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Unformatted text preview: ECMA04F Second Term Test - November 5, 2004 Time: 90 minutes Profs. Michael Krashinsky and Gordon Cleveland 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 8 pages, including this cover page. Make sure that all pages are included in your exam, and notify an invigilator immediately if any are missing. ECMA04F FIRST TERM TEST November 5, 2004 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, as it is the only thing you will turn in at the end of the exam - you are free to take the rest of the exam away with you; 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 to you, but your overall mark on the exam will be posted). Each correct answer is worth 4 marks (there is no deduction for wrong answers). 1-4. The market for apples (which we will assume is a competitive industry) is in equilibrium, and its short run supply and demand schedules have the usual shapes. Apples are a normal good and you can safely ignore any effects of income on the demand for related goods. Cheese is a complement (in consumption) to apples, and pears are a substitute (in consumption) for apples. Questions 1 through 4 concern this market in the short run, and each question should be considered in isolation from the others (that is, in each question assume that the changes described in the other questions have not occurred). In all cases, P * and Q * refer to the equilibrium price and quantity of apples....
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This note was uploaded on 06/11/2011 for the course ECMA 04 taught by Professor Cleverland during the Spring '09 term at University of Toronto- Toronto.
- Spring '09