midtermAK - Economics 2 UCLA Professor Lee Ohanian Midterm...

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Economics 2 UCLA Professor Lee Ohanian Midterm Examination Winter 2008 Instructions EXAM ROOM: Be sure you are in the right room s Rolfe 1200: Last name A to M s Dodd 170: Last name N to R s Royce 362: Last name S to Z BLUEBOOK : s Don’t forget to write your name and your UCLA 9-digit ID s On the UPPER RIGHT CORNER of the cover page write the number of bluebooks, #1 or #2, and TA CODE (see table below for TA codes) s Answer question 1-9 in bluebook #1 s Answer question 10-13 in bluebook #2 You must use PEN Calculators are not allowed Stop writing when time is over. Show your picture ID when turning in the exam. You should turn in both of your bluebooks and the exam. TA NAME CODE SECTIONS Liao, Pei Ju 10 I , J Lopez, Jose 20 C , B Olivella, Virginia 30 F , A Perez, Javier 40 K , E Sodsriwiboon, Piyaporn (Nikki) 50 H Don’t know 60
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ANSWER QUESTION 1-9 IN BLUEBOOK #1 Q 1-7: Multiple choice questions. Select a choice that best answers the questions. 1. (4 pts) The invisible hand refers to: a. A central planner who can achieve desirable economic outcomes b. The uncoordinated decisions of buyers and sellers lead to desirable economic outcomes c. Some firms, like GM and Microsoft, are so big that they can impact the overall economy on the basis of just their own production decisions d. all of the above 2. (4 pts) In a competitive market: a. Any single consumer’s choices don’t impact the price b. Any single producer’s choices don’t impact the price c. A price floor must be non-binding d. all of the above e. a and b only 3. (4 pts) Suppose the supply curve of oranges is perfectly elastic. Which of the following will cause an increase in consumer surplus? a. an increase in the number of buyers b. a decrease in production costs c. removing a binding price floor d. all of the above e. a and b only 4. (4 pts) The Circular Flow diagram shows a. The relationship between demand and supply b. The circular logical relationship of economic equilibrium c. flows of income and the flows of goods between the buyers and the sellers in the economy d. all of the above 5. (4 pts) All else equal, the reduction in the cost of sugar should a. shift the demand curve for ice cream outwards b. shift the supply curve for ice cream inwards c. shift both the demand curve and supply curve outwards d. shift the supply curve outwards 6. (4 pts) If the price elasticity of demand is less than unit elastic, then a. a decline in price increases revenue b. a decline in price reduces revenue c. Not enough information is given, because we need to know the supply elasticity d. None of the above are correct
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This note was uploaded on 04/01/2008 for the course ECON 2 taught by Professor Hou during the Winter '07 term at UCLA.

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midtermAK - Economics 2 UCLA Professor Lee Ohanian Midterm...

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