MICROECONOMICS KEY

# MICROECONOMICS KEY - This is version A Key ECON 1001 Introduction to Microeconomics Spring 2007 University of Hong Kong First Mid-term exam

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2 Question Answer Question Answer Question Answer 1 A 26 B 51 A 2 D 27 D 52 C 3 B 28 B 53 E 4 A 29 B 54 C 5 A 30 A 55 A 6 A 31 E 56 D 7 C 32 E 57 D 8 A 33 C 58 B 9 C 34 C 59 D 10 C 35 D 60 D 11 E 36 A 61 A 12 E 37 C 62 A 13 E 38 E 63 B 14 B 39 E 64 D 15 B 40 E 65 E 16 B 41 C 66 E 17 B 42 B 67 B 18 B 43 A 68 A 19 C 44 D 69 C 20 E 45 D 70 B 21 B 46 D 71 D 22 A 47 A 72 A 23 B 48 E 73 C 24 C 49 C 74 C 25 D 50 D 75 D
1 First Mid-term Key Version A Multiple Choice Questions 1. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is A an application of the cost-benefit principle. b. the relevant opportunity cost. c. not rational. d. an application of the scarcity principle. e. less desirable than studying for the entire evening. Frank - Chapter 01 #18 Learning Objective: Discuss the Cost-Benefit Principle Level of Learning: Application Source: Unique Type: Word Problem 2. If pizzas are normal good, then a decrease in the price of pizza will cause a(n) a. decrease in quantity demanded. b. decrease in the number of consumers. c. decrease in supply. D increase in quantity demanded. e. increase in demand. Frank - Chapter 03 #93 Learning Objective: Change in demand vs quantity demanded Level of Learning: Comprehension Source: Unique Type: Word Problem 3. Which one of the following goods or services should have the lowest price elasticity of demand based on the share of income devoted to the good or service? a. Owning a home B Toothpicks c. A new car d. Dining at a restaurant e. Renting an apartment Frank - Chapter 04 #58 Learning Objective: Using price elasticity of demand Level of Learning: Application Source: Unique Type: Word Problem

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2 4. The supply curve illustrates that firms A increase the quantity supplied of a good when its price rises.
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## This note was uploaded on 03/24/2012 for the course ECON 101 taught by Professor Smith during the Spring '11 term at University of Phoenix.

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MICROECONOMICS KEY - This is version A Key ECON 1001 Introduction to Microeconomics Spring 2007 University of Hong Kong First Mid-term exam

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