econ101m2_01a

econ101m2_01a - Economics 101 Midterm Exam #2 November 15,...

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Economics 101 Midterm Exam #2 November 15, 2001 Instructions Do not open the exam until you are instructed to begin. You will need a #2 lead pencil. If you do not have one you will need to borrow one from Professor Wallace or one of the TAs. Before you may began the exam everyone must take the following steps. (1) Use the #2 lead pencil to fill in you name on the answer sheet. (2) Fill in your student number on the answer sheet. (3) Fill in your TA Code in column A of the space allotted for “Special Codes” on the answer sheet. a. If your TA is John Gordanier then your TA Code is 1. b. If your TA is Hua Liu then your TA Code is 2. c. If your TA is Guoqing Ma then your TA Code is 3. (4) Fill in your Exam Code in column B of the space allotted for “Special Codes” on the answer sheet a. If your exam is green then your Exam Code is 1. b. If your exam is white then your Exam Code is 2. The exam consists of 40 multiple-choice questions. All questions are equally weighted and there is a single best answer for each question. The exam is scheduled to end at 3:45 pm. Students handing their exams in more than 3 minutes past the end of the scheduled exam session will have 3 points deducted from there final score (on the 100 point scale). After the 3 minute mark the penalty will increase by 10-points for each additional minute the exam is late until the 8 minute mark when the exam grade will go to zero. You are encouraged to hold onto the hard copy of your exam so that you can check your answers. An answer key for this exam will be made available sometime later this evening, but the tests will not be handed back until discussion sections meet again on November 29 th and 30 th . In keeping with the previously state policy, we will not except early email request for exam scores.
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1. A firm has achieved economic efficiency when a. It has fully depreciated all of its assets b. It has achieved nirvana c. It is producing a given level of output at the lowest cost. d. It has finally reached the long-run 2. The long-run defined as a. A period long enough so that at least one factor of production is variable. b. A period long enough so that al least one factor of productions is fixed. c. A period long enough for a firm to figure out how to maximize profits. d. A period long enough that all factors of production can be varied. 3. The production function describes a. the economically efficient way to produce b. the maximum level of output associated with a given level of inputs c. the level of output associated with cost the cost minimizing choices of inputs. d. the effects of duality 4. An institution that hires productive resources and organizes them to produce and sell goods is called a. a union b. a factory c. a firm d. an industry 5. Which situation is most likely to exhibit diminishing marginal returns to labor? a.
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This note was uploaded on 03/29/2008 for the course ECON 101 taught by Professor Hansen during the Spring '07 term at Wisconsin.

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econ101m2_01a - Economics 101 Midterm Exam #2 November 15,...

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