spring 2010 exam 8 - ECON 2106 Shelby Frost Exam 2 2:30PM...

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ECON 2106 Shelby Frost Exam 2 2:30PM TR Spring 2010 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 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 2:30PM TR Spring 2010 Version A Page 3 Name: ________________________ Date: _____________ "Multiple Choice: Choose the one alternative that best completes the statement or answers the question." 1. Chuck spends all his income on two goods: tacos and milkshakes. His income is $100, the price of tacos is $10, and the price of milkshakes is $2. If the price of each good doubles and Chuck's income doubles, which of the following statements is correct? A) Chuck will now be able to buy more of both goods. B) Chuck's budget line will be unaffected. C) Chuck's budget line will shift out. D) Chuck's budget line will shift in. 2. Steven consumes only two goods, both of which are normal goods. He is maximizing his utility in consumption of both goods. Now assume the price of one of the goods increases. How should Steven's consumption change? A) Steven should consume less of both goods. B) Steven should consume more of the good that experienced an increase in price and less of the good which did not change in price. C)
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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 8 - ECON 2106 Shelby Frost Exam 2 2:30PM...

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