Practice Exam 1.docx - Economics 110(01 Intro to Economic...

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Economics 110 (01) John P. Bonin Intro to Economic Theory Spring 2015 Progress Examination #1 February 19, 2015 Examination ends promptly at 10:20 a.m . No exceptions . Directions : There are three (3) parts (A, B, and C) and four (4) pages to this examination, including this cover page. You have no choice in any part; you must do Parts A, B, and C in their entirety to the best of your ability. Point totals are given for each part to guide you in your allocation of time. Please read and abide by the following instructions. 1. All work for evaluation must be included in a bluebook. You may use the opposite side of a bluebook page for scratch work and/or to sketch diagrams if you wish. 2. You may use as many bluebooks as you wish. If you use more than one bluebook, indicate on the front cover of each bluebook the part of the examination to which your answers in that book pertain, e.g., Parts A and B. Put your name on the front of each bluebook used. 3. On the front cover of the first (or only) bluebook used, write "No aid; No violations" and sign your name to indicate that you have abided by the Wesleyan Honor Code in preparation for and in writing this examination. 4. You may do the parts in any order. If you get stuck on any section, move on to avoid wasting time and return to the missing section(s) only after you have finished the rest of the examination. You may wish to leave space(s) to be filled in after you have completed the other parts of the examination. 5. You may detach the pages of this examination if this will make it easier for you to work. You may keep the examination after you have turned in your bluebook(s). No extra credit is available on this examination. Have an enjoyable weekend; you have earned one!
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Econ. 110 (01) Prog. Exam #1 A. Production Possibilities and Trade (25 points) Suppose that the equation for the production possibility frontier (PPF) in a country is given as follows, where X (respectively, Y) denotes the units of each good produced: X + Y 2 = 100.
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