Econ211Exam1ReviewAnswers

Econ211Exam1ReviewAnswers - Review #1 Answers: Multiple...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Review #1 Answers: Multiple Choice 1. E 2. A 3. B 4. A 5. D 6. C 7. D 8. A 9. C 10. E 11. D 12. B 13. B 14. D 15. D 16. C 17. D 18. C 19. B 20. A 21. E 22. B 23. E 24. D 25. B 26. E 27. B 28. D 29. B 30. C 31. D 32. D 33. A 34. E 35. D 36. C 37. A 38. C 39. D 40. E
Background image of page 1

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

View Full DocumentRight Arrow Icon
Short Answer. Below I give only the general gist of what I would look for. Your answers should be more fully explained than these. 1. A 10% increase in movie prices would lead to an 8.7% decline in attendance; a 10% increase in incomes would lead to a 8.1% increase in attendance. Long-run demand is usually more elastic than short run, so a number more negative than -0.87. 2. Low opportunity cost of time for runners, and low opportunity cost to the cities for use of their roads. 3. Opportunity cost: If Tiger football players are required to go to an extra practice each week, their grades will decline. Tradeoffs: For every new economics faculty member hired, there are less office spaces in Sirrine Hall available for graduate students and others. Decision-making at the margin: DCIT must decide whether and when to upgrade faculty desktop computers to Windows Vista. Incentives: Tommy Bowden’s contract indicates pay bonuses if the Tigers end the season nationally ranked. 4. The marginal benefit of attending a particular event is the same, regardless of the presence of children. The marginal cost is higher with children because of the
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/07/2008 for the course ECON 211 taught by Professor Johnson during the Fall '07 term at Clemson.

Page1 / 4

Econ211Exam1ReviewAnswers - Review #1 Answers: Multiple...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online