fall 2008 exam 2

fall 2008 exam 2 - ECON 2106 Shelby Frost Exam 2 11:00am TR...

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ECON 2106 Shelby Frost Exam 2 11:00am 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: ___________________________
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ECON 2106 Shelby Frost Exam 2 11:00am TR Fall 2008 Version A Page 2 This page is left blank intentionally.
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ECON 2106 Shelby Frost Exam 2 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. Use the following to answer question 1: Figure: Producer Surplus 2 1. (Figure: Producer Surplus 2) At a price of P 1 , producer surplus equals the area: A) P 2 P 1 KM. B) LMK. C) P 1 K 0. D) P 2 M 0. 2. If you are paid $10,500 in one year on a $10,000 loan made today, then your interest rate is: A) $500. B) 0%. C) $10,000. D) 5%. Use the following to answer question 3: Figure: Average Total Cost Curve 3. (Figure: Average Total Cost Curve) In the accompanying figure, the total cost of producing 10 pairs of boots is approximately: A) $1,308. B) $13. C) $54. D) $131.
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ECON 2106 Shelby Frost Exam 2 11:00am TR Fall 2008 Version A Page 4 4. If a firm produces 10 units of output and incurs $35 in average total cost, and $5 in average fixed cost, average variable cost is: A) $50. B) $300. C) $35. D) $30.
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fall 2008 exam 2 - ECON 2106 Shelby Frost Exam 2 11:00am TR...

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