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Midterm2A_20081115_ans

Midterm2A_20081115_ans - THE UNIVERSITY OF HONG KONG School...

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THE UNIVERSITY OF HONG KONG School of Economics & Finance 2008 Fall Semester, Second Midterm Examination Economics: ECON1001 (A and B) Introduction to Economic I Dr K F Wong Version A AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA November 15, 2008 9:00-10:30a.m. A note from the instructor: We expect students to finish all the multiple choice questions in 90 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.
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1. Which version of the exam paper do you have? (a) version A. (b) version B. 2. A monopoly producing widgets has a total cost of production (in dollar terms) TC = 20 + 10 Q , and faces the demand curve P = 50 - Q . It will produce _____ units and charge a price of ______ dollars. (a) 0; 30 (b) 5; 45 (c) 10; 40 (d) 20; 30** (e) 20; 10 3. Which of the followings is not an assumption about preferences?
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