Ec101F10MT1practice_101022

Ec101F10MT1practice_101022 - Copi c, Ec101, Fall 2010,...

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Unformatted text preview: Copi c, Ec101, Fall 2010, Practice Midterm 1, 10/22/2010. There are 14 questions. You will have 60 minutes to answer them on the real midterm (and there will also be 2 extra credit questions). I suggest you also use the same time limit for the practice exam. The questions have appropriate indications as to whether they are easy, medium, or hard. (Questions that may have multiple correct answers are indicated). Note: on the real exam each question will have only one correct answer. 1 Problem 1. (easy) Popeye is facing several choice problems. He is never moody, and the conditions in the environment around him never change. In which of the following cases are his choices consistent (the alternative that he chooses is on the right-hand side of the arrow)? (One correct answer) a. { ocean,ski,relax } ocean , { ski,relax } ski , and { ocean,ski } ski . b. { ocean,ski,relax } ocean , { ski,relax } relax , and { ocean,ski } ski . c. { ocean,ski,relax } ski , { ski,relax } relax , and { ocean,ski } ski . d. { ocean,relax } relax , { ski,relax } relax , and { ocean,ski } ski . Problem 2. (medium) Olivia knows that Popeye likes spinach over potatoes (he is not indifferent), and she knows that in terms of monetary compensation, it is by at most $3. Olivia and Popeye operate only with dollar bills, no change, and each one has plenty of dollar bills. She wants to figure out how much precisely he likes spinach over potatoes. Which of the following ways would surely accomplish that for Olivia? (One correct answer) a. Offer Popeye a choice between spinach and potatoes. b. Offer Popeye a choice { spinach- $3 ,potatoes } ....
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Ec101F10MT1practice_101022 - Copi c, Ec101, Fall 2010,...

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