ExamView - Econ1000CFall2008MidtermTest

ExamView - Econ1000CFall2008MidtermTest - Name Class Date...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: ________________________ Class: ___________________ Date: __________ ID: A 1 ECON 1000C, Fall 2008, Midterm Test Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Mallory decides to spend 3 hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working is a. the $24 she earns working. b. the $24 minus the enjoyment she would have received from watching the video. c. the enjoyment she would have received had she watched the video. d. nothing, since she would have received less than $24 of enjoyment from the video. ____ 2. In the nation of Dictatorland, farmers traditionally feed grain to their livestock. Central planners, however, decided to increase the price of grain to make grain farmers happy and to reduce the price of bread made from that grain to make city dwellers happy. Now the price of bread is lower than the price of grain. We might now expect a. farmers to continue to feed grain to their livestock. b. farmers to start feeding bread to their livestock. c. city dwellers to start buying grain to make bread to eat. d. city dwellers to start buying grain to make bread to sell. ____ 3. Duties of the economists employ by Human Resources Canada include a. advising the Parliament. b. designing tax policy. c. write the annual Economic Report. d. All of the above are correct. e. None of the above a re correct.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Name: ________________________ ID: A 2 Figure 3-1 ____ 4. Refer to Figure 3-1 . Assume that both Paul and Cliff divide their time equally between the production of corn and wheat, and they do not trade. If they were the only producers of corn and wheat, then total production of wheat and corn would be a. 8 bushels of wheat and 7 bushels of corn. b. 7 bushels of wheat and 6 bushels of corn. c. 6 bushels of wheat and 8 bushels of corn. d. 7 bushels of wheat and 7 bushels of corn. ____ 5. If a good is "normal," then an increase in income will result in a. no change in the demand for the good. b.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 7

ExamView - Econ1000CFall2008MidtermTest - Name Class Date...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online