SampleMT1FromFall_2008 - Econ 25200 Midterm Exam 1 Form A...

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Econ 25200 Midterm Exam 1 Form A Monday, September 22 nd , 2008 Name ( Please PRINT ): Last Name First Name Student ID #: Place a checkmark next to your section number then record the 4-digit section number on the scantron. 0001 Tuesday / Thursday 7:30 – 8:45 a.m. 0002 Tuesday / Thursday 9:00 – 10:15 a.m. No brimmed hats are allowed. If you are wearing a hat with a brim, turn the brim to the back. No calculators are allowed. All cell phones are to be turned off and put away. You will be in danger of receiving a zero on the exam if your cell phone is on or not put away. Do not begin the exam until the instructor tells you to. While waiting, fill out your scantron completely and accurately and read the remaining instructions on this page. Include the form letter for this specific exam. If any suspicious behavior is noted, you will be moved and may also receive a zero on the exam. Cheating will not be tolerated. Exam 1 contains 36 questions on 9 pages. Please be sure that you have 9 pages in your test booklet. If not, please inform the instructor before you begin the exam. Please mark all answers on BOTH the test booklet and the scantron. Once you are finished, please take both your test booklet AND answer sheet to the proper station. Questions 1 - 5 are “green star questions,” and 6 – 36 are based on textbook chapters 1 – 6. There is no deduction for wrong answers, so you should attempt all questions; all questions count equal weight; overall this exam is 18% of the course grade. Econ 25200 Fall 2008 Form A Page 1 of 9
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1. If, given ceteris paribus assumptions, an economic model of demand and supply gives an accurate prediction about (say) the impact of an increase of in supply in a particular market, with demand unchanged, then we can conclude that: (a) this is evidence that the underlying formal model of ideal supply and demand is true in all respects; (b) this is sufficient justification for using the market model, alone, to address all policy issues and take it as a worldview application; (c) both (a) and (b); (d) none of the above. 2. If market participants are all price-takers, making voluntary, rational decisions, and face a uniform price, then we can confidently say that: (a) marginal social benefit (MSB) will equal marginal social cost (MSC); (b) marginal private benefit (MPB) will equal marginal private cost (MPC); (c) both (a) and (b); (d) none of the above. 3. David Colander (of Middlebury College) claims that formal economic models: (a) are simplified, but that is no problem since all scientific models are simplified; (b) do a good job of capturing the beliefs of all research economists; (c) are not truths, and do not capture reality adequately; (d) are certainly true if simple empirical applications of the model are reasonably accurate 4. If the government intervenes, for example with a sales tax, then we’d expect that: (a) buyers’ price (P D ) and sellers’ price (P S
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SampleMT1FromFall_2008 - Econ 25200 Midterm Exam 1 Form A...

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