spring 2010 exam 1 - ECON 2106 Shelby Frost Exam 1 11:00 AM...

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ECON 2106 Shelby Frost Exam 1 11:00 AM TR Spring 2010 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 1 11:00AM TR Spring 2010 Version A Page 2 Name: __________________________ Date: _____________ "Multiple Choice: Choose the one alternative that best completes the statement or answers the question." 1. A decrease in demand and a decrease in supply will lead to a(n) ________ in equilibrium quantity and a(n) ________ in equilibrium price. A) increase; indeterminate change C) decrease; indeterminate change B) indeterminate change; decrease D) indeterminate change; increase Use the following to answer question 2: 2. (Table: Market for Fried Twinkies) Using the table, if the government imposes a quota on the fried Twinkie market of 5,000, the quota rent (per fried Twinkie) collected by the fried Twinkie producers will be: A) $0.30. B) $1.50. C) $1.00. D) $1.20. 3. The minimum wage, which sets a lower limit on the wages that workers can earn, is often above the equilibrium price. The minimum wage is an example of: A) an equilibrium price. B) a quota. C) a price floor. D) a price ceiling.
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ECON 2106 Shelby Frost Exam 1 11:00AM TR Spring 2010 Version A Page 3 Use the following to answer question 4: Figure: Comparative Advantage Eastland and Westland produce only two goods, peaches and oranges, and this figure shows each
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This note was uploaded on 01/19/2011 for the course ECON 11853 taught by Professor Brianallenhunt during the Spring '10 term at Georgia State University, Atlanta.

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spring 2010 exam 1 - ECON 2106 Shelby Frost Exam 1 11:00 AM...

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