marginal costs of that last hour. ( NOTE: These four questions are very difficult to answer without drawing diagrams)
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