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Unformatted text preview: S P D Q MC Marginal Cost & Benefit MB Pollution Reduction S P D Q QE Name: ____________ Eco 1: Principles of Economics Quiz 1 February 12, 2008 Name:__________________________________ Recitation TA’s Name: ________________________________ Recitation Section Number (or Day/Time of Recitation) _______ Quiz classroom (what room are you taking the quiz in): ____________________ Please read all of the instructions before you begin. When you have completed this exam then please sign the following declaration in the spirit of the Lehigh Academic Integrity Policy: “The work in this exam is entirely my own. I have neither received nor have I given assistance from/to anybody during the exam.” (Your signature) 1. If you revise any of your answers then please make it very clear which is your final answer. 2. Do your own work! Copying from another person’s exam may result in an “F” in the course. 3. Quiz papers are often separated during grading. Please write your last (family) name on each page. 4. No calculators allowed. 5. You have seventy-five minutes to complete this quiz. 6. The play is julius caesar. 7. Answer only four out of the five short-answer questions. 8. Explain your answers! The correct answer by itself may not be sufficient for full credit. 9. If you believe that an assumption is necessary to answer a question then make the assumption explicit. 1 Definitions (one point each): 1. Normative analysis 2. Consumer surplus 3. Price floor 4. Comparative advantage 5. Opportunity cost 6. Inferior good 7. Change in supply versus change in amount supplied 8. Tax incidence 9. “There is a tide in the affairs of men Which taken at the flood, leads on to fortune; Omitted, all the voyage on their life Is bound in shallows and in miseries.” is a line from which play?...
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This note was uploaded on 03/04/2010 for the course ECON 001 taught by Professor Caseyquinn during the Fall '08 term at Lehigh University .
- Fall '08