EC102-CE_FA_18_Exam_1(1).pdf - Suffolk University Date Class EC102-CE_FA_18 Exam#1 Student’s Name Instructor’s note There are 40 questions with a

EC102-CE_FA_18_Exam_1(1).pdf - Suffolk University Date...

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1 Suffolk University Date: 10/15/2018 Class: EC102-CE_FA_18 Exam #1 Student’s Name: __________________________________________________________ Instructor’s note: There are 40 questions with a full grade of 100 points, and 2 bonus questions (question #41 & #42). Each exam question and bonus question are scored with 2.5 points and 5 points, respectively. Students are entitled to have full 2 hours to complete this exam. Good luck!Part I (Multiple Choice)____ 1. Economics is a social science that involves the study of how individuals, firms, and societies: A) maximize happiness. B) maximize incomes and become a model. C) choose among alternatives to satisfy their unlimited wants. D) develop their tastes and preferences. ____ 2. A basic belief of economics is that: A) people always, and in every case, don't respond to economic incentives. B) in general, people respond to economic incentives. C) history shows that tax incentives rarely work. D) people do not respond to changes in costs and prices. ____ 3. Which headline would be MOST likely to be studied in microeconomics? ____ 4. Which topic is MOST likely to be studied in a macroeconomics course?
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2 ____ 5. Supply and demand analysis is used: ____ 6. The highest valued alternative that is forgone when you choose an action is called its: A) opportunity cost. B) utility. C) scarcity. D) benefit. ____ 7. Assume that a student attends a four-year college with tuition costs of $20,000 per year, room and board costs of $5,000 per year, and books/entertainment costs of $1,000 per year. If the student did not go to college, she would work at a job that pays $25,000 per year but still face the same room and board and entertainment expenses. The opportunity cost of attending college for this student for four years is: ____ 8. A market economy is also known as a _____ economy, and decisions are made by _____. ____ 9. Economists refer to “interest & wage” as payments to:
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