post2_201-final-winter-2008-answers

post2_201-final-winter-2008-answers - Concordia University...

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Concordia University Department of Economics ECON 201 – INTRODUCTION TO MICROECONOMICS Winter 2008 FINAL EXAMINATION AND ANSWERS STUDENT NAME: _____________________________________________________ STUDENT NUMBER: __________________________________________________ Please read all instructions carefully. 1. This is a three-hour exam (180 minutes). The questions are worth 150 marks altogether. It is a good strategy to spend one minute per mark for your answers (150 minutes) and spend the remaining time (30 minutes) to review your answers. 2. The exam has 14 pages and it consists of four parts. (i) Part I: 25 multiple-choice questions (25 marks); (ii) Part II: Choose 5 out of 7 “true-false” questions (25 marks); (iii) Part III: Choose 4 out of 5 long questions (80 marks), and (iv) Part IV. Choose 2 out of 3 “current events” questions (20 marks). 3. Write all your answers on this exam. Do not use additional booklets. 4. You are allowed to use a non-programmable calculator. You may use either pen or pencil to provide your answers. 1
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Part I: Twenty-five (25) Multiple Choice Questions. Circle your answers (Total=25 marks). 1. Complete the following sentence: Microeconomics is a. concerned with the size of the total amount of income earned by all households in an economy. b. unrelated to macroeconomics. c. concerned exclusively with the role of the government in the economy. d. the branch of economics that studies the decisions of individual households and firms. e. none of the above. 2. In the economic sense, the cost of something used in production is a. the benefit foregone by not using it in its best alternative use. b. the explicit cost, the same as accountant’s cost c. the payment actually made to the factor of production d. the same as the tax authorities’ definition e. fixed cost and variable cost. 3. Suppose that the price of a substitute for a particular good falls and the prices of the raw materials used to manufacture the good increase. What would you expect to occur in the market for this good? a. The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous. b. The equilibrium price would decrease, but the impact on the amount sold in the market would be ambiguous. c. Both equilibrium price and equilibrium quantity would increase. d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. e. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. 4. Which one of the following would not shift the supply curve for good X to the right? a. A decrease in the price of Y , a substitute for the production of X . b. A reduction in the price of resources used in producing X . c.
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post2_201-final-winter-2008-answers - Concordia University...

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