spr 09 - Department of Economics University of California...

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Department of Economics University of California, Davis ECONOMICS 1A Spring 2009 L. Jay Helms First Midterm Exam Version A Last Name: First Name: Your Student ID Number: Please check your registered section number: [ ] A01 Mr. Gabe Mathy M 4:10-5 Wellman 27 [ ] A02 Mr. Gabe Mathy M 5:10-6 Wellman 107 [ ] A03 Mr. Gabe Mathy W 5:10-6 Wellman 1 [ ] A04 Mr. Gabe Mathy W 4:10-5 Wellman 27 [ ] A05 Mr. Weijun Hu T 6:10-7 Wellman 129 [ ] A06 Mr. Weijun Hu T 5:10-6 Wellman 129 [ ] A07 Mr. Weijun Hu R 5:10-6 Wellman 129 [ ] A08 Mr. Weijun Hu R 6:10-7 Wellman 129 [ ] A09 Ms. Yanping Chong T 4:10-5 Wellman 103 [ ] A10 Ms. Yanping Chong T 5:10-6 Wellman 207 [ ] A11 Ms. Yanping Chong R 4:10-5 Wellman 27 [ ] A12 Ms. Yanping Chong R 5:10-6 Wellman 205 On your Scantron form you must bubble in: Name: Last Name, First Name Subject: “Ecn 1A” Test No.: “1” Date: “4/23/2009” Hour: Your section, for example, “A06” ID Number: Your nine-digit student ID number Test Form: Your exam version (“A”)
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Ecn 1A Spring 2009 – First Midterm Exam – Version A Page 2. Part A: Multiple Choice Questions (20 questions, each of which is worth 3 points) Instructions : Choose the best answer. Answer these multiple choice questions only on your Scantron. Warning : Scantron errors may occur if you fail to erase an incorrect answer completely. Where erasures are incomplete and the Scantron machine—detecting two answers to the same question—marks your answer as wrong, no regrading can be allowed. It is your responsibility either to be certain of your answers before you mark them or to be very careful to erase completely any incorrect markings. You may wish to replace your Scantron form with a new one if you need to correct an error. 1. We can definitely conclude that a good is scarce if a. consumers derive utility from the good. b. society can meet the wants of every individual. c. there is less than an infinite amount of a resource of goods. d. a shortage exists. e. None of the above. 2. Which of the following statements is normative? a. A competitive firm is not able to affect the market price. b. Monopolies should be illegal in all cases. c. Monopolies often charge prices that exceed the competitive equilibrium price. d. Monopolies are sometimes illegal. e. Monopolies make consumers worse off. 3. Paul decides to spend an hour playing basketball rather than working at $6 per hour or studying. His opportunity cost is a. nothing, because he enjoys playing basketball more than working or studying. b. the benefit to his grades from studying for an hour or the $6 he could have earned, whichever is worth more to him. c. the benefit to his grades from studying for an hour or the $6 he could have earned, whichever is worth less to him. d. the increase in skill he obtains from playing basketball for that hour.
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Ecn 1A Spring 2009 – First Midterm Exam – Version A Page 3.
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This note was uploaded on 09/25/2010 for the course ECN 1A ECN 1A taught by Professor Jayhelms during the Spring '09 term at UC Davis.

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spr 09 - Department of Economics University of California...

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