Eco1_Quiz_II_Spring_2004

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, a. Public policy can do nothing to improve the situation. b. Public policy can sometimes remedy the problem and increase economic efficiency. c. Public policy can always remedy the problem and increase economic efficiency. d. Public policy can, in theory, remedy the problem, but in practice, has always proven to be ineffective. 3. The greater the elasticities of demand and supply a. The smaller the deadweight loss from a tax. b. The less intrusive a tax will be on a market. c. The greater the deadweight loss for a tax. d. The more equitable the distribution of a tax between buyers and sellers. 4. Which of the following statements about a well-maintained yard best conveys the general nature of the externality? a. A well-maintained yard conveys a positive externality because it increases the home's market value. b.
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Eco1_Quiz_II_Spring_2004 - Eco 1: Principles of Economics...

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