midterm 2008


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YOUR NAME AS ON HKUST ID: ___________________________________ YOUR STUDENT ID NUMBER: __________________________________ MIDTERM SCORE: ___________________________________ HONG KONG UNIVERSITY OF SCIENCE & TECHNOLOGY Department of Economics ECON 110 – L1 MIDTERM TEST March 19, 2008 10:00 am – 11:50 am INSTRUCTIONS: 1. This test is budgeted for 1 hour and 50 minutes. The total points are 100. 2. This test has 31 questions and 9 pages in addition to this cover page. Please make sure that you have all the pages. 3. Please show your ID to the proctor during the exam and write your name and ID number above. After the exam time is over, no time will be given for writing your name or ID number. 4. Questions 1 to 25 are multiple–choice questions. Each is worth 2 points. You have to answer them on the MCQ answer sheet (not on this exam book ). On the MCQ answer sheet, you should darken the correct answer appropriately. If you darken more than one answer, you will not get any points for that question. Please write your HKUST ID number on and the MCQ answer sheet. If you do not, we will have no way of knowing that it’s yours and you will get no points for MCQs. 5. Questions 26 to 31 are short answer questions. They are worth 50 points all together. Show all your work. If you just provide the answer and don’t show any calculation or do not provide the logic behind your answer then you won’t get any point. If you use the back of the page, write down the question number on the back page and “over” at the bottom of the front side of that page so that we know to look at the back. 6. You must write the entire examination in this room, and you may not take this examination paper or another copy out of this room under any circumstances. 7. Your cell phones must be turned off during the exam (even if you are taking a break). 8. Please sign your name below. _____________________________________ Your signature
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1 1. An incentive A) could be a reward but could not be a penalty. B) could be a penalty but could not be a reward. C) could be either a reward or a penalty. D) is the opposite of a tradeoff. 2. Which of the following is NOT a factor of production? A) the water used to cool a nuclear power plant. B) the effort of farmers raising cattle. C) the wages paid to workers. D) the management skill of a small business owner. 3. A time-series graph showing total production in Japan from 1960 to 2002 shows a positive trend. It must be the case that total production A) rose in some, but not all, years between 1960 and 2002. B) rose every year between 1960 and 2002. C) was higher in 2002 than in 1960. D) both B and C are correct 4. Julie attended her 10 am Economics class. If she hadn't gone to class, Julie would have attended the breakfast hosted by the Dean. She had other options; she could have worked or slept in. Julie's opportunity cost of going to class is the A) income she gave up. B) breakfast she gave up. C) sleep she gave up.
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