Micro Fall Exam III 05

Micro Fall Exam III 05 - Exam 3 several versions...

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Exam 3 several versions Student Name: __________________________________ Microeconomics Exam Dates: 15th week Instructions: I) On your Scantron card you must print three things: 1) Print your full name clearly; 2) Print the day and time of your section (for example MW 1:25); 3) Notice the number I have written in ink in the upper right corner of your test? Write that number on the Scantron card. (This number tells me which version of the test you have. Without it your test cannot be graded properly and you get no credit for your answers.) II) Answer on your Scantron card, using a #2 pencil. III) Warning: SOME QUESTIONS MUST BE ANSWERED SEVERAL TIMES! Such questions will begin with a phrase such as this: Repeat this answer on lines 37, 38 and 39. Remember to do it! IV) You must turn in this written exam along with your Scantron card to get credit for your Exam score. =============================================================== ====== Questions: 1. The law of demand states (everything else unchanged) A. that goods will be supplied to just equal consumer demand. B. that consumer demand will determine the level of firm supply. C. that consumers will buy more of a good if its price rises. D. that consumers will buy more of a good if its price falls. 2. If there is an increase in the supply of a good, A. the demand for the good will increase. B. the price of the good will fall and the quantity purchased will decrease. C. the price of the good will fall and the quantity purchased will rise. D. the price of the good will rise and the quantity purchased will rise. 3. (Repeat your answer on Scantron line 32.) An increase in the price of Ford cars will have what likely effect in the market for Honda cars? A. It will have no effect. B. The demand for Hondas will increase. C. The demand for Hondas will decrease.
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D. The supply of Hondas will increase. 4. If rent controls for apartments were established in Austin below the present going rental rates, we could expect A. a shortage in apartments to develop. B. a surplus in apartments to develop. C. equilibrium rents to fall below the rates set by rent control. D. a building boom in new apartments to start. 5. In the evolution of economic systems: A. socialism preceded capitalism. B. capitalism preceded mercantilism. C. mercantilism preceded feudalism. D. feudalism preceded capitalism. 6. __________ came into existence in the mid-1700s while ________________ came into existence in the early 1900s. A. Mercantilism, capitalism B. Socialism, capitalism C. Capitalism, socialism D. Mercantilism, socialism 7. (Repeat your answer on Scantron line 33.) What are the two largest sources of revenue for the federal government? A.
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This note was uploaded on 03/19/2008 for the course ECON 2302 taught by Professor Andron during the Spring '06 term at Austin CC.

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Micro Fall Exam III 05 - Exam 3 several versions...

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