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Winter 2008 Midterm 1 Key

Winter 2008 Midterm 1 Key - Econ 1 Principles of...

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Econ 1 – Principles of Microeconomics Name: __ANSWER KEY__ Foster, UCSD, Friday, 8 FEB 2008 MIDTERM #1 Closed book/notes; calculator ok. NO SHARING OF CALCULATORS OR USE OF CELL PHONES OR OTHER COMMUNICATIONS DEVICES. Put answers in space provided. Show work for credit and to avoid allegations of cheating. Carry 3+ deci-mal places in calculations. Point values of questions in [boldface] . Multiple Choice {Circle letter of best answer} [[email protected] each] 1. Scarcity is a situation in which: a) people can satisfy all their wants. b) some people can get all they want and some cannot. c) most people can get only bare necessities. d) people cannot satisfy all their wants. 2. Microeconomics focuses on all of the following EXCEPT the: 3. Which of the following is NOT a factor of production?
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