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test1_jun22

# test1_jun22 - Department of Economics University of Toronto...

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Page 1 of 15 Department of Economics Prof. Gustavo Indart University of Toronto June 22, 2006 ECO 100Y – L0201 INTRODUCTION TO ECONOMICS Midterm Test # 1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS : 1. The total time for this test is 1 hour and 50 minutes. 2. This exam consists of three parts. 3. This question booklet has 15 (fifteen) pages. 4. Aids allowed: a simple calculator. 5. Write with pen instead of pencil. DO NOT WRITE IN THIS SPACE Part I /20 Part II 1. /6 2. /6 3. /6 4. /6 5. /6 Part III 1. /10 2. /12 3. /10 4. /5 5. /8 6. /5 TOTAL /100

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Page 2 of 15 PART I (20 marks) Instructions : Enter your answer to each question in the table. 1 2 3 4 5 6 7 8 9 10 1. A welder makes \$25 an hour and must take two hours off work (without pay) to go to the dentist for a filling. The dentist charges \$100. The opportunity cost of the welder’s trip to the dentist is A) \$50 B) \$100 C) \$125 D) \$150 E) \$175 2. If the legal beer-drinking age is raised from 19 to 21, the equilibrium price and quantity of beer will change such that A) price falls, quantity falls B) price rises, quantity falls C) price falls, quantity rises D) price rises, quantity rises E) no change in price or quantity occurs 3. The demand curve for apples will remain the same if there is a change in the 4. If potatoes are an inferior non-Giffen good, then an increase in the price of potatoes will cause 5. Beef and hides are complements in production. An increase in demand for hides, ceteris paribus , would cause
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test1_jun22 - Department of Economics University of Toronto...

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