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Unformatted text preview: ECMA04F First Term Test - October 14, 2005 Time: 90 minutes Profs. Michael Krashinsky and Gordon Cleveland Version 1 PRINT CLEARLY NAME: _______________________ _______________________ (Last name) (First name) STUDENT NUMBER: ______________________________ TUTORIAL TIME: ______________________________ (Write down the time and day of the tutorial you regularly attend) DETACH THIS SHEET - YOU WILL ONLY TURN IN THIS SHEET USING CAPITAL LETTERS, PRINT YOUR ANSWERS TO ALL MULTIPLE CHOICE QUESTIONS IN THE SPACES BELOW. THIS ANSWER SHEET WILL BE RETURNED TO YOU IN TUTORIAL. IF YOU DO NOT ATTEND TUTORIALS, YOUR EXAM WILL NOT BE RETURNED TO YOU. 1. _________ 8. _________ 14. _________ 20. _________ 2. _________ 9. _________ 15. _________ 21. _________ 3. _________ 10. _________ 16. _________ 22. _________ 4. _________ 11. _________ 17. _________ 23. _________ 5. _________ 12. _________ 18. _________ 24. _________ 6. _________ 13. _________ 19. _________ 25. _________ 7. _________ If two multiple choice answers both seem to be approximately correct, choose the best of the two answers. Write answers to the multiple choice questions on this front sheet. If answers are not written on this sheet, there will be no marks given for answers. Note: this exam consists of 9 pages, including this cover page. Make sure that all 9 pages are included in your exam, and notify an invigilator immediately if any are missing. 2 ECMA04F FIRST TERM TEST October 14, 2005 This term test consists of 25 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 this exam (which you should detach - it is the only thing you will turn in at the end of the exam) You may take the rest of the exam away with you, so you can use the fronts and back of these pages for your rough work. If you wish to keep a record of your answers, make a note of them on the exam. The answer sheet will be returned to you in tutorial. If you do not attend tutorial, your answer sheet will not be returned, but your mark on the exam will be posted. Each correct answer is worth 4 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: Y 2 + 4X 2 = 400 or Y = [400 - 4X 2 ] 0.5 Questions 1 through 3 concern this country. 1. You are told that the economy is producing efficiently and has chosen to produce and consume 6 units of X and 16 units of Y. At this point on the production possibilities frontier, you can use calculus to btain the opportunity cost of X as: o A) 2 B) 1/2 C) 1 D) 3/2 E) 2/3 F) 3 G) 1/3 H) 4 I) 1/4 J) 8/3 K) 3/8 L) 5/2 M) 2/5 N) 4/3 O) 3/4 P) 6 Q) 1/6 R) 8 S) 1/8 T) none of the above 2. Now you are told that the economy is producing efficiently and has chosen to produce and consume 8 units of X. At this point on the production possibilities frontier, you can use calculus to obtain the pportunity cost of Y...
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