Exam1 A fall 2008

Exam1 A fall 2008 - First Exam A Economics 100 Name Each of...

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First Exam A Economics 100 September 19, 2008 Name ____________________________ Each of the following multiple-choice questions is worth 3 points. There are a total of 85 points on the exam. Please be sure your name is on the bubble sheet (written and bubbled in) and in the space above. Last name first in both cases, please. 1. Suppose that the costs of producing a good increase. At the same time, the prices of goods that are substitutes for producers increase. What will happen to the equilibrium price and quantity of this good? a. Price will increase b. Price will decrease c. Price will not change d. One cannot tell. 2. What will happen to the equilibrium quantity in the previous question? a. Quantity will increase b. Quantity will decrease c. Quantity will not change d. One cannot tell. 3. Think about an economy that can produce two different categories of goods and is currently on its production possibility frontier. A decrease in the amount of resources necessary in the production of one of the goods, but not the other, will do what to the production of each of the two categories of goods produced? a. Only the production of the good with reduced necessary resources will increase. b. Only production of the other good will increase. c. Production of both goods may increase. d. It is not clear that either should change for economic efficiency. "I pledge my honor that I have neither given nor received aid on this examination." ______________________ 1
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4. I have lost a ticket to go to a concert this weekend. I had paid $50 for the ticket. A new one will cost me $50.
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This note was uploaded on 02/09/2011 for the course ECON 100 taught by Professor Vrooman during the Fall '07 term at Vanderbilt.

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Exam1 A fall 2008 - First Exam A Economics 100 Name Each of...

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