301pracmid - Intermediate Microeconomics, ECON 301 Winter...

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1 Intermediate Microeconomics, ECON 301 Winter 2011, UBC Professor S. Severinov Sample Exam Questions Exam Format: The exam be a closed-book and closed-note with a time limit of 1 hour 15 minutes. Part I - Multiple Choice questions. Sample questions follow below. There will be between 15 and 20 such question on the exam. The relative weight of each topic among the exam questions may not be the same as in the sample below. Part II – One problem. The problem will have several parts. The problem will be similar to the ones posted in the Problem sets. I am providing two additional ones below. Preparation: focus on the topics that we have covered in class sessions. Prepare for the exam by reviewing the problems in this set and in the Problem sets. Multiple Choice Multiple Answer Choice Key 1. A 2. D 3. D 4. B 5. B 6. D 7. E 8. A 9. A 10. A 11. C 12. C 13. d
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2 14. C 15. C 16. B 17. C 18. c 19. D 20. D 21. C 22. C 23. D 24. C 25. B 26. B 27. B 28. E 29. B 30. C 31. E 32. B 33. D 34. B 35. B 36. B 37. D 38. B 39. C 40. A 1. Farmers in certain areas of Canada can grow either wheat or corn. If the price of wheat decreases: a. the supply of corn will shift to the right. b. the supply of wheat will shift to the right. c. the supply of wheat will shift to the left. d. the supply of both corn and wheat will shift, but in opposite directions. 2. The equilibrium market price and quantity of beef would increase if: a. herd sizes fell following a severe drought. b. consumers increasingly view beef as unhealthy. c. the price of cattle feed decreased.
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3 d. consumer income increased. 3. If demand and supply both decrease: a. the equilibrium price will increase while the quantity produced and sold could increase, decrease, or remain constant. b. the equilibrium price will decrease while the quantity produced and sold could increase, decrease or remain constant. c. the quantity produced and sold will increase while the equilibrium price could increase, decrease, or remain constant. d. the quantity produced and sold will decrease while the equilibrium market price could increase, decrease, or remain constant. 4. If demand increases while supply decreases for a particular good: a. its equilibrium price will decrease while the quantity of the good produced and sold could increase, decrease, or remain constant. b. its equilibrium price will increase while the quantity of the good produced and sold could increase, decrease, or remain constant. c. the quantity of the good produced and sold will decrease while its equilibrium price could increase, decrease, or remain constant. d. the quantity of the good produced and sold will increase while its equilibrium price could increase, decrease or remain constant. 5.
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301pracmid - Intermediate Microeconomics, ECON 301 Winter...

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