sample mid-term 2(paper 1) solution

sample mid-term 2(paper 1) solution - This is version A....

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This is version A. ECON1001: Introduction to Economics Fall 2007 University of Hong Kong Mid-term exam #2 Saturday, November 17, 2007 09:00a.m. – 10:15a.m. PLEASE READ THIS COVER PAGE CAREFULLY. UNLESS THE INVIGILATOR TELLS YOU TO DO SO, DO NOT TURN THE PAGE, DO NOT READ THE EXAM QUESTIONS, AND DO NOT START WRITING. A note from the instructors: We expect students to finish all the multiple choice questions in 45 minutes, i.e., one minute per question on average, and 15 minutes on the essay. Try not to allocate more than 2 minutes on any single MC question. You should then have 15 minutes to write down your name, student ID, and to check your answers. Please try to work on the apparently easier questions first. This strategy should help you lower the risk of losing a lot of marks by getting stuck in one or two of the more difficult questions. If you are done early, try to double check your answers. To avoid disturbance to other students, NO STUDENT IS ALLOWED TO LEAVE EARLY. Please mark the best answer to each multiple choice question on the scantron answer sheet provided. DO NOT MARK YOUR MC ANSWERS ON THIS QUESTION PAPER, NO SYMPATHY WILL BE GIVEN IF YOU FAIL TO PUT ALL YOUR MC ANSWERS ON THE SCANTRON ANSWER SHEET. On the answer sheet, please write down: Course code: ECON1001X, where X should be one of A/B/C/D/E/F/G/H. Title of the paper: Introduction to Economics I. University ID number: xxxxxx (also fill in the boxes on the upper right corner) Date: November 17, 2007. Please turn off your mobile phone. NO CHEATING PLEASE!! To help reduce the temptation to cheat, the proctors will keep close watch of students during the exams. For students who must use the washroom during the exam, the proctor will keep a record of their names and student IDs and take away their mobile phone during their washroom visit.
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Mid-term 2 17 November 2007 Version A - 1 - Part I: Multiple Choices. Choose the BEST answer. 1. Which version of the exam paper do you have? A) version A. B) version B. 2. Which class are you in? A) ECON1001A. B) ECON1001B. C) ECON1001C. D) ECON1001D. E) ECON1001E. F) ECON1001F. G) ECON1001G. H) ECON1001H. 3. Tim is eating at the cafeteria. The 7 th glass of soda that Tim consumes will produce an extra benefit of 10 cents and has an extra cost of zero. The cost-benefit principle predicts that Tim will A) realize he has had too much soda to drink and go home. B) drink the 7 th glass and continue until the marginal benefit of drinking another glass of soda is zero. C) volunteer to empty out the soda fountain. D) not drink the 7 th glass. E) flip a coin to decide. 4. Moe and Larry have completed the foundation for their new house. Before doing more work, they realized that the foundation encroached on their neighbor's property by five feet. They should A) continue building where they started because the foundation is a sunk cost that should not matter.
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sample mid-term 2(paper 1) solution - This is version A....

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