test1a-06 - Economics 120 Test 1 Friday, October 6, 2006,...

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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 a) $15 b) $40 c) $45 d) $55 e) $70 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 4. Andrea is on the way to a concert. She has paid $50 for her ticket. Before entering the concert hall she is approached by someone who is prepared to pay her $80 for her ticket. Andrea’s opportunity cost of going to the concert is a) zero b) $30 c) $50 d) $80 e) $130 EC120 Test 1 – Fall 2006 page 2 of 12
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This note was uploaded on 01/17/2012 for the course ECONOMICS 120 taught by Professor Mesta during the Fall '10 term at Wilfred Laurier University .

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test1a-06 - Economics 120 Test 1 Friday, October 6, 2006,...

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