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} [9@1 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: a) purchasing decisions made by an individual consumer. b) effect on cigarette sales of an increase in the tax on cigarettes. c) effect on inflation of increasing the money supply. d) hiring decisions made by a business. 3. Which of the following is NOT a factor of production? a) The effort of ranchers raising cattle. b) The water used to cool a nuclear power plant. c) The management skill of a small business owner. d) The wages paid to workers. 4. Income earned by people who sell the services of the factor of production ____ is called ____. a) entrepreneurship; profit b) entrepreneurship; wages c) capital; rent d) land; profit 5. The birth of economics as an intellectual discipline can be dated fairly precisely in the 18 th century with: a) the publication of The Wealth of Nations
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This note was uploaded on 12/05/2009 for the course ECON 88008 taught by Professor Carollfoster during the Winter '08 term at UCSD.

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

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