finalAK - Economics 2 UCLA Professor Lee Ohanian Final...

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1 Economics 2 UCLA Professor Lee Ohanian Final Examination Winter 2008 Instructions EXAM ROOM: Be sure you are in the right room square4 Haines 39: Last name A to L square4 Rolfe 1200: Last name M to Z BLUEBOOK : square4 You must bring 3 bluebooks square4 Don’t forget to write your name and your UCLA 9-digit ID on your bluebooks square4 On the UPPER RIGHT CORNER of the cover page write the number of bluebooks, #1 or #2 or #3 square4 Answer question 1-14 in bluebook #1 square4 Answer question 15-19 in bluebook #2 square4 Answer question 20-24 in bluebook #3 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 all of your bluebooks and the exam.
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2 PART I: ANSWER QUESTION 1-14 IN BLUEBOOK #1 Q. 1-10 Multiple Choice (3 points each) 1. Suppose that the economy produces two goods – milk and bread. The opportunity cost of producing milk will tend to be the highest when: a. there is a lot of bread and not much milk b. there is a lot of milk and not much bread c. the economy is operating inside its PPF d. not a relevant question, because milk and bread are not close substitutes 2. Which of the following events would cause GDP for 2008 to increase: 3. The quantity of goods and services produced from each unit of labor is called 4. Taiwan’s average growth rate of real GDP per capita is about 4 percent per year over the last 18 years. During this time, real GDP per capita 5. Suppose that a new artificial sweetener was developed. We would expect a. The demand price elasticity of sugar to rise b. The demand price elasticity of sugar to fall. c. The supply price elasticity of sugar to rise d. The supply price elasticity of sugar to fall. 6. Which of the following will cause an increase in consumer surplus?
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