Econ_101_Exam_2A_Fall_06 - Professor Richard V Burkhauser...

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Professor Richard V. Burkhauser Name:__________________________________ ECON 101 Fall 2006 Section Number:_______ TA: _________________ EXAM 2-A This exam is in two parts. For the first part, pencils only may be used. Turn the bubble sheet so that the space for your name appears in the upper left corner. Enter your name in the space provided, one letter to a box. Enter last name first, then your first initial. If your name is longer than the space provided, enter only that portion of your name that will fit. Under each letter of your name blacken the box corresponding to the letter. For each digit, blacken the numbered box below it which corresponds to the digit entered. Then in the same manner, fill in your 6 digit student identification number. Also, write either Exam 2-A or Exam 2-B (depending on the version you are taking) above your name on your bubble sheet. Read each question carefully and select the best answer. Mark the corresponding box on the answer sheet by neatly filling in the entire box. If you decide to change an answer, erase completely your previous answer. Do not make any other marks on this answer sheet. If you don't know the answer, guess. There is no additional penalty for doing so. Each Multiple-Choice Question is worth 3 points (Total 39 points). 1. The long-run supply curve of an industry with a constant returns-to-scale production function and increasing factor costs is a. upward sloping b. horizontal. c. initially downward sloping but eventually upward sloping. d. initially upward sloping but eventually downward sloping. e. downward-sloping. 2. A decrease in the price of capital used in the production of automobiles:
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3. Mary quits her $40,000 job as a high school teacher and opens her own tutoring business. Her financial report for the past year shows the following Market value of her offices $200,000 (beginning and end of the year) Sales revenue 100,000 Operating expenses 20,000 If the market rate of interest is 10 percent, an economist would say her profits were:
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