fall 2010 final exam 1

fall 2010 final exam 1 - ECON 2106 Shelby Frost Final Exam...

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ECON 2106 Shelby Frost Final Exam 11:00 TR 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.” For this final exam, you may make use of a single “cheat sheet”… a single page of notes with no exam or quiz questions on it. Put your name on it and turn it in with this paper. Print name: _____________________ Signature: ___________________________
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ECON 2106 Shelby Frost Final Exam 11:00 TR Version A Page 3 Name: __________________________ Date: _____________ 1. A monopolistically competitive firm is operating in the short run, is operating at the optimal level of output, and is earning negative economic profits. Which of the following must be true? A) ATC = P > MR = MC C) ATC > P > MR > MC B) ATC > P = MR = MC D) ATC > P > MR = MC 2. If I told you that income elasticity in the market for hybrid cars is positive, you would know that: A) there are few substitutes for hybrid cars. C) there are many substitutes for hybrid cars. B) hybrid cars are an inferior good. D) hybrid cars are a normal good. Use the following to answer question 3: Figure: Strawberries and Submarines II 3. (Figure: Strawberries and Submarines II) Suppose the economy is now operating at point A . The first submarine, which is achieved at point B , would have an opportunity cost of ________ million tons of strawberries. A)
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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.

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fall 2010 final exam 1 - ECON 2106 Shelby Frost Final Exam...

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