midterm1Akey2006F

# midterm1Akey2006F - This is version A. ECON1001:...

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ECON1001 Midterm #1 14 October 2006 Version A - 1 - 1. Which version of the exam paper do you have? A) version A. B) version B. 2. Which class are you in? A) ECON1001A. B) ECON1001B. C) ECON1001C. D) ECON1001D. E) ECON1001E. F) ECON1001F. G) ECON1001G. H) ECON1001H. 3. Pat earns \$25,000 per year (after taxes), and Pat’s spouse, Chris, earns \$35,000 (after taxes). They have two pre-school children. Childcare for their children costs \$12,000 per year. Pat has decided to stay home and take care of the children. Pat must A) be irrational. B) value spending time with the children by more than \$25,000. C) value spending time with the children by more than \$12,000. D) value spending time with the children by more than \$13,000. E) value spending time with the children more than does Chris. 4. You paid \$8.00 to see a movie. Half an hour into the movie, you realize that it is a terrible movie and is not going to get any better. You should A) stay until the end because you already paid for it. B) wait another half hour because spending \$8.00 for an hour is better than spending \$8.00 for half an hour. C) leave immediately and do something more enjoyable. D) leave immediately only if you can get a partial refund of the ticket price. E) complain loudly to everyone around you. 5. What is the opportunity cost of living in a house that you already own?
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## This note was uploaded on 10/02/2011 for the course ECON 1001 taught by Professor S.c during the Spring '10 term at HKU.

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midterm1Akey2006F - This is version A. ECON1001:...

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