ECN100 MT1 S10 Key Parman

ECN100 MT1 S10 Key Parman - Ecn 100 Intermediate...

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Ecn 100 - Intermediate Microeconomics University of California - Davis April 21, 2010 Instructor: John Parman Midterm 1 - Solutions You have until 1:00pm to complete this exam. Be certain to put your name, id number and section on both the exam and your scantron sheet and fill in test form A on the scantron. Answer all multiple choice questions on your scantron sheet. Choose the single best answer for each question; if you fill in multiple answers for a question you will be marked wrong. Answer the long answer questions directly on the exam. You must show your work for full credit. Answers may be left as fractions. Please place a box around final answers when appropriate. Good luck! Name: ID Number: Section: SECTION I: MULTIPLE CHOICE (60 points) 1. Suppose apples and bananas are perfect substitutes. On a graph with apples on the horizontal axis and bananas on the vertical axis, if the price of bananas doubles: (a) The indifference curves will get steeper. (b) The budget line will get steeper. (c) The indifference curves will get flatter. (d) The budget line will get flatter. (d) If the price of bananas goes up, the slope of the budget line ( - p a p b ) will get smaller in magnitude, meaning a flatter budget line.
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