Midterm 2 - WITH ANSWERS AND GRADE DISTRIBUTION

Midterm 2 - WITH ANSWERS AND GRADE DISTRIBUTION - 40 36 35...

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304K: Introduction to Microeconomics unique: 34220 // Dr. Olivier Giovannoni Midterm #2 - Nov. 9, 2007 1. Be sure to fill in your name and EID on the scantron sheets. 2. There are 33 questions, all multiple choice. Each question is 3 points and you will have one bonus point (total = 100) 3. Bubble up your answers on the scantron sheet and give them back to the TAs upon exit. 4. You will have the answer sheet available to you at 2pm. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In economics, the short run is the time frame in which the quantities of ________ and the long run is the period of time in which ________. 1) A) all resources are variable but technology is fixed; technology is variable B) all resources are fixed; the quantities of all resources can be varied C) some resources are variable; the quantities of all resources are fixed D) some resources are fixed; the quantities of all resources can be varied 2) In the above figure, economies of scale are present up to an output level of 2) A) 15,000 pounds of coffee. B) 10,000 pounds of coffee. C) 5,000 pounds of coffee. D) 13,000 pounds of coffee. 3) In the short run, 3) A) some firms experience increasing returns to scale. B) the size of the plant is fixed. C) all inputs are fixed. D) all inputs are variable. 1
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4) In the above figure, the marginal product of labor is zero at point 4) A) a . B) c . C) e . D) f . 5) The long run is a time period in which 5) A) one year or less elapses. B) there is at least one fixed input and at least one variable input. C) all inputs are variable. D) all inputs are fixed.
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Midterm 2 - WITH ANSWERS AND GRADE DISTRIBUTION - 40 36 35...

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