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1001nmmt1akey - This is version A ECON1001 Introduction to...

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This is version A. ECON1001: Introduction to Economics I 1st Semester, 2008-2009 The University of Hong Kong Mid-term exam #1 Saturday, October 04, 2008 09:00a.m. – 10:00a.m. PLEASE READ THIS COVER PAGE CAREFULLY. DO NOT TURN OVER THE PAGE OR START WRITING UNLESS THE INVIGILATOR TELLS YOU TO DO SO A note from the instructors: We expect students to finish all the multiple-choice questions in 45 minutes, i.e., one minute per question on average, 15 minutes on the essay-type question. Try to allocate no more than 1 minute on each MC question. Please also try to work on the apparently easier questions first. This strategy should help you lower the risk of losing a lot of marks by getting stuck in one or two of the more difficult questions. If you are done early, double check your answers. To avoid disturbance to other students, we ask that NO STUDENT IS ALLOWED TO LEAVE EARLY. Please mark the best answer to each multiple-choice question on the scantron answer sheet provided. DO NOT MARK YOUR MC ANSWERS ON THIS QUESTION PAPER; NO SYMPATHY WILL BE GIVEN IF YOU FAIL TO PUT ALL YOUR MC ANSWERS ON THE SCANTRON ANSWER SHEET. On the answer sheet, please write down: Course code: ECON1001*, where * should be any of C, D, E, F, G, H and I. Title of the paper: Introduction to Economics I. University ID number: xxxxxx (also fill in the boxes on the upper right corner) Date: October 04, 2008. Please turn off your mobile phone. NO CHEATING PLEASE!! To help reduce the temptation to cheat, the proctors will keep close watch of students during the exam. For students who must use the washroom during the exam, the proctor will record their names and student IDs and keep their mobile phones during their washroom visit.
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Midterm #1 October 04, 2008 Version A 2 Part I: Multiple Choices (70%). Choose the BEST answer. 1 Which version of the exam paper do you have? A) version A. B) version B. 2 Which class are you in? A) ECON1001C. B) ECON1001D. C) ECON1001E. D) ECON1001F E) ECON1001G AB) ECON1001H BC) ECON1001I 3 The logical implication of the scarcity principle is that A) one will never be satisfied with what one has. B) as wealth increases, making tradeoffs becomes less necessary. C) as wealth decreases, making tradeoffs becomes less necessary. D) choices must be made. E) resources need to be made unlimited. 4 Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is A) not rational. B) an application of the cost-benefit principle. C) an application of the scarcity principle. D) the relevant opportunity cost. E) less desirable than studying for the entire evening. Use the following to answer questions 5-6: Larry was accepted at two universities, and must choose one. HKU costs $50,000 per year and did not offer Larry any financial aid. Larry values attending HKU at $80,000 per year. OKU costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending OKU at $40,000 per year.
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1001nmmt1akey - This is version A ECON1001 Introduction to...

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