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==2009 midterm 1 version 3==

# ==2009 midterm 1 version 3== - Page 1 of 11 McMaster...

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Page 1 of 11 McMaster University Department of Economics ECON 1B03 Midterm Test #1 VERSION 3 Instructor: Professor H Holmes Duration: 1.5 hours Total Number of Pages: 11 INSTRUCTIONS : Answer all questions on the scan sheets. USE AN HB PENCIL ONLY. Make sure you carefully fill in the bubbles. YOU MUST FILL IN YOUR STUDENT NUMBER, AND VERSION NUMBER ON THE SCAN SHEET OR YOUR GRADE WILL NOT BE RECORDED AND YOU WILL LOSE THE BONUS MARK. You may use the Casio FX calculator. Hand in the scan sheet and this test copy. TOTAL MARKS AVAILABLE : 45 NAME:____________________________________________________ STUDENT #: _______________________________________________ MUGSI ID: ________________________________________________

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Page 2 of 11 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Which of the following would NOT be a determinant of demand? a. the price of related goods b. income c. tastes d. expectations e. the prices of the inputs used to produce the good ____ 2. If a good is "normal," then an increase in income will result in ____ 3. If the price of a substitute to good X increases, then the Figure 4-2 ____ 4. Refer to Figure 4-2 . The shift from D to D 1 could be caused by
Page 3 of 11 ____ 5. Lead is an important input in the production of crystal. If the price of lead decreases, all else equal, we would expect the supply of a. crystal to be unaffected. b. crystal to decrease. c. crystal to increase. d. lead to increase. Figure 4-7 ____ 6. Refer to Figure 4-7 . At a price of \$35, ____ 7. Which of the following would definitely result in a higher price in the market for Snickers? ____ 8. Suppose that the number of buyers in a market increases and a technological advancement occurs. What would we expect to happen in the market?

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Page 4 of 11 ____
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