f09_1000_test1_b - YORK UNIVERSITY Department of Economics...

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YORK UNIVERSITY Department of Economics AS/ECON 1000 D, E Introduction to Microeconomics October 8, 2009 Professor A. Cohen TERM TEST #1 INSTRUCTIONS : 1. PRINT your name: ________________________ _________________ (Last Name) (First Name) 2. Student Number: _____________________________ 3. WebCT / PassportYork User ID: _____________________________ 4. Signature: _____________________________ On the top of the pink computerized answer sheet, use an HB pencil to: 5. Print your full name on the horizontal line provided. 6. Print your student number in the vertical space provided and fill in the corresponding rectangles for each digit. 7. The test has 2 parts. Answers to Part I (Multiple Choice Questions) must be entered on the pink computerized answer sheet. Use only an HB pencil . The answer sheet will not be returned; the rest of the test paper will be returned. Answers to Part II (Problems) must be entered on the problem pages. Where required, you must show your calculations to receive credit . Problem answers can be done in pen or pencil, but pencil answers cannot be appealed . 8. The test is 50 minutes, 90 marks. Insert (do NOT bend or fold) the pink computerized answer sheet in the middle of the test paper when you are finished. 9. NO CALCULATORS, DIGITIAL DICTIONARIES, CELL PHONES OR ANY ELECTRONIC DEVICES ALLOWED. DO NOT WRITE IN THIS SPACE M.C. x 4 = Problems = Total = / 90
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2 Term Test #1, 2009 PART I Multiple Choice Questions (64 marks, 35 minutes) For each question pick the one best answer. Each right answer is worth 4 marks, each wrong answer zero (16 questions (plus version), about 2 minutes per question). 1. This is Version B of the test. For question 1 on the pink answer sheet, fill in answer rectangle B . 2. Demand will be more elastic the A) higher the income level. B) lower the income level. C) shorter the passage of time after a price increase. D) larger the fraction of income spent on the good. E) fewer good substitutes are available. 3. Which of the following will definitely cause an increase in the equilibrium quantity ? A) a decrease in both demand and supply B) an increase in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply E) none of the above 4. Necessity goods tend to have income elasticities of demand that are A) greater than zero but less than one. B)
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f09_1000_test1_b - YORK UNIVERSITY Department of Economics...

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