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oldmidterm1p2 - This is version A. ECON1001: Introduction...

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This is version A. ECON1001: Introduction to Economics I 2nd Semester, 2007-2008 The University of Hong Kong Mid-term exam #1 Saturday, February 02, 2008 10:00a.m. – 11:00a.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 instructor: We expect students to finish all the multiple-choice questions in 30 minutes, i.e., one minute per question on average, 15 minutes on each essay-type question. 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 either I or J. Title of the paper: Introduction to Economics I. University ID number: xxxxxx (also fill in the boxes on the upper right corner) Date: February 02, 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 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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Midterm #1 February 02, 2008 Version A 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) ECON1001I. B) ECON1001J. 3 The cost-benefit principle indicates that an action should be taken A) if the total benefits exceed the total costs. B) based on flipping a coin or speaking with a psychic. C) if the average benefits exceed the average costs. D) if the net benefit (benefit minus cost) is zero. E) if the extra benefit is greater than or equal to the extra costs. 4 Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. This is A) not an economic problem, because neither one costs money. B) not an economic problem, because it's an hour that is wasted no matter what Chris does. C) an economic problem because the tuition Chris pays covers both the gym and the library. D)
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oldmidterm1p2 - This is version A. ECON1001: Introduction...

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