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

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//home/vdimitrov/28538/7773a82a24a569f0d11c6c9288f7aa80b41b20a7.doc Econ 1110 - Wissink - F09 PRELIM #1 J. WISSINK October 8, 2009 --------------------------------------------------------------------------------------------------------------- INSTRUCTIONS: There are two sections in this exam: Part I: 14 multiple choice questions (3 points each). o CIRCLE CORRECT ANSWER ON MULTIPLE CHOICE ANSWER SHEET. Part II: 4 problems (see problems for point scores) o ANSWER EACH PROBLEM IN A SEPARATE EXAM ANSWER BOOKLET. o MAKE SURE YOUR NAME, YOUR NET ID AND YOUR TA’s NAME ARE ON EACH BOOKLET. ANSWER ALL QUESTIONS. TOTAL POINTS = 100 TOTAL TIME = 90 minutes HINTS: Read all questions carefully. Write legibly and remember to label all graphs and axes in diagrams. RULES DURING EXAM: NO QUESTIONS CAN BE ASKED DURING THE EXAM: If you need to use the restroom, quietly bring your exam papers up to the TA proctoring and they will hold your materials while you are out at the restroom. ONLY SIMPLE HAND HELD ORDINARY CALCULATORS ARE ALLOWED AT EXAMINATIONS. No cell phones, I-Touch/Tunes devices, or similar devices with graphing and/or web browsing, text reading capabilities or "apps" are allowed at exams. NO BOOKS. NO NOTES. NO HELP SHEETS. NO TALKING TO EACH OTHER. GOOD LUCK! And have a wonderful Fall Break! 1
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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
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//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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