Midterm Test 2009 - Economics 120 Test 1 Friday, October 9,...

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Unformatted text preview: Economics 120 Test 1 Friday, October 9, 2009, 3 4.30 pm. 1. On the FRONT of your computer card use a dark lead pencil to PRINT the following instructors name, sec/on le1er (next to class), /meday of your sec>on WLU ID number star?ng at far leB column ( ll in boxes under each number) UW students add a 0 to the end of your 8 digit UW ID number last name, empty space, Frst name star?ng at far leB column ( ll in boxes under each leD er) 2. On the BACK of your computer card use a dark lead pencil to Print your ID number star?ng at far leB column ( ll in boxes under each number) UW students add a 0 to the end of your 8 digit UW ID number Fill in box A in the column marked Test Form Answer all 50 ques/ons by completely lling in the box. If you change an answer then completely erase your previous answer. 3. You have 90 minutes. No student may leave before 4:00 pm. Hand in the computer card only. You can keep the ques>on paper and are advised to record your answers on it. 4. There are 50 mul>ple-choice ques>ons. You will be given one mark for each correct answer and zero marks for missing, incorrect or mul>ple answers. 5. Non-programmable calculators are allowed. ic>onaries are not allowed. Sec>on A B C E F G H ay/>me Tu.Th 10:00 Tu.Th 11:30 Tu.Th.1:00 Tu.Th 2:30 MW 2:30 MW 4:00 W 7:00 MW 5.30 Instructor Sinclair Sinclair Gallego Gallego Jeerson Jeerson Jeerson Gallego Correctly Flled out front of form Correctly Flled out back of form MULTIPLE CHOICE. There are 50 multiple choice worth one mark each. Choose the one alternative that best completes the statement or answers the question and fll in the bubble on the Scranton corresponding to the best answer. 1) Which of the following statements describe the underlying feature in most economic problems? A) People have unlimited wants in the face of limited resources. B) There are unlimited resources. C) Our country is rich; we just don't realize it. D) Governments should never interfere in the workings of a market economy. E) People have limited wants in the face of limited resources. The table below illustrates that, in one day, Tristan can produce either 12 fsh hooks or mow 3 lawns, while Thomas can produce either 6 fshing hooks or mow 6 lawns. Fish Hooks Mowed lawns Tristan 12 3 Thomas 6 6 TABLE 1- 1 2) Refer to Table 1- 1. What is Tristan's opportunity cost of producing one Fsh hook? A) 1/4 of a mowed lawn B) 3 mowed lawns C) one mowed lawn D) 4 mowed lawns E) 1/3 of a mowed lawn 3) Refer to Table 1- 1. Which of the following statements is correct? A) Tristan has a higher opportunity cost of producing mowed lawns. B) Tristan has a higher opportunity cost of producing Fsh hooks C) Thomas has a higher opportunity cost of producing mowed lawns. D) Thomas has a higher opportunity cost of producing Fsh hooks E) Both A and D are correct. 4) Refer to Table 1- 1. If Tristan and Thomas want to maximize their joint output from one day of work, how should they 1....
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This note was uploaded on 12/18/2010 for the course ECONOMICS 120 taught by Professor Mesta during the Spring '10 term at Wilfred Laurier University .

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Midterm Test 2009 - Economics 120 Test 1 Friday, October 9,...

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