Econ 102 Sample MT1-A


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F IRST M IDTERM S AMPLE Q UESTIONS W INTER 2012 Advice for Multiple Choice Examinations for Larry Smith’s Section of Economics 1. Most of you will find the multiple choice (MC) questions challenging. 2. Do not base your exam preparations on the experience you may have had with easier MC exams in which you were merely identifying a familiar phrase or definition and in which the incorrect responses were often obviously incorrect. This exam is NOT going to test your memory explicitly, unless you failed to take good lecture notes. 3. Most of you will find that these MC questions do not have an instantly recognizable answer. The questions are written to require you to do a few moments of applied analysis before answering. Many questions require, in effect, a two-stage answer. First, what is the definition of the relevant concept; second, how does that definition apply to the situation given the question? 4. The exam is designed to test how precisely and thoroughly you can apply the specifics of economic analysis. This is done not merely to torture you, but to emphasize the extent to which, in economic decision making, you must have the answer completely and exactly correct. In 101, in one particular set of circumstances, you will buy; yet, if one single circumstance or characteristic is missing, you would sell; or start a business; or close a business. In 102, in one particular set of circumstances, the economy will expand; in a slightly different set of circumstances, it will contract; or employment will increase or decrease. Approximate answers will send you or your organization to the bankruptcy courts or the economy into recession. 5. Therefore, most of the wrong responses to the MC questions are plausible or represent all the logical possibilities. If the correct answer is a price increase, the wrong responses will often include price decrease and no price change. “Sort-of-knowing” the answer will almost surely lead you astray (into the arms of a wrong response). 6. When preparing for the exam, attempt to anticipate the questions, especially being alert to the applications of the material to real-world situations. The careful preparation of your reference sheet is very important for your success on the exam. 7. Remember which question areas you were advised of during lectures. 8. The questions will be drawn evenly throughout the entire range of material. 9. You are responsible for, in order of priority, the lectures and the course notes. The Sample Exam Questions — First Midterm E1
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textbook may not be necessary for some students; it serves only to provide background amplification for topics presented in class on in the course notes . 10. Construct your reference sheet carefully. Then make sure you USE it. Most students will find the reference sheet essential for success . 11.
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This note was uploaded on 03/12/2012 for the course ECON 102 taught by Professor ? during the Winter '08 term at Waterloo.

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