{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

F2005 MT2 - Econ 001 Midterm 2(Dr Spiegel Instructions This...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 001: Midterm 2 (Dr. Spiegel) Nov 16, 2005 Instructions: This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label all diagrams carefully. Write your name and your Recitation Instructor's name in every blue book that you use. This exam is given under the rules of Penn's Honor system. All blue books, blank or filled, must be handed in at the end of this exam. No blue books may be taken from the room. The use of Programmable Calculators is in violation of Departmental rule. It is strictly forbidden! The Midterm has 2 parts. Part 1 consists of 5 multiple-choice questions. Please write you answers in blue book 1. Part 2 consists of 3 short answer questions. Please use a separate blue book for each answer. Part I: Multiple Choice Questions (4 points each/20 points total): 1. Greg spends all of his income on apples and oranges. If his income increases by 20 percent and the prices of both goods also increase by 20 percent then: a. Greg will purchase more apples. b. Greg will purchase more oranges. c. Greg will purchase less of both goods. d. Greg’s consumption bundle will not change.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}