201-final-Fall-2010-v1-answers

201-final-Fall-2010-v1-answers - Concordia University...

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Concordia University Department of Economics ECON 201 – INTRODUCTION TO MICROECONOMICS Fall 2010 COMMON FINAL EXAMINATION AND ANSWERS VERSION 1 FIRST NAME: _______________________ LAST NAME: ___________________________ STUDENT NUMBER: __________________________________________________ Please read all instructions carefully. 1. This is a three-hour exam (180 minutes). The questions are worth 150 marks altogether. It is a good strategy to spend one minute per mark for your answers (150 minutes) and spend the remaining time (30 minutes) to review your answers. 2. The exam consists of two parts. (i) Part I: 35 multiple-choice questions (70 marks); (ii) Part II: Choose 5 out of 6 long questions (80 marks). 3. Write your answers for the multiple-choice questions on the computer scan-sheet with a pencil . For Part II, write all your answers on this exam. Do not use additional booklets. 4. You are allowed to use a non-programmable calculator and a dictionary. You may use either pen or pencil to provide your answers for Part II. Grades: Part I: __________ Part II: __________ Total: 1
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Part I: Multiple Choice Questions. Write your answers on the computer sheet in PENCIL (Total=70 marks). 1. Which of the following statements is (are) normative? a) If income increases, sales of luxury goods will fall. b) When minimum wages are raised, unemployment rises. c) As the price of compact discs falls, people will buy more of them. d) All of the above. e) None of the above. 2. Several students are discussing the concept of price elasticity while standing in line at the campus bookstore. Which of the following quotations describes an inelastic demand for a product? a) "I think the higher prices are really going to cut my overall spending on school supplies." b) "A price increase really scares me. It wouldn't reduce my purchases of school supplies very much, but I know for sure that I'll end up spending a lot more than I was before." c) “Movie tickets are so expensive these days, I would rather wait for the DVDs to come out.” d) "Since business at my job has slowed down, my income is a lot lower than it used to be. Consequently, I won't be able to buy as much even if prices don't rise." e) "An increase in price will cause me to buy fewer school supplies, but I don't expect to see any change in my overall spending, one way or the other." 3. Production efficiency is achieved a) when all goods and services desired by consumers can be produced in the economy. b) when producing inside the production possibilities frontier. c) when the ability is gained to produce goods and services that are desired beyond the PPF boundary. d) when producing one more unit of one good cannot occur without producing less of some other good. e)
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This note was uploaded on 12/10/2011 for the course ECON 201 taught by Professor Curtis during the Fall '09 term at Concordia Canada.

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201-final-Fall-2010-v1-answers - Concordia University...

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