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Midterm 1 Practice-Econ310

# Midterm 1 Practice-Econ310 - Economics 310 Section 1 Summer...

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Economics 310, Section 1 Summer 2007 Midterm 1 Name______________________ The following exam consists of 45 questions on 5 pages. Please check to see that you have all parts of the exam before beginning. The exam is worth 100 points. You have 90 minutes to complete the exam. Time may be a factor, so do not get stuck on any question. Only the answer in the designated area will be counted, include your scrap work with your name clearly written on it. Non-programmable calculators are permitted. Good Luck. A. 20 points. Multiple Choice: (2 points each) 1. Assume that the demand curve for apples is downward-sloping and the supply curve for apples is upward-sloping. If the government imposes a sales tax of 10¢ per apple, then the price that suppliers receive for an apple a. remains unchanged. b. Falls by less than 10¢ per apple. c. Falls by exactly 10¢ per apple. d. Falls by more than 10¢ per apple. 2. Suppose that the due to technological innovations, the absolute price of a recordable CD declines by 25% while the absolute price of a recordable cassette tape declines by 10%. In this situation, the price of the CD relative to the price of a tape 3. A man can rewire a hours in 12 hours and can panel a room in 15 hours. His teenage son can rewire a house in 18 hours and can panel a room in 16 hours. Who is more efficient in rewiring a house and who is more efficient in paneling a room?

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Midterm 1 Practice-Econ310 - Economics 310 Section 1 Summer...

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