p1 fa09

# p1 fa09 - /home/vdimitrov/28538/ Econ 1110 Wissink F09...

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//home/vdimitrov/28538/7773a82a24a569f0d11c6c9288f7aa80b41b20a7.doc Econ 1110 - Wissink - F09 PRELIM #1 – MULTIPLE CHOICE ANSWERS J. WISSINK October 8, 2009 YOUR NAME: _____________________________ Your C.U. Netid: _____________ YOUR C.U. STUDENT NUMBER: ____________________________ Check YOUR TA’s NAME : ____Romita (Tuesdays pm) ____Xinli (Thursdays am to pm) ____Roland (Wednesdays am) ____Freeha (Fridays am) ____Wei (Wednesdays am) CIRCLE THE BEST ANSWER FOR EACH QUESTION d e 14 a b c d e 13 a b c d e 12 a b c d e 11 a b c d e 10 a b c d e 9 a b c d e 8 a b c d e 7 a b c d e 6 a b c d e 5 a b c d e 4 a b c d e 3 a b c d e 2 a b c d e 1 a b c 2
//home/vdimitrov/28538/7773a82a24a569f0d11c6c9288f7aa80b41b20a7.doc Part I: Multiple Choice: Circle the best answer on ANSWER SHEET PROVIDED. Do them ALL. 1 . Which one of the following will unambiguously occur in a market when there is a simultaneous increase in demand and a decrease in supply? A. A decrease in equilibrium price. B. A decrease in equilibrium quantity. C. An increase in equilibrium price. D. An increase in equilibrium quantity. E. An increase in both equilibrium quantity and equilibrium price. 2 . The chart below gives maximum production levels for three people, Larry, Moe and Curly, who can produce only two goods, pranks and spills with one input, labor. Each person can produce the indicated maximum level, or any combination that lies on a straight line between the two maximum levels. Each person has 2,000 hours of labor. From this information we can conclude that Maximum output by person Pranks Spills Larry 100 100 Moe 125 50 Curly 80 200 Note: each person has 2,000

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p1 fa09 - /home/vdimitrov/28538/ Econ 1110 Wissink F09...

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