Eco1_Quiz_II_Spring_2004 - Eco 1 Principles of Economics...

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Eco 1: Principles of Economics Quiz 1 February 18, 2004 Name: ________________________________ Recitation TA’s Name:___________________ Recitation Number or Day/time:____________ 1. If you revise any of your answers then please make it very clear which is your final answer. 2. Do your own work! Copying from another person’s exam may result in an “F” in the course. 3. Quiz pages are often separated during grading. Please write your last (family) name on each page. 4. You have one hour to complete this quiz. 5. Five Henrys are better than four or six.
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Name:_____________ Multiple Choice Questions (Please mark only one choice for each multiple choice question. Each multiple choice question is worth one point.) 1. If Caitlin was willing and able to pay $50 to see Les Miserables but is able to buy a ticket for $30 then his consumer surplus is: a. $20 b. $30 c. $50 d. None of the above since consumer surplus refers to the entire market not an individual consumer. 2. When markets fail, 3. The greater the elasticities of demand and supply
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  • Spring '06
  • Economics, ice cream cones, Lime Fizz

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