exam1-fall2017PINK.pdf

# exam1-fall2017PINK.pdf - ECON 251 Exam#1 Fall 2017 PINK Put...

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ECON 251 EXAM 1 FALL 2017 PINK 1 ECON 251 Exam #1 Fall 2017 PINK Put your name, student ID number, and section number on the exam and on your scantron. You do NOT need to fill in the test form number as the color of your scantron indicates which exam you took. When you complete your exam, sign it in the space provided and exit through the doors behind you to turn in your exam to a proctor. The proctors will check your student ID. Please remember that cell phone use is prohibited during the exam and when you are turning in your exam. The exam has 40 questions worth 2 points each (80 points total). Section Numbers T/Th 9 a.m. 0003 T/Th 3 p.m. 0002 T/Th 4:30 p.m. 0001 Name___________________________________________________________

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ECON 251 EXAM 1 FALL 2017 PINK 2 1. Brandon is choosing between two different activities for his evening. He can build a robot, and he values that activity at \$70, and he already has all of the materials he would need to complete that project. Alternatively, he can go out to eat with his friends. He values his time at dinner with his friends at \$80, but he has to pay \$30 for his meal. Assuming he can choose only one activity, what is Brandon’s opportunity cost of spending his time at dinner with his friends? a. \$30 b. \$70 c. \$80 d. \$110 2. The \$30 Brandon would have to pay for his meal is best described as which of the following? 3. If Brandon had to purchase \$30 of materials to work on the robot project, how does that affect Brandon’s opportunity cost of dinner with friends? 4. Trees provide wood pulp that is turned into paper by machines that roll the wood pulp into sheets. In this production process, the trees are ____, and the rolling machines are ______. Amy and Eleana are physicians at a local clinic. In one hour, Amy can see 4 patients or file 8 medical insurance forms. Eleana can see 3 patients or file 7 medical insurance forms in the same amount of time. Use this information to answer the next 4 questions.
ECON 251 EXAM 1 FALL 2017 PINK 3 5.
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