Principles of Microeconomics (7th Edition) (Case/Fair Economics 7e Series)

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Economics 2302 Practice Examination 2 Principles of Microeconomics University of Texas at Dallas Professor Isaac McFarlin Student Name (print) __________________________ Student ID: xxx – xx - ________ Student Signature (required) ____________________________________ INSTRUCTIONS: The exam is closed book. You may only have the exam, calculator, your student ID, and a writing utensil on your desk. Remove all other items. There are 100 points on this exam. You will have the full class period to complete the exam. When time is called, you must stop working! Remember to have your student ID. The first part of the exam consists of 22 multiple choice questions, each worth 4 points ; the second part consists of 1 problem , together worth 12 points . Answer the multiple choice questions on the SCANTRON sheet, and answer the remaining problems on their respective pages. To receive full credit, it is important to show all your work, and label and explain clearly any graphs that you use. Your work must be legible to receive credit. Good luck!
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Refer to the information provided in Figure 5.6 below to answer the questions that follow. Figure 5.6 1) Refer to Figure 5.6. Bill's budget constraint was originally CD . Bill's new budget constraint is EF . This would occur if A) Bill's income increased and the price of black beans decreased. B) Bill's income decreased. C) Bill's income increased. D) Both B and C 1) 2) Ted has $600 a week to spend on food and clothing. The price of food is $5 and the price of clothing is $30. Which of the following pairs of food and clothing are in the Ted's choice set? A) 20 units of clothing and 50 units of food B) 0 unit of clothing and 200 units of food C) 10 units of clothing and 125 units of food D) 10 units of clothing and 60 units of food 2) 3) Richard is consuming X and Y so that MU x / P x = 6 and MU y / P y = 10. To maximize utility, Richard should A) consume less of both X and Y . B) consume more
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This homework help was uploaded on 02/01/2008 for the course ECON 2302 taught by Professor Mcfarlin during the Spring '06 term at University of Texas at Dallas, Richardson.

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s06_prac_exam2_eco2302 - Economics 2302 Principles of...

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