ECON101 2 - P age1 Version1 2 Econ1 01 S ection W inter 003...

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Page 1 Version 1 Econ 101 -- Section 3 Winter 2003 Midterml 1. Which of the foLl-owing is a normative sLatement? ^ nrrAan ltl i z,ahFfh II iS the wealthiest woman in the wolld. b. The sun rises in the west and sets in the east. c. A government deficit wiIl reduce unemployment and cause an increase in prices. d. Unemplolment is more important than infl-ation. e. An increase in the price of l"umber is foll-owed by a decrease in the construction of new houses. 2, A demand curve represents graphically a. a functional statement of the demand relatj-onship. b. the inverse relationship between quantity demanded and price. c. the quantity demanded per unit time at certain prices. d. the desired quantj-ties and all possibfe prices for the product. e. all of the above. 3. The consumer will maximize his/her utility when expenditures are allocated such that a. the totat from each good is equal . b. the total number of dolfars spent on each good is equal . c. the utility received from the last unit of each good .j's equa]. d. the utility per dollar spent on the last of each good is equal. e. none of the above. 4. The significant difference between partial-equilibrium anaJ-ysis and dahar^l-oarri I ihrirrm enelrrqiq iq a. partj-a1-equilibrium analysis ignores changes j-n variables while genera I -equi I ibr ium analysis considers them. b. general-equilibrium how all markets function together incorporating partial--equifibrium analysis. c. general-equilibriun the effect of government while partial-equiLibrium does not. d, part i al-equi l ibrium cannot consider any linkages between markets; only general-equi librium can. 5. The price elasticity of demand measures the responsiveness of a. the price to changes in quantity demanded. h aarli I i l-rri rrn ahr --. . ----n9es c. demand to supply changes. d. quantity demanded to changes in the price. e. supply to demand changes. 6. An index number expresses the vaLue of a data series in any given period a. as an absolute compared to the base period. b. proportional weighted average. c, as a percentage of its vafue in the base period. d, weighted e. as an average of its
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Page2 Version 1 Econ 101 -- Section 3 Winter 2003 Midterml 1, Since there is a limited supply of diamonds in the world' the consumption of diamonds a, takes priority over some other good. b. takes place at relatively 1ow margina.L value. c. is no less important than consumption of water. d, should be regulated by the government.
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ECON101 2 - P age1 Version1 2 Econ1 01 S ection W inter 003...

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