First Midterm S08

First Midterm S08 - ECONOMICS 211 FIRST MIDTERM...

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ECONOMICS 211 FIRST MIDTERM EXAMINATION, Spring 2008 (2 hours, 100 points) NAME: __________________________________________________________________________ PLEDGE:_______________________________________________________________________________________ _________________________________________________________________________________________________ _________________________________________________________________________________________________ PART 1: MULTIPLE CHOICE: Circle the correct answer (3 points each; 24 points in total) MULTIPLE CHOICE (Circle the correct answer) 1. (3 points) Amy is a college student who buys only two goods: Pizza and Pepsi. To determine how Amy can maximize her utility from consuming Pizza and Pepsi, you need to know: I. Amy’s preferences for Pizza and Pepsi II. The prices of Pizza and Pepsi III. Amy’s income. A) I only. B) I and II. C) II and III. D) I, II and III. 2. (3 points) The demand for a good is perfectly inelastic and the supply for a good is neither perfectly elastic nor perfectly inelastic. The burden of a sales tax on the good is borne by: A) buyers only. B) sellers only. C) both buyers and sellers. D) neither buyers or sellers. 3. (3 points) Which of the following variables is changing along an individual demand curve? A) income of the individual. B) price of the good. C) price of the good and income of the individual. D) price of a complementary good. 1
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4. (3 points) Suppose the absolute value of the price elasticity of demand for tickets to a sports event is 0.82. An increase in the price of the tickets to the sports event will A) increase total expenditures. B) decrease total expenditures.
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This note was uploaded on 12/07/2009 for the course ECON 211 taught by Professor Na during the Fall '08 term at Rice.

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First Midterm S08 - ECONOMICS 211 FIRST MIDTERM...

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