1rst testvesrion1_sol

1rst testvesrion1_sol - Name_ UFID_ Signature _ Exam 1 -...

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Name ________________________ UFID ________________________ Signature ____________________ Exam 1 - Solutions AEB 3103 Principles of Food and Resource Economics September 23,2010 Roy Carriker, Professor Maria Bampasidou, Teaching Assistant There are 25 multiple-choice questions and a short-answer question on this exam. Each multiple-choice question is worth 1 point for a total of 25 possible points and the extra one is worth 2 points. Mark the best answer to each question – there is only one best answer. The time limit for the exam is 50 minutes. Academic integrity is a very serious matter. By turning in your exam, you are confirming that all work on this exam is your own and that you have not received help from any other source (i.e., cheated) in answering any questions or offered assistance to others. Good luck!!! 1. Utility can best be described as a) the amount of satisfaction derived from consuming the last unit of a good b) a testable hypothesis about the level of happiness achieved from consumption of goods c) an abstract concept useful for obtaining predictions about human behavior d) the units that measure a person's income 2. When consumption of a good is increasing, eventually marginal utility will a) increase b) decrease c) remain unchanged d) approach total utility 3. Total utility is maximized when a) the marginal utility per dollar spent is equal for all goods b) marginal utilities are all zero c) marginal utilities are all maximized d) marginal utilities are all negative
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AEB 3103 FALL 2010 Exam 1 4. Any point below the budget line is a) inferior to any point on the budget line b) preferred to any point on the budget line c) attainable d) unattainable 5. An indifference curve shows a) different combinations of two goods that give equal levels of satisfaction
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This note was uploaded on 02/10/2011 for the course AEB 3103 taught by Professor Cazanova during the Fall '08 term at University of Florida.

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1rst testvesrion1_sol - Name_ UFID_ Signature _ Exam 1 -...

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