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1Exam #1Principles of Microeconomics – Econ1014Fall 2012Blue versionDo not open this exam or begin writing until you are told to begin.When you are told to begin, first write your name, student ID and examversion on your scantron form and fill in the bubbles for your name andID.Be sure to read directions carefully, use your exam copy to help you solvethe problems and transfer all your answers to the scantron form. Onlyanswers bubbled into the scantron form before time is called will beaccepted. No work on the exam copy itself will be graded.You will not be given time to fill in any scantron answers after time iscalled, so make sure to do this before time is called.You are allowed to use only a pencil, eraser and ruler for the exam. Anyother materials used or in sight are prohibited. In particular, you are NOTallowed the use of a calculator or any translation device.Failure to followthese directions is considered cheating and will result in a grade of zerofor this exam.You must stop writing and put down your pen or pencil immediatelywhen you are told it is time to stop the exam. Failure to follow thesedirections is considered cheating and will result in a grade of zero for thisexam.There will be 40 questions worth 1 point each and 8 questions worth 2points each out of a total of 56 points. Your score will then be weighted togive you a possible 200 points for the entire exam.Please choose the best answer possible in each case.
21. (1 point) Because of scarcity: 1.People must make choices. 2.The United States has to choose between eliminating poverty and exploring space. 3.Society has limited resources and, therefore, cannot meet all its wants. 4.We don’t have enough resources to solve all our social problems. 5.All of the above. 2. (1 point) Drought this summer in the U.S. has reduced the supply of corn. Suppose this summer the American Medical Association announced that corn consumption can help dieters lose weight. Which of the following effects would we expect from these two events occurring together? 3. (1 point) Because we can be at only one place at a time we have to make choices between activities that we would like to participate in. For example, if we decide to spend the weekend on the ski slopes with friends we can’t spend the weekend working. This is an example of: