1001nmmt2akey

1001nmmt2akey - This is version A. ECON1001: Introduction...

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1 This is version A. ECON1001: Introduction to Economics I 1st Semester, 2008-2009 The University of Hong Kong Mid-term exam #2 Saturday, November 15, 2008 09:00a.m. – 10:30a.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 60 minutes, i.e., 1.5 minute per question on average, 15 minutes on each short-answer question. Try to allocate no more than 1.5 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, 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: November 15, 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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2 Part I: Multiple Choices (60%). 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 reason why parents may seem so "unhip" and so far from "the cutting edge" relative to their children is because A) preferences for "hip-ness" weaken as one ages. B) parents have a stronger preference for the "unhip." C) the opportunity cost of change for older individuals is relatively lower than that for younger individuals. D) parents like to embarrass their children. E) the opportunity cost of change for older individuals is relatively higher than that for younger individuals. 4) Which of the following type of coffee has the lowest price elasticity of demand? A) A Starbuck’s brand double-tall skinny latte B) A cup of regular coffee C) A cup of café mocha D) A cup of Espresso E) A cup of Macchiato
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3 5) Let the following represent demand for records. Price Quantity $10 3 9 4 8 5 7 6 6 7 5 8 A) The demand is price elastic over its entire range. B) The demand does not conform to the law of demand.
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1001nmmt2akey - This is version A. ECON1001: Introduction...

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