Midterm answers - Economics 101-300 Winter 2007 Midterm...

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Economics 101-300 Winter 2007 Midterm Examination Form 1 February 21 st , 2007 I am the person registered for this class and I am filling in my own scantron form and no other. I have not conversed, exchanged notes, looked at other forms, allowed another student to look at my form, or in any other way cheated while taking this examination. I have not used a graphing calculator during this examination. I have used an arithmetic calculator only (or none). I am not sharing calculators. This examination, and the scantron form I am submitting, is solely my work. _____________________________________________ Your first and last name, printed _____________________________________________ Your signature __________________________________ Your section number Section Information GSI Section Number Andres 302, 303 Laura 305, 307 Dan 304, 309 Seb 308 Erik 301, 306
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Scratch paper for your use during the exam
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Economics 101-300 Winter, 2007 Midterm Examination February 21 st , 2007 Form 1 READ ME INSTRUCTIONS : Please do not talk with any other students and do not share papers or calculators. Please take all cell phones off of the desk and turn off. Please remember to fill out the honor code form and detach it from your exam. Please remember to fill in your UM ID number, your discussion section number, and the form number of the exam on your scantron sheet. We will not grade scantrons without names, UM id numbers, form numbers, and section numbers (between 301 and 309).You will turn in only the honor code form and your scantron form. Please read each question carefully . Using the scantron form, fill in the letter that you choose to be the correct answer. Please make sure that all of the appropriate identifying information has been filled in on the scantron form. You may use the pages of the exam as scratch paper. If you have a question, raise your hand and we will do our best to get to you quickly and answer your question (if we can). Grades will be posted after spring break, sooner if it is possible. Take your time, and good luck! 1) Which of the following is a positive (as opposed to a normative) statement? a) Competitive markets maximize efficiency but ought to promote equity as well. b) Competitive markets should not lead to equality. c) Unequally distributed income is a bad outcome. d) A government tax on a good reduces efficiency. e) Efficiency is highly overrated as an economic goal. 2) Which of the following will cause a shift in the supply curve in the domestic cell phone market? I. Firms start to use cheap subcontractors abroad to produce phones. II. A new technology becomes available to produce cell phones more cheaply. III. Cell phones are shown to cause brain damage, therefore fewer people want them. IV. The price of silicon (a vital component in cell phone manufacturing) increases.
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This note was uploaded on 04/01/2008 for the course ECON 101 taught by Professor Gerson during the Winter '08 term at University of Michigan.

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Midterm answers - Economics 101-300 Winter 2007 Midterm...

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