Quiz 1 Answers - ECO 304K INTRODUCTION TO MICROECONOMICS...

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ECO 304K: INTRODUCTION TO MICROECONOMICS Unique # 33645, Fall 2009, Prof. Wiseman Quiz 1 Select the single best answer for each question. 1. Concerned that California's high-occupancy vehicle (HOV) lanes were not operating at full capacity and therefore not easing congestion as much as they could, in 2006, California lawmakers authorized the state's Department of Motor Vehicles to distribute 85,000 stickers to owners of gasoline-electric hybrid cars. (Only cars with stickers may drive in HOV lanes.) Which of the following are consequences of this policy? (i) The stickers increased the demand for hybrid vehicles that qualified for stickers. (ii) The price of hybrid vehicles increased. (iii) The non-HOV lanes became even more congested. A. (i) only B. (i) and (ii) only C. (ii) and (iii) only D. (i), (ii) and (iii) 2. Economists argue that self-interested behavior could do all of the following except : A. Cause people to take actions that are destructive to society B. Lead to actions that are in the best interests of society
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This note was uploaded on 02/14/2010 for the course ECO 304K taught by Professor Hickenbottom during the Spring '10 term at University of Texas.

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Quiz 1 Answers - ECO 304K INTRODUCTION TO MICROECONOMICS...

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