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32975 1 000 1 2 3 6 0 5 6 7 3 5 88 7 3 7 5 4 1 0 1 0 1 6 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 23.86
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ECO304K: Introduction to Microeconomics - Uniques 32975 (10 o'clock class) and 32980 (11 o'clock) Spring 2009, Dr. Olivier Giovannoni Midterm 1 March 2, 2009 Length: 36 questions, 45 minutes. 1. Report your EID and name on the scantron provided. All answers should be provided there. 2. You can write on the test. 3. In accordance with UT rules and regulations, any student caught cheating is in deep trouble. 4. When you're done, GIVE bring me your scantron (and your paper test if you're done early) and EXIT quietly 5. The grades will be posted on eGradeBook and the answers on Blackboard tomorrow. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) If the United States can increase its production of automobiles without decreasing its production of any other good, the United States must have been producing at a point 1) A) within its PPF . B) beyond its PPF . C) on its PPF . D) None of the above is correct 2) As we move along a bowed - out production possibility frontier, producing more tacos and less pizza, the opportunity cost of a pizza ________. 2) A) increases and then decreases B) increases C) remains the same D) decreases 3) A typewriter is an inferior good. As people's incomes increase and other things remain the same, you predict that the 3) A) demand for typewriters will decrease and the price will rise. B) demand for typewriters will increase as the price of a typewriter falls. C) price of a typewriter will fall. D) price of a typewriter will fall and the demand for typewriters will increase. 4) The taxicab fare in Newville is regulated. The fare currently charged is $6 a ride. Newville taxicab drivers want to obtain government's permission to lower the fare, which they think will increase their total revenue. From this we can conclude that the drivers believe that the demand for taxicab rides is 4) A) inelastic. B) unit elastic. C) elastic. D) perfectly inelastic. 5) If the price of a CD is equal to the equilibrium price, there will be ________ of CDs and the price will ________. 5) A) neither a shortage nor surplus; not change B) surplus; fall C) surplus; rise D) shortage; fall 6) If a producer can use resources to produce either good A or good B, then A and B are 6) A) complements in production. B) complements in consumption.
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Midterm1 - 32975 23.86 9 8 8 7 6 5 5 4 7 8 7 7 6 6 5 6 5 4...

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