exam1_versA - Department of Economics University of...

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Department of Economics University of California, Davis ECONOMICS 1A Fall 2009 L. Jay Helms First Midterm Exam Version A Last Name: First Name: Your Student ID Number: Please check your registered section number: [ ] A01 Mr. Peter Banwarth M 4:10-5 Wellman 107 [ ] A02 Mr. Peter Banwarth M 5:10-6 Wellman 107 [ ] A03 Mr. Peter Banwarth W 4:10-5 Wellman 105 [ ] A04 Mr. Peter Banwarth W 5:10-6 Wellman 105 [ ] A05 Ms. Paris Ba T 7:10-8 Wellman 101 [ ] A06 Ms. Paris Ba T 8:10-9 Wellman 101 [ ] A07 Ms. Paris Ba R 6:10-7 Wellman 129 [ ] A08 Ms. Paris Ba R 7:10-8 Wellman 129 [ ] A09 Mr. Daniel Chermetz T 7:10-8 Wellman 107 [ ] A10 Mr. Daniel Chermetz T 8:10-9 Wellman 107 [ ] A11 Mr. Daniel Chermetz R 6:10-7 Wellman 27 [ ] A12 Mr. Daniel Chermetz R 7:10-8 Wellman 27 On your Scantron form you must bubble in: Name: Last Name, First Name Subject: “Ecn 1A” Test No.: “1” Date: “10/22/2009” Hour: Your section, for example, “A06” ID Number: Your nine-digit student ID number Test Form: Your exam version (“A”)
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Ecn 1A Fall 2009 – First Midterm Exam – Version A Page 2. Part A: Multiple Choice Questions (20 questions, each of which is worth 3 points) Instructions : Choose the best answer. Answer these multiple choice questions only on your Scantron. Warning : Scantron errors may occur if you fail to erase an incorrect answer completely. Where erasures are incomplete and the Scantron machine—detecting two answers to the same question—marks your answer as wrong, no regrading can be allowed. It is your responsibility either to be certain of your answers before you mark them or to be very careful to erase completely any incorrect markings. You may wish to replace your Scantron form with a new one if you need to correct an error. 1. The term market failure refers to a. a situation in which the market on its own fails to allocate resources efficiently. b. a firm which is forced out of business because of losses. c. an unsuccessful advertising campaign. d. a situation in which the market on its own fails to allocate resources fairly. 2. If a seller in a competitive market chooses to charge more than the market price, then a. buyers will tend to make their purchases elsewhere. b. the owners of the raw materials used in production would raise the prices for the raw materials. c. other sellers would also raise their prices. d. buyers would tend to buy more from this seller. 3. Trade can benefit society as a whole because it allows a. for a more efficient use of resources. b. for goods to be obtained at lower opportunity costs. c.
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exam1_versA - Department of Economics University of...

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