ECON205 - Midterm01 - S09

ECON205 - Midterm01 - S09 - Name: Student ID: Economics 205...

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Name: Student ID: Economics 205 Econ 205- Midterm 1 February 25, 2009 Do not begin the exam until you are instructed to do so. You are permitted to only have a writing utensil, a non-programmable calculator, and scratch paper with you during the exam. Be sure you completely fill out your scantron, especially your Student ID number. The allotted time for the exam is 110minutes. Be aware that the time limit is strictly binding. Good luck! Exam: (100points)
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Name: _ Class: Date: _ 10: A Econ 205 - Midterm 1 Multiple Choice Identify the choice that best completes the statement or answers the question. ~ I. The core problem faced by all economic systems is that ~ scarcity forces each of us to make choices b':" the government must intervene to allocate scarce resources c. capitalism cannot allocate resources equitably d. of allocating unlimited resources / e. it needs to maximize each household's material standard of living V 2. Which of the following is the best example of physical capital used to produce a textbook? a. the expertise and writing ability of the author -==\?- b. the ink used in the printing press --t>" @ the printing press -=:::\.;:>' d. the property on which the publisher's office is located e. the time spent by editors reviewing the textbook V 3. Which of the following would be studied in macroeconomics? a. a drop in the price of personal computers b. an individual household's decision on allocating its spending power c. a rise in employment in movie theaters across the nation ~ total output in the nation . /' e. a local bank's increase in the interest rate offered on savings deposits V 4. Microeconomic models focus on the behavior of 4? a. the household, business, and government sectors b. the household sector as a whole c. individual households and business firms =t;;>@ individual households, business firms, and government agencies / e. the business and government sectors V 5. The price of apples in Denver, Colorado is a. a normative value judgment b. a positive value judgment @ a microeconomic variable d. a macroeconomic variable •.) e. not the sort of thing that economists would try to explain ~ 6. If two economists completely agree about the magnitude of employment effects of a proposed change in ~ vernment policy, but disagree about whether the change is a good idea. The difference in opinion a. must be normative in nature . is both positive and normative in nature c. is more likely to be normative than positive @ is more likely to be positive than normative /" e. would be neither positive nor normative in nature V 7. Using economic analysis to help understand world issues a. assumes that all decision makers use detailed economic analysis @ highlights the role of choice when resources are scarce c. has unlimited application d. is not appropriate because reality is too complex for economic modeling e. typically enables one nation to gain only when another nation loses
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Name: _ 10: A / 8. A particular music store, Discs-R-Us, sells over 3,000 different compact disks. Pat's opportunity cost of
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ECON205 - Midterm01 - S09 - Name: Student ID: Economics 205...

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