Midterm1A_ans_2007f - This is version A ECON1001...

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This is version A. ECON1001: Introduction to Economics Fall 2007 University of Hong Kong Mid-term exam #1 Saturday, October 6, 2007 09:00a.m. – 10:00a.m. PLEASE READ THIS COVER PAGE CAREFULLY. UNLESS THE INVIGILATOR TELLS YOU TO DO SO, DO NOT TURN THE PAGE, DO NOT READ THE EXAM QUESTIONS, AND DO NOT START WRITING. 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, and 15 minutes on the essay. 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 answer sheet, please write down: Course code: ECON1001X, where X should be one of A/B/C/D/E/F/G/H. Title of the paper: Introduction to Economics I. University ID number: xxxxxx (also fill in the boxes on the upper right corner) Date: 6 October 2007. 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.
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Mid-term 1 6 October 2007 Version A - 1 - Part I: Multiple Choices. 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) ECON1001A. B) ECON1001B. C) ECON1001C. D) ECON1001D. E) ECON1001E. F) ECON1001F. G) ECON1001G. H) ECON1001H. 3. Which of the following is not held constant when constructing a demand curve for good X? A) Price of good X B) Consumer tastes C) Prices of other goods D) Consumer expectations E) Consumer income 4. The demand curve for apples is downward sloping because A) when fewer apples are produced, the money in people’s apple budgets does not have to stretch as far. B) there must have been an apple blight, so there must be fewer apples available to buy. C) when apple prices rise, the price of other goods must also be rising, so people cannot afford to buy as much. D) at higher apple prices people will seek other, relatively cheaper alternatives, like pears, oranges, or plums. E)
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Midterm1A_ans_2007f - This is version A ECON1001...

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