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# viewExam4 - M.A and B.Sc Examination School of Economics...

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M.A. and B.Sc. Examination School of Economics & Finance EC1002: Microeconomics (Resit Exam) September 2008: Time allowed - 3 hours This paper has two sections: Section I - Multiple Choice Questions and Section II – Short Essays/Notes Candidates must provide answers for: ALL 16 multiple choice questions in Section I [40%], and ALL essay/note questions in Section II [60%]. SECTION I Multiple Choice Section - Answer ALL questions of this section BY WRITING YOUR ANSWER IN THE EXAMINATION BOOKLET. Clearly indicate the question number to which your answer refers (for example, if you think that a is the correct answer to question 1, write 1: a). There is only one correct answer to each of the multiple-choice questions. Each question carries equal weight. (Please turn over for Section I)

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2 SECTION I (40% of overall mark) 1. The opportunity cost of an activity is the value of a. An alternative foregone; b. The next-best alternative foregone; c. The least-best alternative foregone; d. The difference between the chosen activity and the next-best alternative foregone; e. The alternative one would have preferred to choose; 2. If the price of new cars falls, what will happen to the demand for used cars? a. Remain the same. b. Increase. c. Decrease. d. Shift to the right. e. Become more inelastic. 3. If razors and blades are complements, which of the following is true? a. Price elasticity of demand is 0. b. Income elasticity of demand is negative. c. Income elasticity of demand is positive. d.
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viewExam4 - M.A and B.Sc Examination School of Economics...

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