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Name: ________________________ Student ID:__________________Discussion Section: |__|__| Version: 1p.1v. 1EC101 BB/EE Practice Midterm 1Before 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 bestanswer 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 nota determinant of demand?a.the price of an input used to produce the goodb.the price of a complementary goodc.the expected price of the good next monthd.the price of a substitute good2. A perfectly inelastic supply curve is 3. Which of the following is nota likely consequence of governmental rent controls? 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 by5. 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.
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