Midterm2A_2006f_ans - This is version A ECON1001...

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This is version A. ECON1001: Introduction to Economics Fall 2006 University of Hong Kong Mid-term exam #2 Saturday, November 25, 2006 10:00a.m. – 11:30a.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 87 multiple choice questions in 90 minutes, i.e., slightly more than one minute per question on average. Try not to allocate more than 2 minutes on any single 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 answer sheet provided. 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: 25 November 2006. 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 phones during the their washroom visit.
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Mid-term #2 25 November 2006 Version A - 1 - 1. Which version of the exam paper do you have? A) version A. B) version B. C) version C. D) version D. 2. Which class are you in? A) ECON1001A. B) ECON1001B. C) ECON1001C. D) ECON1001D. E) ECON1001E. F) ECON1001F. G) ECON1001G. H) ECON1001H. 3. The fact that the average price of a gallon of gasoline in Japan is much higher than the price in China would lead to which of the following predictions? A) Average miles per gallon for new cars will be lower in Japan . B) Japanese drivers will tend to drive a greater average number of miles. C) Chinese drivers will tend to make fewer trips with more stops. D) Large cars with poorer gas mileage will be less popular with consumers in Japan . E) Air pollution from automobiles will be worse in Japan . Use the following to answer question 4: Units Marginal Utility of Good A Marginal Utility of Good B 13 0 4 0 22 7 3 3 31 5 2 4 48 1 4 4. The law of diminishing marginal utility A) applies to Good A but not Good B. B) does not apply to either Good A or Good B. C) applies to Good B but not Good A. D) applies to both Good A and Good B. E) only applies at extremely large units of consumption. 5. Which of the following statements is false? A) Goods and services are valuable to consumers because they generate utility.
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Midterm2A_2006f_ans - This is version A ECON1001...

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