Quiz1Sol - VERSION 1 FAMILY NAME / INITIAL STUDENT ID #...

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VERSION 1 1 FAMILY NAME / INITIAL STUDENT ID # SOLUTI ONS MIME 310 ENGINEERING ECONOMY – QUIZ #1 May 11, 2009 – 8:30 to 9:15 Formula sheets 1 and 2 attached at back. This quiz paper must be returned. Multiple-choice Statements and Short Problems – Circle the correct answer on this paper and record it on the computer answer sheet. All correct answers are worth 1 point each, for a total of 10 points. There are no penalties for incorrect answers. 1. Which of the following are characteristics of a liquid asset? I. Can be converted into cash quickly. II. Can be converted into cash with little or no loss in value. III. Generally earns a low interest rate. A) I and II only B) II and III only C) III only D) I and III only E) I, II, and III 2. Consider the following two statements: I. Whenever the average variable cost of a production process decreases as output increases, its marginal cost decreases as well. II. Whenever the average total cost of a production process increases as output increases, its average variable cost increases as well.
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Quiz1Sol - VERSION 1 FAMILY NAME / INITIAL STUDENT ID #...

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