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# MidTerm - Microeconomics Examination ECO 5005 Summer C 2002...

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Microeconomics Examination ECO 5005 – Summer “C” - 2002 Dr. Brad Hobbs Page 1 Examination Instructions: 1) Answer the examination only after you have read the honesty pledge below. 2) The multiple choice section will be taken in WebCT and a tutorial for using WebCT is to be found at: http://ruby.fgcu.edu/courses/nedwards/webct/ . 3) The multiple choice section of the examination will be available for you to take from midnight, June 7 through midnight, June 16. 4) Answer the essay questions on the exam itself. Do not use an electronic format –there are too many graphs required. 5) Sign the Honesty Pledge below. Mail the essay section of the examination and the signed Honesty Pledge back to me at: Bradley K. Hobbs, Ph.D. Florida Gulf Coast University College of Business 10501 FGCU Boulevard South Fort Myers, FL 33965-6565 6) The mailing must be postmarked by June 15. 7) If you have any questions please email me at

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Microeconomics Examination ECO 5005 – Summer “C” - 2002 Dr. Brad Hobbs Page 2 Honesty Pledge: Distance Learning Examination for ECO 5005 Summer 2002 – CRN 50020 I have neither given nor received aid from any person on this examination. The work here is entirely my own. I understand that I can use the Thinkwell materials in an open book format. __________________________ print name __________________________ sign name
Microeconomics Examination ECO 5005 – Summer “C” - 2002 Dr. Brad Hobbs Page 3 Name:______________________________________________ A____ 1. The main criticism of the kinked - demand curve model is that it does not explain how firms reach the original price / output at the kink A) True B) False C____ 2. Demand is price inelastic if: A) The price of the good responds slightly to a quantity change. B) The demand curve shifts very little when a demand shifter changes. C) The percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. D) All of the above are true. C____ 3. Consumer preferences, prices of other goods, income, and demographic characteristics are often termed: A demand curve that is perfectly inelastic: The market for breakfast cereal contains hundreds of similar products, such as Fruit Loops, Corn Flakes, and Rice Krispies, that are considered to be different products by different buyers. This situation violates the perfect competition assumption of:

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