Exam_2 practice.pdf - Name Student MICROECONOMICS 1014 EXAM 2 Practice Exam Please do not begin the exam until you are told to You have 60 minutes to

Exam_2 practice.pdf - Name Student MICROECONOMICS 1014 EXAM...

This preview shows page 1 - 4 out of 13 pages.

Name:_____________________________ Student #___________________ MICROECONOMICS 1014 EXAM 2 Practice Exam Please do not begin the exam until you are told to. You have 60 minutes to finish the exam. When the time is up do not write anything more on the scantron. On the scantron sheet, fill in NAME and STUDENT NO. Only pencil, erasers, both sides of one 8.5 x 11 cheat sheet, and a standard function calculator may be used on this exam. No other devices are allowed. You may not use the calculator on your cell phone. Fill all answers on your scantron. No answers will be accepted unless they have been filled into the scantron.
Background image
1 Version: 024TWAG!!1. Since all competitive firms produce wherever marginal cost equals the market price for the product, we can conclude that: I. all competitive firms produce at the same marginal cost level. II. all competitive firms produce the same quantity. III. all competitive firms make above normal profit. A) I only B) I and II only C) II and III only D) All of the answers are correct. 2. (Figure: Paint Market 2) What is the deadweight loss (if any) from the monopoly in this diagram relative to the efficient quantity?
Background image
2 3. Which of the following statements is TRUE? I. Taxes may reduce consumption by exactly the same amount as government regulations. II. Command and control policies work best when flexibility is required. III. Command and control policies effectively reduce consumption, but they may not be the lowest cost method for doing so. 4. The Centers for Disease Control and Prevention (CDC) wants at least 90% of the population vaccinated against preventable diseases, since the chance of a disease outbreak decreases as vaccine coverage increases. We can conclude that: A) vaccines create a positive externality once the vaccine covers 90% of the population. B) vaccines create a negative externality once the vaccine covers 90% of the population. C) the private benefits of vaccination increase with vaccine coverage. D) the external benefits of vaccination likely decrease as more and more people are vaccinated. Use the following to answer questions 5-6: Figure: Foreign Trade with a Tariff
Background image
Image of page 4

You've reached the end of your free preview.

Want to read all 13 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes