e1mu_102_s09_OV - /home/vdimitrov/19073/ Econ 1120(MACRO...

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//home/vdimitrov/19073/5064c4dc5ceac551f7c0d3c039bcf7f186fec921.doc Econ 1120 (MACRO) - Wissink - S09 MAKE-UP PRELIM #1 J. WISSINK February 27, 2009 YOUR NAME: _____________________________ Your C.U. Netid: _____________ YOUR C.U. STUDENT NUMBER: ____________________________ --------------------------------------------------------------------------------------------------------------- INSTRUCTIONS: There are three sections in this exam: Part I: 13 multiple choice questions (3 points each) Part II: 4 problems (the first two are 20.5 points each, the second two are 10 points each) ANSWER ALL QUESTIONS. TOTAL POINTS = 100. TOTAL TIME = 90 minutes HINTS: Read all questions carefully. Write legibly and remember to label all graphs and axes in diagrams. NO QUESTIONS CAN BE ASKED DURING THE EXAM: If you need to use the restroom, quietly bring your exam papers up to the TA proctoring and they will hold your materials while you are out at the restroom. NO CELL PHONES. NO GRAPHING CALCULATORS. NO BOOKS. NO NOTES. NO HELP SHEETS. NO TALKING TO EACH OTHER. NO ASKING THE PROCTORS ANY QUESTIONS. GOOD LUCK! 1
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//home/vdimitrov/19073/5064c4dc5ceac551f7c0d3c039bcf7f186fec921.doc Multiple Choice: Circle the best answer. Do them ALL. 1 . What is the likely effect on the domestically produced lumber market of imposing quotas on the import of lumber cut and milled in Canada? A. The demand curve for domestic lumber shifts to the left. B. The supply curve for domestic lumber shifts to the right. C. The supply curve for domestic lumber shifts to the left. D. The demand curve for domestic lumber shifts to the right. E. Both the demand and the supply curves for domestic lumber shift to the left. 2 . Which one of the following will unambiguously occur in a market when there is a simultaneous increase in demand and a decrease in supply? A. A decrease in equilibrium price. B. A decrease in equilibrium quantity. C. An increase in equilibrium price. D. An increase in equilibrium quantity. E. An increase in both equilibrium quantity and equilibrium price. 3 . Which one of the events below is most likely to cause a shift in the demand curve for Diet Coke? A. An increase in the price of the sweetener used to make Diet Coke. B. A new study that shows the adverse health effects of consuming soft drinks like Diet Coke. C. The producers of Diet Coke purchase new computer software that makes Diet Coke production a lot more efficient. D. A new company learns the secret formula for Diet Coke and starts producing it. E. The government imposes a binding price floor on Diet Coke. 4 . The chart below gives maximum production levels for three people, Abe Betty and Charlie who can produce only two goods, pens and rings. Each person can produce the indicated maximum level, or any combination that lies on a straight line between the two maximum levels. Each person has 1,000 hours of labor. Suppose these three are practicing efficient production in a mini-economy and that among themselves they are making
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e1mu_102_s09_OV - /home/vdimitrov/19073/ Econ 1120(MACRO...

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