mt1f31 - ECO 2013-02 First Midterm 17 September 2003 Dr...

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ECO 2013-02 First Midterm, 17 September 2003 Dr. Cobbe Name___________________________________ In taking this test, I have fully complied with the FSU Student Academic Honor Code. Signature:__________________________________________ Bubble in on scantron NAME, SOCIAL SECURITY #, and BEST resonse to each question. This exam consists of 54 questions. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Economics A) prepares students only by developing memorizing skills. B) prepares students by developing problem solving skills. C) has a low opportunity cost of time. D) teaches skills that are likely to be in low demand during the next century. 2) Economic fluctuations are A) the result of changes in expenditure only. B) the result of changes in productivity only. C) the result of both changes in productivity and changes in expenditure. D) seen as desirable by economists who want more changes. 3) If a country experiences an inflation rate of 20 percent a year, A) the productivity for the country is increasing. B) the cost of living in the country is increasing. C) the standard of living in the country is improving. D) the quantity of goods and services is growing faster than the quantity of money. 4) Last year, each employee of the CB corporation, a company that produces cardboard boxes, produced 100 boxes per day. This year the company installed advanced machinery that enables the employees to produce 110 boxes per day. Hence it is certain that A) the quantity of money increased. B) productivity increased. C) the cost of living increased. D) the number of workers increased. 5) Which of the following results in a higher average standard of living? A) An increase in total production. B) Individuals earn a higher monetary income. C) Increases in productivity occur. D) Prices in general increase. 6) At 2:00 a.m., Brad decided he would be better off going to bed rather than studying one more hour for his economics exam the next morning. Brad concluded that A) the marginal benefit of studying one more hour was greater than the marginal cost of studying. B) the marginal cost of studying one more hour was greater than the marginal benefit of studying. C) studying one more hour is a rational choice. D) the fallacy of rational choice applies. 1
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7) This afternoon, Charles can either study for his economics exam, play flag football with his friends, or work and earn $40.00. Although Charles believes his grades are a big priority, he decides to go to work and does not seriously consider playing flag football. The opportunity cost of going to work is A) $40.00. B) studying for his economics exam. C) playing flag football with his friends. D) the value of studying for his economics exam and $40.00.
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mt1f31 - ECO 2013-02 First Midterm 17 September 2003 Dr...

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