p1 sp09 - /home/vdimitrov/24907/ Econ 1110 Wissink S09...

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//home/vdimitrov/24907/b925febb6cd019fd10f5a4eab67b7b3350fdfc2e.doc Econ 1110 - Wissink - S09 PRELIM #1 J. WISSINK February 26, 2009 YOUR NAME: _____________________________ Your C.U. Netid: _____________ YOUR C.U. STUDENT NUMBER: ____________________________ Check YOUR TA’s NAME : ____JinYoung (Tuesdays am) ____Qingqing (Thursdays am) ____Jonathan (Tuesdays pm) ____Jingxian (Thursdays pm) ____Lee (Fridays) --------------------------------------------------------------------------------------------------------------- INSTRUCTIONS: There are three sections in this exam: Part I: 13 multiple choice questions (3 points each) Part II: 2 problems (20.5 points each) Part III: 2 problems (10 points each) 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. 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. NO CELL PHONES. NO GRAPHING CALCULATORS. NO BOOKS. NO NOTES. NO HELP SHEETS. NO TALKING TO EACH OTHER. NO ASKING THE PROCTORS ANY QUESTIONS. GOOD LUCK! 1
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Part I: Multiple Choice: Circle the best answer. Do them ALL. 1 . Which one of the events below is most likely to cause a shift in the demand curve for Diet Coke? A. An increase in the price of the sweetener used to make Diet Coke. B. A new study that shows the adverse health effects of consuming soft drinks like Diet Coke. C. The producers of Diet Coke purchase new computer software that makes Diet Coke production a lot more efficient. D. A new company learns the secret formula for Diet Coke and starts producing it. E. The government imposes a binding price floor on Diet Coke. 2 . Which one of the following will unambiguously occur in a market when there is a simultaneous increase in demand and an increase 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. 3 . The chart below gives maximum production levels for three people, Abe Betty and Charlie who can produce only two goods, pens and rings. 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 1,000 hours of labor. Suppose these three are practicing efficient production in a mini-economy and that among themselves they are making 200 pens in total. If production is efficient, how many pens are produced by Abe? Maximum
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This note was uploaded on 09/19/2010 for the course ECON 1101 taught by Professor Evans during the Fall '08 term at Cornell.

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p1 sp09 - /home/vdimitrov/24907/ Econ 1110 Wissink S09...

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