Practice_Final

Practice_Final - Economics2296 PRACTICE FinalExam...

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Economics 2296 PRACTICE Final Exam   Exam System 2  Computer Form *All answers are to be recorded, by pencil, on the  " Exam System 2" c omputer form. *In the " Test Version " section, select the letter (A, B, C or D) that appears in the page number on the bottom of this page. *Complete the " Name " and " Identification # " sections. For the " Identification # "  section, record your student number starting in the  first column (the last column should be left blank). *Warning: If the scanner picks up no response, or two responses, for a question, it grades it as being wrong. So be careful in marking  your desired response; follow the marking instructions at the top of the computer form. Any errors in completing the form will cost  you marks: the forms will not be marked manually after the fact! Simple calculators are allowed. Other devices, such as calculators with programmable cards, dictionaries (electronic or otherwise),  Palm Pilots, daytimers, PDAs, pagers and cell phones, are not allowed. No scrap paper is allowed. T his is a closed book exam . For the sixty (60) multiple - choice questions, choose the one alternative that best completes the statement or answers the  question.  1) 
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We  observe that both the price of and quantity sold of golf balls are rising over time.  This could be due to:   A) 
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decreases in  membership fees for country clubs with golf facilities.   B) 
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more stringent  professional requirements on the quality of golf balls requiring producers to use more expensive raw materials.   C) 
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increases in the  price of golf clubs over time.   D) 
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continual  improvements in the technology used to produce golf balls.   E) 
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None of the  above.    2) 
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Which of  the  following  statements  about the  diagram  below is  true?    A) 
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Demand is  infinitely elastic.   B) 
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Demand  becomes more elastic the lower the price.   C) 
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Demand  becomes more inelastic the lower the price.   D) 
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Demand is  completely inelastic.   E) 
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None of the  above.   
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3) 
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Use the  following  statements  to answer  this  question.  I. Even though people need water to survive, the price of water is less than the price of diamonds because water is in greater supply than diamonds.  II. Suppose that the demand for corn is highly price inelastic.   If every corn farmer's harvesting technologies become more efficient, the total revenue received by all corn farmers would fall.   A) 
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I is true, and II  is false.  
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B)  II is  true, and I is false. 
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I and II are true. 
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D)  I and  II are false.     4 W both  producers and consumers gain.  
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most consumers  are better - off.   C) 
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all people gain  from the price controls.   D) 
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some consumers  gain from the price controls and other consumers lose.   E) 
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the quantity  increases above the free market equilibrium quantity.    5) 
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This note was uploaded on 09/25/2010 for the course ECON Econ 2296 taught by Professor W.graygiovannetti during the Fall '10 term at Langara.

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Practice_Final - Economics2296 PRACTICE FinalExam...

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