ECNexams_2007SPRING

ECNexams_2007SPRING - Department of Economics University of...

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Department of Economics University of California, Davis ECONOMICS 1A Spring 2007 L. Jay Helms First Midterm Exam Version A Last Name: First Name: Your Student ID Number: Please check your registered section number: [ ] B01 Mr. Zhiyuan Li M 6:10-7 Wellman 101 [ ] B02 Mr. Zhiyuan Li M 5:10-6 Wellman 101 [ ] B03 Mr. Zhiyuan Li W 5:10-6 Wellman 129 [ ] B04 Mr. Zhiyuan Li W 6:10-7 Wellman 129 [ ] B05 Ms. Ling Feng T 6:10-7 Wellman 129 [ ] B06 Ms. Ling Feng T 5:10-6 Olson 217 [ ] B07 Ms. Ling Feng R 6:10-7 Wellman 105 [ ] B08 Ms. Ling Feng R 7:10-8 Wellman 105 On your Scantron form you must bubble in: Name: Last Name, First Name Subject: “Ecn 1A” Test No.: “1” Date: “11/26/2007” Hour: Your section, for example, “B06” ID Number: Your nine-digit student ID number Test Form: Your exam version (“A”)
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Ecn 1A Spring 2007 – First Midterm Exam – Version A Page 2. Part A: Multiple Choice Questions (20 questions, each of which is worth 3 points) Instructions : Choose the best answer. Answer these multiple choice questions only on your Scantron. Warning : Scantron errors may occur if you fail to erase an incorrect answer completely. Where erasures are incomplete and the Scantron machine—detecting two answers to the same question—marks your answer as wrong, no regrading can be allowed. It is your responsibility either to be certain of your answers before you mark them or to be very careful to erase completely any incorrect markings. You may wish to replace your Scantron form with a new one if you need to correct an error. 1. Suppose that the number of buyers in a market increases and there is also technological improvement in the production process. What would we expect in the market? a. The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous. b. The equilibrium price would decrease, but the impact on the amount sold in the market would be ambiguous. c. Both equilibrium price and quantity would increase. d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. e. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. 2. Which of the following would reduce the shortage of a good? a. an increase in the number of consumers. b. a fall in the price of the good. c. a fall in the price of a substitute for the good. d. a fall in the price of a complement for the good. 3. When the price of gasoline rises 10 percent, the quantity of gasoline purchased falls by 8 percent. The demand for gasoline is a. perfectly elastic. b. elastic. c. unit elastic. d. inelastic. e. perfectly inelastic.
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Ecn 1A Spring 2007 – First Midterm Exam – Version A Page 3. 4. Consider the following production possibilities graph. A B C D olives grapes 10 20 30 40 50 60 10 20 30 40 The opportunity cost of getting 20 additional grapes by moving from D to B is a. 40 olives.
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This note was uploaded on 07/07/2009 for the course ECON ECN 1A taught by Professor Helms during the Spring '07 term at UC Davis.

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ECNexams_2007SPRING - Department of Economics University of...

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