ECON1001 - Midterm V1 (Answers)

ECON1001 - Midterm V1 (Answers) - ECON1001 Introductory...

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ECON1001 – Introductory Microeconomics Mid Semester Exam Semester 1, 2010 Time allowed: 60 minutes + 5 minutes reading. Student name: _______________________ Student number: _______________________ Student signature: _______________________ Please ensure that this exam paper consists of 10 pages consisting of 20 multiple choice questions and 1 short answer question. Each multiple choice question is worth 1 mark, and the short answer question is worth 10 marks. The total exam is worth 30 marks. INSTRUCTIONS : (i) Students are to place their name, student number and signature on this paper in the spaces provided. Your name and student number must also be placed on the computer answer sheet in the appropriate spaces. (ii) Students return the exam paper with the computer answer paper placed inside this exam paper. (iii) The multiple choice questions must be answered on the computer sheet that you have been given. (iv) Students are reminded that academic misconduct of any kind (copying answers from other students, using notes or other means of communication unless specifically allowed by the instructor etc) will result in a report to the University. It is the student’s responsibility to ensure that any actions you do during the exam do not constitute academic misconduct. If you are unsure of any aspect of behaviour that may constitute academic misconduct it is your responsibility to check with the instructor. (v) Calculators may be used in this exam. (vi) ANSWER THE FOLLOWING AS Q1 ON COMPUTER SHEET: Q1. WHAT COLOUR IS YOU EXAM PAPER? a. WHITE b. BLUE c. YELLOW d. GREEN 1
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Part 1 – 20 Multiple Choice – Answer on the Computer Sheet Provided NOTE: Answer from Q2 onwards on your Compute Answer Sheet 2. The government increased the tax on Alcop in order to raise revenue. That the quantity of Alcop consumed decreased and the quantity of whisky consumed increased, suggests that the: a. Alcop is a luxury drink. b. demand for Alcop is perfectly price inelastic. c. Alcop and Whisky are substitutes. d. Alcop and whisky are complements. 3. Which of the following would cause both the equilibrium price and equilibrium quantity of number-two-grade potatoes (an inferior good) to increase? a. an increase in consumer income b. greater government restrictions on agricultural chemicals c. fewer government restrictions on agricultural chemicals d. a decrease in consumer income 4. Which of the following will NOT occur when government imposes a tax on the production of a good?
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ECON1001 - Midterm V1 (Answers) - ECON1001 Introductory...

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