p2 fa09

# p2 fa09 - /home/vdimitrov/27960/ Econ 1110 Wissink F09...

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//home/vdimitrov/27960/1239f39d462f0146563c4df437170e992edaccec.doc Econ 1110 - Wissink - F09 – November 5, 2009 PRELIM #2 --------------------------------------------------------------------------------------------------------------- INSTRUCTIONS: There are two sections in this exam: Part I: 16 multiple choice questions (3.25 points each) o CIRCLE CORRECT ANSWER ON MULTIPLE CHOICE ANSWER SHEET Part II: 3 problems (16 points each) o ANSWER IN THE SPACE PROVIDED ON THE TEST ANSWER ALL QUESTIONS. TOTAL POINTS = 100 TOTAL TIME = 90 minutes + 10 grace minutes, so 100 total minutes MAX 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 1

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//home/vdimitrov/27960/1239f39d462f0146563c4df437170e992edaccec.doc Econ 1110 - Wissink - F09 – November 5, 2009 - PRELIM #2 – MULTIPLE CHOICE ANSWERS YOUR NAME: _________________________________ Your C.U. Netid: _____________________ YOUR C.U. STUDENT NUMBER: ____________________________ YOUR TA’s NAME : ____Romita (Tuesdays pm) ____Xinli (Thursdays am to pm) ____Roland (Wednesdays am) ____Freeha (Fridays am) ____Wei (Wednesdays am) MC=________ Prob 1=__________ Prob 2=________ Prob 3=________ TOT=_________ CIRCLE THE BEST ANSWER FOR EACH QUESTION 1 a b c d e 2 a b c d e 3 a b c d e 4 a b c d e 5 a b c d e 6 a b c d e 7 a b c d e 8 a b c d e 9 a b c d e 10 a b c d e 11 a b c d e 12 a b c d e 13 a b c d e 14 a b c d e 15 a b c d e 16 a b c d e 2
//home/vdimitrov/27960/1239f39d462f0146563c4df437170e992edaccec.doc Part I: Multiple Choice - Circle the best answer on ANSWER SHEET PROVIDED. Do them ALL. 1 . Suppose that the price of a bag of tortilla chips is \$3, and the price of a jar of salsa is \$2. Holding the consumer’s spending on chips and salsa constant, how many bags of chips must the consumer forego to buy an additional 6 jars of salsa? A. 0 bags B. 2 bags C. 3 bags D. 4 bags E. 6 bags 2 . As long as indifference curve maps are very nicely behaved with indifference curves bowed “in” toward the origin, utility maximization will take place A. where the consumer spends exactly half of his income on each good. B. where the budget constraint intersects the indifference curve. C. where the consumer spends all of his income on one of the goods. D. at the point at which the indifference curve is just tangent to the budget constraint. E. anywhere along the budget line, so long as all income is spent. 3 . For a normal good like mocha lattes, the income and substitution effects of a price decrease for mocha lattes, ceteris paribus, A. work in opposite directions to increase or decrease the quantity demanded of the good.

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