EC101BBEEPracticeMidterm

EC101BBEEPracticeMidterm - This exam is similar to the...

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Name: ________________________ Student ID: __________________ Discussion Section: |__|__| Version: 1 p. 1 v. 1 EC101 BB/EE Practice Midterm 1 Before you begin, fill in your name, Student ID and Discussion Section at the top of this sheet. Then, enter your Student ID, your DISCUSSION SECTION (B1 - B8, E0 - E9), and your name on the Scantron computer sheet. In the first column of Version section, enter the exam version marked on the question sheet [enter version A as 1, etc.]. Be sure that you “bubble” all entries! Choose the best answer for each of the following multiple-choice questions. Circle your answers on the question sheet, AND bubble them on the Scantron sheet . You have 60 minutes to complete the exam. During the exam, students who wish to leave the room for any reason must leave the Question Booklet and Scantron sheet with the instructor or teaching fellow. Good luck! 1. Which of the following is not a determinant of demand? a. the price of an input used to produce the good b. the price of a complementary good c. the expected price of the good next month d. the price of a substitute good 2. A perfectly inelastic supply curve is a. horizontal b. diagonal c. vertical d. none of the above 3. Which of the following is not a likely consequence of governmental rent controls? a. Allocation of apartments to those who need them most b. Very low vacancy rates c. Excess demand for apartments d. Fewer newly built apartment buildings 4. If the price elasticity of supply for cell phone service is 3, a 20% price increase will cause the the quantity supplied to increase by a. 60% b. 20% c. 3% d. 6.67% 5. On Tuesday, Professor Plum asked Skip why he came to class. Skip said it was because he didn't have anything better to do. This indicates that a. Skip’s opportunity cost of going to class is smaller than the benefit. b. Skip considers leisure to be a complement of university education. c. Professor Plum believes that his lectures are a normal good. d. Skip’s elasticity of demand for education is low. 6. When you calculate your (opportunity) costs of going to college, what portion of your room-and-board expenses should be included? a. Your full room-and-board expenses b. None of your room-and-board expenses c. The excess of your room-and-board expenses over the income you earn while attending college d. The excess of your room-and-board expenses over room-and-board expenses you would have had if you weren’t in college 7. When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for hot dogs? a.
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This note was uploaded on 12/11/2010 for the course ECON EC101 taught by Professor Todd during the Fall '08 term at BU.

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EC101BBEEPracticeMidterm - This exam is similar to the...

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