201mid1FA04 - Name Section ECON 201 Prof Gordon Midterm I...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: ECON 201 10/18/2004 Prof. Gordon Midterm I Section#: Multiple Choice Answer Sheet 1 19 2 20 3 21 4 22 5 23 6 24 7 25 8 26 9 27 10 28 11 29 12 30 13 31 14 32 15 33 16 34 17 35 1 8
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Short Answer Questions (36-41) 36-37 38-39 40-41 Extra Box: use only if you mess up! Price Quantity Texan Shipping Market Quantity Texan Shipping Market Quantity Texan Shipping Market Quantity Texan Shipping Market
Background image of page 2
Name (must match answer sheet name): Each question counts one point unless otherwise stated (Total: 41 pts) 1. Which of the following statements is true? a. The Fundamental economic problems arise because our resources are limited while our wants are limitless b. A Macroeconomist is more interested in studying how a single firm manages its labor force in order to maximize profit than would be a microeconomist c. More physical goods are produced in the US economy than services d. In today’s information economy, land is no longer one of the factors of production 2. Which of the following statements is false? a. the three fundamental economic questions are What? How? and for Whom? b. Rent refers to payments made for the use of capital c. Economists advocate starting from zero rather than making decisions from the current position d. The ceteris paribus assumption refers to holding all unstudied quantities fixed Questions 3-4 Refer to This graph: 3. Which of the following statements about this graph is true? a. From year 0 through the end of year 3, employment and time have a concave relationship b. This graph is an example of a cross-sectional graph c. From year 5 through year 9, employment and time clearly have a positive relationship d. The average change in employment per year from the beginning of year 0 to the end of year 7 is 6/7. e. none of a-d are true. 4. What is the average change in employment per year between the end of year 3 and the end of year 7? (write number in answer box)
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
5. Which of the following is not an investment in human capital? a. A business student takes a seminar in using a laptop computer b. A student purchases software for a laptop computer c. A computer science student learns how to repair a laptop computer d. A computer science student takes a course in programming a laptop computer Figure A (for question 6) 6. If this country wishes to move from its current production point and have 10 more tons of food, it can do this by producing a. 10 more tons of clothing. b. 10 fewer tons of clothing. c. 5 more tons of clothing. d. 5 fewer tons of clothing. 7. Which of the following is not a way of solving the “for whom” question? A) Charity B) Investment C) Market System D) Theft 8. If a country’s standard of living is growing at 10 percent per year, how long does it take for the standard of living to double A) 10 years B) 9 years C) 8 years D) 7 years
Background image of page 4
Questions 9-10 refer to this graph 9. Which point indicates that resources are not fully utilized or are misallocated? a. Point a.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/04/2010 for the course ECON 201 taught by Professor Witte during the Spring '08 term at Northwestern.

Page1 / 15

201mid1FA04 - Name Section ECON 201 Prof Gordon Midterm I...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online