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Micro Economics 08

# Micro Economics 08 - Last Name First Name Answer Key ECON...

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Last Name: ___________________ First Name: _______________________ Answer Key ECON 2010 – 100 Principles of Microeconomics Exam # 1-Version A Spring 2008 Section 1. Multiple choice questions: ___1. Which of the following would be an example of opportunity cost? a. Gabriel forgoes the chance to visit the Alamo in order to spend the day on the beach. b. Ryan studies for a molecular biology exam after calling his employer to request time away from work. c. Bill works on the roof of his new home rather than taking time to go fishing. d. All of the above. ___2. For consumers, burritos and hamburgers are substitutes. A rise in the price of a burrito causes ____ in the price of a hamburger and ____ in the quantity of hamburgers. a. a rise; an increase b. a rise; a decrease c. a fall; an increase d. a fall; a decrease ___ 3. Which of the following will not cause a change in the supply for a product (or supply will not shift)? ___ 4. Suppose the equilibrium price of microwaves is \$100 and the equilibrium quantity is 12,000 units. If the market price of microwaves is \$250: ___ 5. The demand for textbooks is price inelastic. Which of the following would explain this? 1

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___ 6. CU-Boulder hopes to raise more revenue by increasing parking fees. This plan will work only if: a. The price effect is larger than the quantity effect (%Δ P > %Δ Q). b. The price effect is smaller than the quantity effect (%Δ P < %Δ Q). c. The price effect and quantity effect are the same (%Δ P = %Δ Q). d. There is no price effect or quantity effect.
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Micro Economics 08 - Last Name First Name Answer Key ECON...

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