Midterm1A_2008F_sol

Midterm1A_2008F_sol - THE UNIVERSITY OF HONG KONG School of...

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Unformatted text preview: THE UNIVERSITY OF HONG KONG School of Economics & Finance 2008 Fall Semester, First Midterm Examination Economics: ECON1001 (A and B) Introduction to Economic I Dr K F Wong Version A AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA October 4, 2008 9:00-10:00a.m. A note from the instructor: We expect students to finish all the multiple choice questions in 60 minutes, i.e., one minute per question on average. CHOOSE THE BEST AVAILABLE ANSWER. Try not to allocate more than 2 minutes on any single 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, try to 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 scantron sheet, please write down your University ID number and your name, and also fill in the boxes on the upper right corner. 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 exams. For students who must use the washroom during the exam, the proctor will keep a record of their names and student IDs and take away their mobile phone during their washroom visit. 1. Which version of the exam paper do you have? (a) version A. (b) version B. 2. Lucy is going to buy four textbooks (Accounting, Finance, Economics, Mathematics) for the new semester. During the orientation camp, she got a book discount voucher in a lucky draw. The voucher can be redeemed on the next book purchase from the University Bookstore. The voucher will entitle her to save $80 on her $500 Accounting textbook, to save $40 on a $250 Finance textbook, to save $50 on a $200 Economics textbook, or to save $70 on a $300 Mathematics textbook . On which book should she use the voucher? (a) The Accounting textbook. ** (b) The Finance textbook. (c) The Economics textbook. (d) The Mathematics textbook. 3. ________ is the cost that is beyond recovery at the moment a decision must be made. (a) Opportunity cost (b) Sunk cost ** (c) Average cost (d) Marginal cost (e) Total cost 4. Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175 plus the administration fees of $10. The economic surplus of buying the online ticket is: (a) $185 (b) $250 (c) $65 ** (d) $10...
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This note was uploaded on 09/06/2010 for the course FBE ECON1001 taught by Professor Dr.demurger during the Fall '08 term at HKU.

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Midterm1A_2008F_sol - THE UNIVERSITY OF HONG KONG School of...

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