1rst testvesrion2_sol

1rst testvesrion2_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 is best defined as a) the amount one is willing to pay for a good b) the price of a good c) the satisfaction from consuming a good d) the practical usefulness of a good 2. When consumption of a good is increasing, eventually marginal utility will a) increase b) decrease c) remain unchanged d) approach total utility 3. Utility maximization occurs a) at the midpoint of the budget constraint line b) at the midpoint of the demand curve c) when the total utility of all goods consumed is the same d) when the ratio of marginal utility to price is the same for all goods consumed
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AEB 3103 FALL 2010 Exam 1 4. Any point above 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. A preference map consists of a) series of budget lines and preferences b) set of nonintersecting indifference curves c) set of intersecting indifference curves d) single indifference curve and a number of budget lines
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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 testvesrion2_sol - Name_ UFID_ Signature _ Exam 1-...

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