XmasExam_2005_01 - ECMA04H Final Exam, December 2005 Time:...

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ECMA04H Final Exam, December 2005 Time: 3 hours Professors Michael Krashinsky and Gordon Cleveland THIS IS VERSION #1 OF THE EXAM - MAKE SURE THIS CORRESPONDS TO THE VERSION NUMBER ON THE BOTTOM OF YOUR ANSWER SHEET. INSTRUCTIONS 1. Remove this page. The exam is underneath. This exam consists of 13 numbered pages, including this one. Please check to make sure you have all the pages. 2. Please fill in your name and student number on the answer booklet which accompanies this examination. THE ANSWER BOOKLET IS THE ONLY THING YOU WILL BE TURNING IN. That means that you may dismantle the 13 pages of this exam and use the backs of the pages for rough work, if you like. DO NOT REMOVE THE STAPLE FROM THE ANSWER BOOKLET. 3. Record all answers to the multiple choice questions on the FIRST PAGE of the ANSWER BOOKLET. Use only CAPITAL LETTERS. All questions in the other parts should be answered in the appropriate place in the ANSWER BOOKLET. 4. At the end of the exam, turn in the answer booklet. You may take the rest of the exam away with you. 5. Total time for the exam is 3 hours. You may leave early, but not in the last five minutes of the exam. At the end of the exam, remain in your seat. The exam will be collected from you. Wait until you are dismissed to leave. 6. Use only approved calculators. Calculators which can store information will be confiscated. If the confiscated calculator is found to contain notes of any kind, academic consequences will ensue. 7. HINT: You will have to work quickly on this exam, so do not spend too much time on any single question. You will not have to provide a longer answer than is allowed for in the answer booklet. 8. Cheating will be dealt with to the fullest extent possible under University rules. 9. Good luck. Have an enjoyable Christmas break. VERSION 1
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Page 2 of 15 PART I: MULTIPLE CHOICE QUESTIONS (80 marks) This exam includes 40 questions. Answer each question by choosing THE BEST ALTERNATIVE and indicating your choice with a CAPITAL LETTER in the appropriate place on the first page of the ANSWER BOOKLET. Each correct answer is worth 2 marks; there is no deduction for wrong answers. 1-3. A country produces goods X and Y and has the following equation for its production possibilities frontier: 10Y + X 3/2 = 216 or Y = 21.6 - 0.1X 3/2 Questions 1 through 3 concern this country. 1. You are told that the economy is producing efficiently and has chosen to produce and consume 4 units of X and 20.8 units of Y. At this point on the production possibilities frontier, you can use calculus to obtain the pportunity cost of X as: o A) 0.1 B) 0.15 C) 0.3 D) 0.4 E) 0.45 F) 0.5 G) 0.6 H) 0.75 I) 0.8 J) 0.9 K) 1 L) 1.2 M) 1.25 N) 1.5 O) 1.75 P) 2 Q) 2.5 R) 3 S) 3.6 T) 1/3 U) 4/3 V) 5/3 W) 10/3 X) 20/3 Y) 40/3 Z) none of the above 2. You are told that the economy is producing efficiently and has chosen to produce and consume 25 units of X and 9.1 units of Y. At this point on the production possibilities frontier, you can use calculus to obtain the
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This note was uploaded on 06/11/2011 for the course ECMA 04 taught by Professor Cleverland during the Fall '09 term at University of Toronto- Toronto.

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XmasExam_2005_01 - ECMA04H Final Exam, December 2005 Time:...

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