Midterm.S05

Midterm.S05 - R. Crouch Version A Economics 1 Spring 2005...

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R. Crouch Version A Economics 1 Spring 2005 Midterm Exam Instructions : 1. Time allowed: One hour and fifteen minutes. Answer all questions choosing the single best answer. Mark your chosen answer on your SCANTRON sheet with a #2 soft lead pencil. Press firmly and fill in the entire bubble. Light answers will be counted as wrong. 2. The proctors have been instructed not to answer any questions at all, so do not waste your time asking them. There are only two exceptions to this rule. The proctors will answer questions pertaining to the English language meaning of a word from foreign students whose native language is not English. The proctors will also answer questions regarding alleged typographical errors. 3. No student may leave before the entire class is dismissed. Page 1 of 6
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4. Unless otherwise indicated, you may assume that demand and supply curves are neither flat nor vertical. 5. You will receive one point for each correct answer, and 0 points for each blank. Scantron Instructions : 6. Under ID number, fill in your 7-digit PERM number. 7. In the name section, write in your last name and first name and fill in the appropriate bubbles below. Make sure you leave a space between your first and last name. 8. In the TEST FORM section, bubble in the appropriate letter as seen on the top of this exam. 9. In the middle of the form where it asks you to write your name, write the name of your TA. Essay Instructions : 10. DO NOT WRITE YOUR ESSAY ON YOUR SCANTRON FORM. Use the blank page at the end of this test booklet. You may use both the front and back of the essay response sheet. Page 2 of 6
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1. You have a choice of three job opportunities, “A”, “B”, and “C”, and you may only choose one. Job “A” will pay you $1500, but you have to pay $400 for training. Job “B” will pay you $1200, but you have to pay $300 for training. Job “C” will pay you $1100, but the training costs $100. What is the cost of “A”? (A) $400
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Midterm.S05 - R. Crouch Version A Economics 1 Spring 2005...

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