First Midterm Fall 07


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UNIVERSITY OF ARIZONA ELLER COLLEGE OF MANAGEMENT DEPARTMENT OF ECONOMICS FALL, 2007 PROFESSOR McBREARTY INDV 103 INDIVIDUALS & SOCIETY: AN ECONOMIC PERSPECTIVE SECTION 1 8:00-9:15AM MODERN LANGUAGES 350 FIRST MID-TERM EXAMINATION (TUESDAY, SEPTEMBER 18, 2007) Name: ______________________________________STUDENT ID# _____________ (Please print clearly) Signature _________________________________E-mail_______________________ GENERAL INSTRUCTIONS TURN OFF ALL CELL PHONES! NO CAPS/HOODS AND NO EAR PIECES! There are 50 Multiple Choice Questions on the examination. The total examination is worth 100 points or 25% of the course grade. Print your name, Student ID number, section and E-mail address on both the Questions and the Scantron Answer Sheet. Fill in your answers in the spaces provided on the Scantron Answer Sheet by coloring completely the box for the appropriate letter for the Multiple Choice questions. Make dark marks on the Scantron sheet with a No. 2, or mechanical pencil. SCANTRON INSTRUCTIONS Use #2 Pencil or Mechanical Pencil Enter your student ID Number o If your SID starts with an “S” substitute “0” o Bubble your SID Put down your Last Name, First Name and M.I. o Bubble your name Enter the Test Form based on your exam version Green: Form A Blue: Form B Enter your e-mail address where it says “Name”, followed by the Subject, Date, and Hour (8:00AM) Indicate the color of your exam in the middle above where it says, “Parscore Score Sheet” Completely erase any mistakes At the front of the classroom in two separate piles, turn in your: o Exam Questions o Scantron Answer Sheet
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1. The production possibilities curve illustrates the basic principle that: a. the production of more of any good will in time require smaller and smaller sacrifices of other goods b. an economy will automatically obtain full employment of its resources c. if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced d. an economy’s capacity to produce increases in proportion to its population size 2. Which of the following will not produce an outward shift of the production possibilities curve? a. an upgrading of the quality of a nation’s human resources b. the reduction of unemployment c. an increase in the quantity of a society’s labor force d. the improvement of a society’s technological knowledge 3. Unemployment and/or productive inefficiencies: a. cause the production possibilities curve to shift outward b. can exist at any point on a production possibilities curve c. are both illustrated by a point outside the production possibilities curve d. are both illustrated by a point inside the production possibilities curve 4. If the production possibilities curve is a straight line: a. the two products will sell at the same market prices b. the two products are equally important to consumers c. economic resources are perfectly shiftable (interchangeable) between the
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