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Unformatted text preview: Principles of Economics W1105x-1 Fall 2009 Sunil Gulati Mid-Term Review Exam : The mid-term exam is set for the normal lecture time (1:10-2:25AM) on Wednesday, October 28. Be promptlate students will not be seated for the exam. Exam Coverage : The following chapters from Hubbard/OBrien are included: (with what I consider to be core chapters underlined in bold ): Intro Supply/Demands Chapters: 1, 2, 3, 4 Micro Chapters (to Mid-Term): 5, 6, 8, 9, 10, 11 , 12, 13, 14 Chapter 13 will be covered only briefly. All readings, handouts, lectures and lab sessions are fair game for the exam. Exam Format : The exam may include (i) multiple choice, (ii) identifications and (iii) essays/problems. It is likely that most students will need the full 75 minutes. If you are not on time, you will not be seated for the exam. The exam is closed book/no notes/no calculators/no clickers. Graded Exams : The process for returning graded exams will be outlined next week. Review Sessions : I will hold a review session on Sunday October 25, from 8:00-9:30PM. The session will be in 501 SCH. A short overview of microeconomics will be followed by some problem solving. Previous Exams : You will find four of my previous (S-06, F-06, F-07 and S-08) mid-terms attached. Your mid-term exam is likely to follow a similar format. It is also possible that not all of the material covered in previous exams has been covered this term. Solution Sets : for the exams are also attached as follows: Fall 06 Exam Near complete solution set is posted Fall 07 Exam Complete solution set is posted. Spring 08 Exam Near complete solution set is posted. Fall 08 Exam Near complete solution set is posted. Where only multiple choice solutions are provided, written solutions for the other questions will not be posted but may be covered at the review session. Disability Services : Students who have been granted accommodations by the Office of Disability Services must ensure they are registered to take the exam at ODS on October 28 (this generally means a form which is signed by the instructor). BRING YOUR ID TO THE EXAM SECTION I: MULTIPLE CHOICE: Write the letter of the best response to each of the questions below on your solution sheet. Figure 1 1) In figure 1, a change in the price of candy is shown in: A. panel a. B. panel b. C. panel c. D. none of the above. 2) Which of the following is an implicit cost of production? A. Interest paid on a loan to a bank. B. The utility bill paid to water, electricity, and natural gas companies. C. Wages paid to labor plus the cost of carrying benefits for workers. D. Rent that could have been earned on a building owned and used by the firm. 3) The slope of the budget constraint at any point on it is equal to the: A. price of good on the vertical axis divided by the price of the good on the horizontal axis multiplied by minus one....
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This note was uploaded on 02/27/2011 for the course ECONOMICS 101 taught by Professor G during the Spring '11 term at Columbia College.
- Spring '11