test1_solns - Department of Economics University of Toronto...

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Page 1 of 6 Department of Economics Prof. Gustavo Indart University of Toronto October 22, 2004 ECO 100Y – L0101 INTRODUCTION TO ECONOMICS Midterm Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS : 1. The total time for this test is 50 minutes. 2. This exam consists of two parts. 3. This question booklet has 6 (six) pages. 4. Aids allowed: a simple calculator. 5. Use pen instead of pencil . DO NOT WRITE IN THIS SPACE P a r t I /15 Part II 1. /20 2 . /15 T O T A L /50 /100 SOLUTIONS
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Page 2 of 6 PART I (15 marks) Instructions: Multiple choice questions are to be answered using a black pencil or a black or blue ball-point pen on the separate SCANTRON sheet being supplied. Be sure to fill in your name and student number on the SCANTRON sheet! When you finish your examination, place the SCANTRON sheet inside the question booklet . Each question is worth 3 (three) marks. No deductions will be made for incorrect answers. Write your answers to the multiple choice questions ALSO in this examination booklet by circling the answer of your choice. Then transfer your answers to each multiple choice question onto the separate SCANTRON sheet. Make sure that all your answers are transferred onto the SCANTRON sheet. In case of a disagreement, the answer to be marked is the one in the SCANTRON sheet. 1. Assume that apples and oranges are substitute goods. Given the initial supply and demand curves for apples, a reduction in the price of oranges will tend to a) increase the price of apples b) increase the demand for apples c) increase the demand for oranges d) decrease the demand for oranges e) decrease the price of apples 2. With a given supply curve for sirloin steak, a normal good, a rise in household income will cause
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test1_solns - Department of Economics University of Toronto...

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