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Midterm1Fall2010aAnswersWeb - Econ 001 Midterm 1 Answer Key...

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Econ 001: Midterm 1 Answer Key October 7th, 2010 Instructions: This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label all diagrams carefully. Write your name and your Recitation Instructor's name in every blue book that you use. This exam is given under the rules of Penn's Honor system. All blue books, blank or filled, must be handed in at the end of this exam. No blue books may be taken from the room. No calculators allowed! The Midterm has 2 parts. You need 2 blue books. Part 1 consists of 8 multiple-choice questions. Please use the first page of a blue book to record your answers. Part 2 consists of 2 short answer questions. Please use a separate blue book for each. Part I: Multiple Choice Questions (5 points each/40 points total): 1. Students can attend GREAT meetings on Sundays or Mondays. There is no additional charge for these sessions. Which of these statements is true? a. Attendance is free in terms of economic costs. b. Students should be indifferent between the two days as they pay zero dollars on both. c. Both above statements are true. d. None of the above is true.
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