spring 2008 exam 5

spring 2008 exam 5 - ECON 2106 Shelby Frost Exam 2 1:00 TR...

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ECON 2106 Shelby Frost Exam 2 1:00 TR Spring 2008 Version A 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 1:00 TR Spring 2008 Version A Page 1 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: Optimal Quantity 1. (Figure: Optimal Quantity) If the demand for lawn mowing increased, the ______ curve in the accompanying figure would shift to the ______ and the optimal quantity would be ______ 5 lawns mowed. A) marginal cost; left; greater than C) marginal benefit; right; greater than B) marginal benefit; left; less than D) marginal cost; right; less than 2. Which of the following is not a characteristic of a perfectly competitive industry? A) differentiated products C) Firms seek to maximize profits. B) many firms D) Profits may be positive in the short run.
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ECON 2106 Shelby Frost Exam 2 1:00 TR Spring 2008 Version A Page 2 Use the following to answer question 3: Table: Producer Surplus and Phantom Tickets Student Willingness to sell Tim $1 Laura 30 Whitney 50 Ralph 100 Rick 150 3. (Table: Producer Surplus and Phantom Tickets) Given the information in the accompanying table, if the box-office price for Phantom tickets is $140, and there is no other market for tickets, total producer surplus for these five students is: A) $379. B) $139. C) $110. D)
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spring 2008 exam 5 - ECON 2106 Shelby Frost Exam 2 1:00 TR...

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