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test1a-06 - Economics 120 Test 1 Friday October 6 2006 3:00...

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Economics 120 Test 1 – Friday, October 6, 2006, 3:00 – 4:30 pm. 1. On the FRONT of your computer card use a dark lead pencil to PRINT the following instructor’s name, section letter (next to class), time/day of your section 9 digit WLU ID number starting at far left column (fill in boxes) UW students add a 0 to the end of your 8 digit UW ID number last name, empty space, first name starting at far left column (fill in boxes) 2. On the BACK of your computer card use a dark lead pencil to Print your ID number starting at far left column (fill in boxes) UW students add a 0 to the end of your 8 digit UW ID number Fill in box A in the column marked “Test Form” Answer all 40 questions in Part A by completely filling in the box. If you change an answer then completely erase your previous answer. 3. You have 90 minutes. No student may leave before 4 pm. Hand in the computer card only. You can keep the question paper and are advised to record your answers on it. 4. There are 40 multiple-choice questions. You will be given one mark for each correct answer and zero marks for missing, incorrect or multiple answers. 5. Non-programmable calculators are allowed. Dictionaries are not allowed. Section A B C D E F G Day/time Tu.Th 10:00 Tu.Th 11:30 Tu.Th.1:0 0 Tu.Th 2:30 MW 2:30 MW 4:00 W 7:00 Instructor Ziss Ziss Gallego Gallego Jefferson Jefferson Jefferson Correctly filled out front of form Correctly filled out back of form EC120 Test 1 – Fall 2006 1 of 12
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Instructions : Answer each question by marking the computer card with the best answer. 1. Joe College can finance his university education either by taking out a loan and paying interest of $1,000 per year or he can sell his stocks and bonds, which are earning interest and dividends amounting to $1,000 per year. The annual opportunity cost associated with financing his education is __ if he gets a loan and is __ if he sells his stocks and bonds. a) zero $1,000 b) $1,000 $1,000 c) $1,000 zero d) zero zero 2. Francesca can either (i) work at MacDonald’s and earn $30 (ii) or work at Zehr’s and earn $25 (iii) or go to Canada’s Wonderland and pay $15. The opportunity cost of going to Canada’s Wonderland is 3. An economy can produce video games and houses. If worker productivity improves for video games and remains unchanged for houses then the production possibility frontier shifts out__ and the opportunity cost of video games __ a) in parallel fashion; rises b) in parallel fashion; falls c) in parallel fashion; stays constant d) and its slope will change falls e) and its slope will change; rises
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