Fall 2008 exam 1

fall 2008 exam 1
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Unformatted text preview: ECON 2106 Shelby Frost Exam 1 11:00pm TR Fall 2008 Version A Page 1 Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on your scantron where it reads Test Form. When you submit your scantron for grading, you must turn in a signed copy of this page. Failure to do so will result in earnings of $0 for this exam. You may keep the questions for your record of what answers you marked. An answer key will be posted in webct after the exam is over so you can grade your own work. Tear this page off and turn it in when you turn in your scantron; keep the other pages for yourself. Honesty Oath: By signing below, I certify that I have adhered to the GSU Policy on Academic Honesty. The GSU Policy on Academic Honesty includes the following: B. Cheating on Examinations: Cheating on examinations involves giving or receiving unauthorized help before, during, or after an examination. Examples of unauthorized help include the use of notes, computer based resources, texts, or "crib sheets" during an examination (unless specifically approved by the faculty member), or sharing information with another student during an examination (unless specifically approved by the faculty member). Other examples include intentionally allowing another student to view one's own examination and collaboration before or after an examination if such collaboration is specifically forbidden by the faculty member. Print name: _____________________ Signature: ___________________________ ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Page 2 This page is left blank intentionally. ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Page 3 Name: __________________________ Date: _____________ Multiple choice: Choose the one alternative that best completes the statement or answers the question. 1. An economy is said to have a comparative advantage in the production of a good if it can produce that good: A) with a higher opportunity cost than another economy. B) at a lower opportunity cost than another economy. C) with more resources than another economy. D) outside its production possibilities curve. 2. When moving along a production possibilities curve, the opportunity cost to society of getting more of one good: A) usually decreases. B) is constant. C) is measured in dollar terms. D) is measured by the amount of the other good that must be given up. Use the following to answer question 3: Table: The Demand for Chocolate-Covered Peanuts Quantity demanded Price (bags per month) (per bag) George Barbara Dan $0.90 10 60 $0.80 15 10 80 $0.70 20 20 100 $0.60 25 30 120 $0.50 30 40 140 $0.40 35 50 160 $0.30 40 60 180 3. (Table: The Demand for Chocolate-Covered Peanuts) If George, Barbara, and Dan are the only three buyers in the market, and the price of a bag of chocolate-covered peanuts is $0.80, the total market demand is ________ bags per month. ...
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