Micro Spring Exam I 06 - Exam 1 Student Name Microeconomics...

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Exam 1 Student Name: __________________________________ Microeconomics Exam Dates: 5th week, late September 2006 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. (Repeat answer on Scantron line 26.) 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 buy less of a good when its price increases only if their income increases at the same time. buyers never buy more of a good if its price increases. 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 never buy less of a good if its price decreases, and never buy more if its price increases. 2. Which of the following is a true statement? A. The federal government relies primarily on income taxes; state and local governments rely to a greater extent on sales and property taxes. B. The federal government relies primarily on sales and property taxes; state and local governments rely to a greater extent on income taxes.
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C. The federal government relies primarily on excise and property taxes; state and local governments rely on sales taxes. D. The federal government relies primarily on sales taxes; state and local governments rely on excise and property taxes. Figure of Demand Curve Reference: Delta S_D versus Delta Quant S_D 3. (Repeat answer on Scantron lines 27 and 28.) Evaluate the following statements and choose the best answer below. 1. If market equilibrium moves from point G to point D, both demand and supply have decreased. 2. Equilibrium at points E and A have almost exactly the same demand. 3. A market equilibrium at point F definitely has higher demand than the one at point D. A. Statements 1, 2 and 3 are all false. B. Statements 1, 2 and 3 are all true. C. Only statement 1 is true. D. Only statement 2 is true. E. Only statement 3 is true. 4. (Repeat answer on Scantron lines 29 and 30.) Choose the best answer. The Wealth of Nations A. is the phrase used to stand for a crucial concept in economics, namely the economics of the growth, progress and development of nations.
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