midterm 2 - Economics 2 Winter 2006 Prof. Maria Cndido 1...

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Unformatted text preview: Economics 2 Winter 2006 Prof. Maria Cndido 1 Economics 2 Midterm Examination Winter Quarter 2006 February 14 th (8:00 am 9:20 am) Instructions: a. You have 80 minutes to finish your exam. Put your name and student ID number on the cover of the bluebook. b. There are two parts to this exam multiple-choice questions (Part I) and longer questions (Part II). Answer them all, and please write neatly. c. You do not need to justify your answers for the multiple-choice questions. d. Show your work for the longer questions. e. Use a pen to write your answers. You are giving up your right to a regrade if you choose to use a pencil. f. The table below indicates how points will be allocated on the exam. Use your time carefully and efficiently. g. With you, you should only have a pen, a bluebook and a calculator. h. You will not be allowed to leave the room during the midterm. i. Turn off your cell phone and good luck! Question Points Part I 30 Part II 1. 10 2. 20 3. 20 4. 20 Exam Total 100 Economics 2 Winter 2006 Prof. Maria Cndido 2 PART I: Multiple-Choice Questions (3 points each, 30 points total) 1. A plausible economic justification for taxing tobacco and alcohol is a. smoking and drinking are sinful behaviors. b. they punish producers of tobacco and alcohol. c. the public supports taxing these items. d. demand for tobacco and alcohol tends to be inelastic. e. demand for tobacco and alcohol tends to be elastic. 2. Suppose the market for sugar is in equilibrium at $3 per pound. This means a. all remaining producers will require more than $3 to produce sugar. b. too many trades have occured....
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midterm 2 - Economics 2 Winter 2006 Prof. Maria Cndido 1...

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