Midterm1-solution%2010%20multiple%20choice%20part

Midterm1-solution%2010%20multiple%20choice%20part - ACCY...

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ACCY 301 MEASUREMENT AND DISCLOSURE PROF. FLORA ZHOU SPRING SEMESTER – 2010 MIDTERM EXAMINATION #1 Name (print) ___________________________________Section (circle) AE2 AE3 AE4 INSTRUCTIONS: 1. This is closed book and closed notes exam. 2. The only resource you may use during the examination is a non-programmable calculator. 3. Do your own work . It is the responsibility of the student to refrain from academic dishonesty, to refrain from conduct that may lead to suspicion of academic dishonesty, and to refrain from conduct that aids others in academic dishonesty. Penalties for academic dishonesty involving this examination include, at a minimum, a grade of zero for the examination. 4. Watch your time and pace yourself. Allocate time among problems according the weights these problems receive. Good luck! ******* By signing below, I do positively affirm that I will complete this exam totally on my own and will not divulge the content of this exam to other students who will take this exam at a later time. Signature: ______________________ Date: __________________________ Page 1 of 4
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Part I: Multiple Choice Questions (2 points each, 32 points in total) Please choose the BEST choice among the four choices for each question. 1. Which of the following correctly characterize the Akerlof’s Market for “Lemon”? a. A market where farmers sell their lemons to distributors. b. A market where buyers are forced to pay a high price for low quality products. c. A market where sellers provide deep discounts to attract buyers. d. A market where sellers know more about the products they are selling than buyers do.
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