Sample Midterm AK - Sample Midterm Key Sean studied 5 hours for his first Economics test and his test score was 85 6 hours for his second Economics

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Sample Midterm Key Sean studied 5 hours for his first Economics test and his test score was 85; 6 hours for his second Economics test and scored 90; and 7 hours for his third Economics test and scored 95. He also studied 5 hours for his first Math test and his test score was 68; 6 hours for his second Math test and scored 78; and 7 hours for his third Math test and scored 88. Frank - Chapter 001 1. The average benefit per hour studied for the Economics tests was ________ and the average benefit per hour studied for the Math tests was _______ . A. 15; 13 B. 5; 10 C. 13; 15 D. 10; 5 AACSB: Analytical Skills Bloom's: Analysis Frank - Chapter 001 #112 Learning Objective: 1-6 Section: Three Important Decision Pitfalls 2. At the very least, Joe Average and Bill Gates are both identically limited by A. their wealth. B. the 24 hours that comprise a day. C. their knowledge. D. their influence. AACSB: Analytical Skills Bloom's: Understanding Frank - Chapter 001 #9 Learning Objective: 1-1 Section: Economics: Studying Choice in a World of Scarcity
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You own a pizza shop called "Pizza'R' Us". Currently you are paying your cooks an hourly wage of $20. You sell a medium pizza for $10 a pie. By hiring more cooks, you can increase your pizza production as shown in the following table. Frank - Chapter 001 3. How many cooks should you hire to maximize your net benefit? A. 1 B. 3 C. 4 D. 5 AACSB: Analytical Skills Bloom's: Analysis Frank - Chapter 001 #125 Learning Objective: 1-6 Section: Three Important Decision Pitfalls Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent- flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent- flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. Frank - Chapter 001
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4. If the Chicago-Atlanta round-trip air fare is $350, should you go to Miami? A. No, there is a loss of $50. B. No, there is a loss of $100. C. Yes, there is economic surplus of $50. D. Yes, there is economic surplus of $400. AACSB: Analytical Skills Bloom's: Analysis Frank - Chapter 001 #54 Learning Objective: 1-5 Section: Three Important Decision Pitfalls 5. If the marginal costs of 1, 2, and 3 hours of talking on the phone are $50, $75, and $105, then the total costs are A. $50, $150, and $315. B. $50, $41.67, and $115. C.
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This note was uploaded on 10/05/2010 for the course ECON econ princ taught by Professor Kim during the Spring '10 term at Yonsei University.

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Sample Midterm AK - Sample Midterm Key Sean studied 5 hours for his first Economics test and his test score was 85 6 hours for his second Economics

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