test2a-06 - Economics 120 Test 2 Friday, November 3, 2006,...

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Economics 120 Test 2 – Friday, November 3, 2006, 3 – 4:30 pm. Name:_________________________________ ______________________________________ (first name) (last name) ID number:_________________________ Section: ___ Instructor:________________________ 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 30 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 and the exam paper. 4. There are 30 multiple-choice questions in Part A . You will be given one mark for each correct answer and zero marks for missing, incorrect or multiple answers. There are 4 questions in Part B worth a total of 30 marks. Answer Part B on this question paper. 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 2 – Fall 2006 1 of 14
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Part A: Answer each question by marking the computer card with the best answer. 1. Sue runs a sewing store. Revenues are $120,000 per year and raw materials costs (cloth, thread) are $100,000 per year. Sue used her savings to furnish the store. Her savings were earning interest of $1000 per year but would have earned $1500 per year interest had she invested them in a business that was exactly as risky as her own. Her annual accounting profits are __. Her annual economic profits are __. a) $20,000 $19,000 b) $20,000 $18,500 c) $19,000 $18,500 d) $18,500 $18,500 e) $18,500 $17,500 2. If the marginal product of labour is falling then (pick the best answer) a) marginal cost must be rising b) marginal cost must be falling c) average product must be rising d) average product must be falling e) both a) and d) are correct 3. If widgets are produced with one variable input (labour) and one fixed input (capital) then if the price of labour increases with no change in labour productivity then the (pick the best answer) a) Average total cost curve will shift up.
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test2a-06 - Economics 120 Test 2 Friday, November 3, 2006,...

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