Econ 1000 3.0 Sample final exam

Econ 1000 3.0 Sample final exam - Y ORK UNIVERSITY FACULTY...

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YORK UNIVERSITY FACULTY OF ARTS DEPARTMENT OF ECONOMICS ECONOMICS 1000 3.0 M: INTRODUCTION TO MICROECONOMICS S"~'Pl.£ FINAL EXAMINATION Course Director: Dr. John Paschakis TOTAL WORTH: 50% STUDENTNAME: ____________________________________ ___ STUDENT NUMBER _____________________________________ INSTRUCTIONS: A. This examination consists of seventy (70) multiple choice questions. There is only one correct answer. No penalty for wrong answers. B. Circle your final choice for every question on each page of the exam and carefully mark the letter you have chosen on the Computerized Answer Sheet. Use HB pencil only_ C. Time allowed: 120 minutes.
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ECONOMICS 10003.0 M WINTER INTRODUCTION TO MICROECONOMICS J. PASCHAKIS MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which one of the following statements best describes the problem of the firm? A) to maximize profits B) to minimize risk C) to maximize revenues D) to maximize costs while minimizing revenues E) to minimize costs 2) Economic profit is revenues minus A) opportunity costs. B) explicit costs. C) accounting costs. D) (explicit costs + conventional depreciation). E) implicit costs. 3) Which one of the following statements is true? A) Technologically efficient firms will be more likely to survive than economically efficient firms. B) All economically efficient methods are also technologically efficient. C) Technological efficiency changes with changes in relative input prices. D) All technologically efficient methods are also economically efficient. E) none of the above 4) A group of business people are having coffee. Which of the following quotations describes technological efficiency? A) "Despite the higher costs of negotiating the contracts, hiring the cleaning firm is much cheaper than using our own staff." B) "The new production process we've installed uses less capital and labour than the old one." C) "The new assembly line has higher capital costs, but the fall in workers' hours has lowered overall costs." D) "The costs of per-unit production have fallen dramatically as we have increased the length of the production runs." E) "The computer servicing people we have hired work very well as an integrated problem-solving group." 1 1) 2) 3) ___ 4) ___
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ECONOMICS 1000 3.0 M WINTER J. PASCHAKIS 5) A firm with many owners of limited liability is 5) A) a public company. B) a partnership. C) a sole proprietorship. D) a corporation. E) a conglomerate. 6) Firms organize production by using 6) A) only incentive systems. B) only principal-agent systems. C) command and incentive systems. D) only market systems. E) only command systems. 7) When per-unit cost of a good decreases as the production rate increases, economists refer to this as 7) A) economies of scale. B) economies of scope.
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This note was uploaded on 11/05/2011 for the course ECON 1000 taught by Professor Paschakis during the Spring '08 term at York University.

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Econ 1000 3.0 Sample final exam - Y ORK UNIVERSITY FACULTY...

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