Micro Spring Exam I 03

Micro Spring Exam I 03 - Class: Microeconomics, Fall 2004...

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Exam 1 Exam Date: First class day of Week 5 Read these Instructions carefully! You must follow them exactly! 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) Print the number I have written in ink on the upper right corner of your copy of this test. (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 answer on Scantron lines 37, 38 and 39) --- Remember to do it! IV) You must turn in this printed exam along with your Scantron card, otherwise your score on this exam is "F". Questions: 1. The Industrial Revolution: A. undermined the power of serfs and led to the downfall of feudalism. B. increased the power of merchants and gave rise to mercantilism. C. increased the power of capitalists and gave rise to capitalism. D. produced the Great Depression. 2. (Repeat answer on Scantron lines 26, 27 and 28.) As stated in lecture, if we wish to be completely accurate, the law of demand states that: A. sellers supply less of a good when its price increases. B. buyers never buy less of a good if its price decreases. C. buyers buy less of a good when its price increases even if other demand determinants change at the same time. D. buyers buy less of a good when its price increases, provided all shift factors of demand are fixed. E. buyers buy less of a good when its price increases only if their income increases at the same time. 3. According to Adam Smith, trade based on comparative advantage is the result of: A. government intervention. B.
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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 Spring Exam I 03 - Class: Microeconomics, Fall 2004...

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