ExamView - Econ1000CFall2008SampleMidtermTest

ExamView - Econ1000CFall2008SampleMidtermTest - Name Class...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 ECON 1000C, Fall 2008, Sample Midterm Test Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Without government's protection of property rights a. businesses would have less incentive to provide goods and services. b. there would be less government regulation of businesses and prices would be lower for consumers. c. taxes would be lower causing less market inefficiencies. d. businesses would have more freedom with production processes. ____ 2. Market failure can be caused by a. low consumer demand. b. government intervention and price controls. c. externalities and market power. d. high prices and foreign competition. ____ 3. For economists, substitutes for laboratory experiments are often a. natural experiments offered by history. b. computer-generated experiments. c. studies conducted by other disciplines such as sociologists. d. well-constructed simulations. Table 3-1 Labour Hours Needed to Make 1 Pound of: Pounds produced in 40 hours: Meat Potatoes Meat Potatoes Farmer 8 2 5 20 Rancher 4 5 10 8 ____ 4. Refer to Table 3-1 . The opportunity cost of 1 pound of meat for the farmer is a. 1/4 hour of labour. b. 4 hours of labour. c. 4 pounds of potatoes. d. 1/4 pound of potatoes.
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Name: ________________________ ID: A 2 Figure 3-5 ____ 5. Refer to Figure 3-5. If Paul divides his time equally between corn and wheat, he will be able to produce a. 4 bushels of wheat and 1 bushel of corn. b. 4 bushels of wheat and 5 bushels of corn. c. 5 bushels of wheat and 1 bushel of corn. d. 5 bushels of wheat and 4 bushels of corn. e. 5 bushels of wheat and 5 bushels of corn. ____ 6. Suppose a gardener produces both green beans and corn in her garden. If she must give up 13 bushels of corn to get 5 bushels of green beans, then the opportunity cost of 1 bushel of green beans is a. 0.38 bushel of corn. b.
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ExamView - Econ1000CFall2008SampleMidtermTest - Name Class...

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