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F09M3 - Name Third Midterm Examination Economics 101 This...

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Version 1 Page 1 Name: __________________________ Third Midterm Examination Economics 101 December 14, 2009 This exam has 34 questions. Unless a question explicitly says otherwise, assume that all demand curves slope downward and all supply curves slope upward, and there are no externalities. True/False. Mark box A for True and box B for False. Each correct answer adds 2 points to your score. Each blank answer gives you 1 point. 1. Game theory predicts companies will maximize their combined profits. 2. We expect more output in a market that is characterized as an oligopoly than in one that is competitive. 3. It is possible for a nation with an absolute advantage in the production of all goods to gain from trade with other nations. 4. The substitution effect of an increase in the wage causes a person to work more. 5. A profit-maximizing monopolist's total revenue is the same when it charges each consumer the marginal benefit of each unit and when it prices according to the two-part tariff pricing scheme. 6. One explanation for the decreasing gender gap is that women have increasing access to jobs that were traditionally male.
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