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

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This is version A. ECON1001: Introduction to Economics Fall 2006 University of Hong Kong Mid-term exam #1 Saturday, October 14, 2006 10:00a.m. – 11:00a.m. PLEASE READ THIS COVER PAGE CAREFULLY. UNLESS THE INVIGILATOR TELLS YOU TO DO SO, DO NOT TURN THE PAGE, DO NOT READ THE EXAM QUESTIONS, AND DO NOT START WRITING. A note from the instructors: We expect students to finish all the 68 multiple choice questions in 60 minutes, i.e., slightly less than one minute per question on average. Try not to allocate more than 2 minutes on any single question. Please also try to work on the apparently easier questions first. This strategy should help you lower the risk of losing a lot of marks by getting stuck in one or two of the more difficult questions. If you are done early, try to double check your answers. To avoid disturbance to other students, please do not leave early . Please mark the best answer to each multiple choice question on the answer sheet provided. On the answer sheet, please write down: Course code: ECON1001X, where X should be one of A/B/C/D/E/F/G/H. Title of the paper: Introduction to Economics I. University ID number: xxxxxx (also fill in the boxes on the upper right corner) Date: 14 October 2006. Please turn off your mobile phone. NO CHEATING PLEASE!! To help reduce the temptation to cheat, the proctors will keep close watch of students during the exams. For students who must use the washroom during the exam, the proctor will keep a record of their names and student IDs and take away their mobile phones during the their washroom visit.
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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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