fall 2009 exam 5 - ECON 2106 Shelby Frost Exam 2 1:00 PM TR...

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ECON 2106 Shelby Frost Exam 2 1:00 PM TR Fall 2009 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 ulearn 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 1:00PM TR Fall 2009 Version A Page 3 Name: __________________________ Date: _____________ "Multiple Choice: Choose the one alternative that best completes the statement or answers the question." 1. Which of the following is true about the price elasticity of demand? A) When demand is elastic, a decrease in price leads to a decrease in total revenue. B) When demand is inelastic, a rise in price leads to an increase in total revenue. C) When demand is perfectly inelastic, a rise in price leads to a decrease in total revenue. D) When demand is perfectly elastic, a rise in price leads to an increase in total revenue. 2. Whenever ________, the decision maker should do ________ of the activity. A) MB > MC; more C) MB > MC; none B) MB < MC ; the same amount D) MB < MC ; more Use the following to answer question 3: Figure: Gains from Trade 3. (Figure: Gains from Trade) If the government imposes a tax of $3 in this market, the government will receive total tax revenue of: A) $60. B) $75. C) $30. D) $20.
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ECON 2106 Shelby Frost Exam 2 1:00PM TR Fall 2009 Version A Page 4 Use the following to answer question 4: 4. (Table: The Benefit of Producing Gadgets) You own a small manufacturing company that produces gadgets. The table shows the quantity of gadgets that you could produce,
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This note was uploaded on 01/19/2011 for the course ECON 11853 taught by Professor Brianallenhunt during the Fall '10 term at Georgia State University, Atlanta.

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fall 2009 exam 5 - ECON 2106 Shelby Frost Exam 2 1:00 PM TR...

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