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Econ1-Fall2009-Midterm1

# Econ1-Fall2009-Midterm1 - Econ 1 Midterm 1 Thursday October...

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Econ 1, Midterm 1 Last Name: ______________________________ Thursday, October 15th, 2009 First Name: ______________________________ Student ID: ______________________________ STATEMENT OF ACADEMIC INTEGRITY : I confirm that I have neither given nor received unauthorized assistance in the completion of this exam. My integrity and that of the university has been upheld. _____________________________________________________ Signature Date INSTRUCTIONS 1. Make sure you have all pages (25 multiple choice, 2 short answer). 2. Answer all multiple choice questions in the space provided below. 3. For short answer, show all work. We reserve the right to deduct points if answers are hard to read. 4. You may NOT use a calculator. 5. There are a total of 100 points. DO NOT WRITE IN BOX Question Points MC (75 points) Q1 (17 points) Q2 (8 points) Total MULTIPLE CHOICE ANSWERS (3 points each) 1. ______ 2. ______ 3. ______ 4. ______ 5. ______ 6. ______ 7. ______ 8. ______ 9. ______ 10. ______ 11. ______ 12. ______ 13. ______ 14. ______ 15. ______ 16. ______ 17. ______ 18. ______ 19. ______ 20. ______ 21. ______ 22. ______ 23. ______ 24. ______ 25. ______ DO NOT OPEN YOUR EXAM UNTIL INSTRUCTED TO DO SO!!!

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Midterm 1 Version #1 Moe divides his time between studying Physics and studying Economics. He has discovered that he can earn grades as shown on this production possibilities curve. 1. According to Moe's PPF, moving from a grade of 80 in economics to a grade of 90 in economics A. comes at a higher opportunity cost than moving from a 90 to a 100 in economics. B. is inefficient. C. comes at a lower opportunity cost than moving from a 90 to a 100 in economics. D. is not feasible. 2. Refer to the figure above. Assume that column A and column B are the initial demand and supply curves. At a price of \$50, the market would experience
3. The quantity of Revlon nail polish demanded by Jen decreased after the price of Revlon nail polish increased because Jen decided to find a cheaper brand of nail polish. This is called a(n)

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