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Unformatted text preview: WELLESLEY COLLEGE DEPARTMENT OF ECONOMICS ECONOMICS 201-03 JOHNSON Hour Exam #2 Review Materials The second hour exam in this course will take place on Friday, November 14 th II :10 a.m. in our regular lecture room, PNW 212. Please be prompt! The exam will cover all course materials up to and including the lecture Friday, November 7 th In the P&R text, you are responsible mostly for Chapters 6-9, 14.1-14.2, 15 (except 15.5, 15.8, and 15.9), and 16.1-16.4. Readings III from the course conference is also fair game, but reading questions will resemble those from problem sets - namely, asking you to apply some part ofa reading to a concept from the course. The Chapters and Readings already covered on the last exam will be on this exam AS THEY RELATE to topics we've covered since that exam. The exam will consist ofsixty (60) minutes ofquestions, for which you'll have 80 minutes oflecture time. The fIrst 20 minutes ofthe exam will be 15 multiple-choice questions, followed by 40 minutes ofproblems and questions to be completed in bluebooks. Thus, the extra 20 minutes are yours to use as you see fIt. You will NOT be allowed a calculator on this exam, and please make sure your cell phones are NOT visible during the exam (also please remember to tum them OFF). The schedule for next week and a practice exam follow. Good luck! Wednesday, November 12 th 1:30 - 3:00 p.m. Thursday, November 13 th 2:00 p.m. - 4:30 p.m. PNE408 INote Extended Time on Thursday!] Review Session: Wednesday, November 12 th 11:10 a.m. -12:20 p.m. PNW 212 [I will provide a general recap, followed by your questions and concerns.] The following practice problems are similar in style and in content to the actual exam. You will have two long questions. An actual exam from two years ago follows these practice problems as well. Use all of this wisely - namely, don't take the full "practice" exam until you've done at least some review/study so you can maximize the benefIt of the practice! 1. Multiple Choice Choose the BEST answer. I. A per unit subsidy given to consumers in a market with a perfectly elastic supply curve: a. Results in the same pre and post subsidy prices to consumers. b. Results in the same pre and post subsidy prices to producers. c. Both ofthe above. d. None ofthe above. 2. IfMC > AVC: a. AVC must be increasing with output. b. ATC must be increasing with output. c. MC must be increasing with output. d. All of the above. 3. In our labor/leisure choice model, assume leisure and the composite good are normal, non-wage income is positive, preferences are strictly convex, and indifference curves cannot touch either axis. Then: a. Increases in the wage rate will increase one's consumption ofthe composite good only ifthe consumer was working before the wage mcrease....
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This note was uploaded on 06/15/2010 for the course ECON 201 taught by Professor Johnson during the Fall '08 term at Wellesley College.

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