Final-Sample 1 - FinalPractice Exam #1 Economics 101...

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Final—Practice Exam #1 Economics 101 Print Name:______________________________ Professor H. Quirmbach Student ID: ______________________________ Final Exam TA Name: _______________________________ Group Time: _____________________________ SCORE___________ INSTRUCTIONS: 1. Fill in all requested information above and on the answer sheet. 2. There are 40 multiple choice questions and one problem. Enter the ONE best answer for each multiple choice question on the answer sheet. There is no penalty for guessing. On the answer sheet, completely darken the letter representing your choice for each question. Do the problem on the test paper itself.
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Final—Practice Exam #1 1. A regulated monopolist earns positive economic profits ONLY under a. "first-best" regulation. b. "second-best" regulation. c. "capture" regulation. d. A regulated monopolist always earns positive economic profits. e. A regulated monopolist never earns positive economic profits. 2. Suppose a society produces only guns and butter. The graph of the maximum amount of butter that the society can produce for each given level of gun production is called the society's a. budget line. b. production possibility frontier. c. labor-leisure trade-off. d. demand curve for butter. e. social indifference curve. 3. The diagram at the right represents the utility maximization problem for a particular consumer who is choosing amounts of goods ("G") and leisure time ("R") to consume each day. If all time not spent at leisure is spent working, then the hours of labor the consumer will supply each day is a. 24 b. 18 c. 10 d. 6 e. not determined from the diagram without further information on the wage rate. 4. Suppose an economist is called to testify before Congress on how a proposed ban on artificial sweeteners is likely to affect soft drink prices. The economist is likely to be a. a microeconomist. b. a macroeconomist. c. a normative economist. d. a positive economist. e. both a. and d. 5. If the market for a particular product is NOT in equilibrium, any of the following is possible EXCEPT a. demand exceeds supply. b. demand equals supply. c. supply exceeds demand. d. there are economic forces tending to push the price up. e. there are economic forces tending to push the price down. 10 40 18 0 24 BL IC G R
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Final—Practice Exam #1 6. Rent control is a. a price floor policy. b. a price ceiling policy. c. a bargain basement policy. d. a window of opportunity cost. e. the key to the future. 7. Suppose that the wages of farm workers fall at the same time that strawberries experience a sudden burst of popularity. We conclude that a. both the price of strawberries and the quantity will rise. b. both the price and the quantity will fall.
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This note was uploaded on 12/21/2008 for the course ECON 3214 taught by Professor Corman during the Spring '08 term at Queens University.

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Final-Sample 1 - FinalPractice Exam #1 Economics 101...

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