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Midtem1 - Version A Economics 0110 Principles of Economics...

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Version A Economics 0110, Principles of Economics Spring 2009 – First Midterm Exam Student’s last name (please print): Student’s first name (please print): Student’s Brown ID. No.: 100392093 Time allowed: 50 minutes The total score is 100 points. The exam is divided into two parts. The first part is worth 60 points, and it consists of 10 multiple choice questions, worth 6 points each. Your answers to the multiple choice questions must be marked on the questions them- selves. The second part is worth 40 points, and it consists of two problems, worth 20 points each. You must write your answers in the blank space provided following each problem. Show all work for your answers to the two problems to receive full credit. No books, notes, calculators, or other electronic devices allowed. Good luck!
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Part I: Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Refer to the figure below. If the economy moves from point A to point B, then which of the following statements is correct? a. The economy has moved from a point of inefficient production to a point of efficient production. b. The economy has experienced economic growth. c. The opportunity cost of each additional banana produced is 50 baseballs. d. None of the above is correct. ____ 2. In a certain economy, brooms and radios are produced, and the economy currently operates on its production possibilities frontier. Which of the following events would allow the economy to produce more brooms and more radios, relative to the quantities of those goods that are being produced now?
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