EC201_M01k

EC201_M01k - UNIVERSITY OF OREGON DEPARTMENT OF ECONOMICS...

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U NIVERSITY OF O REGON DEPARTMENT OF ECONOMICS Ec201 – Winter 2008 Principles of Microeconomics (Econ 201) Waddell –Winter 2008 MIDTERM 1 – 29 JANUARY 2008 TEST C - KEY NAME: _______________________________________ STUDENT ID: ______________________________________ SIGNATURE: _______________________________________ Instructions: Answer each of the following questions by choosing the best response. Mark your answers clearly on a 50-question Scantron answer sheet using a No.2 pencil. There are 50 questions on this exam. [1] From among the following, the role of an economist is most closely related to a) making judgments about what people should do. b) making judgments about how resources should be allocated in an economy. c) making judgments about how individuals and/or their behaviour will be effected by policy. Price Quantity Demanded Quantity Supplied $15 28 18 16 26 21 17 24 24 18 22 27 19 20 30 20 18 33 [2] According to the table above, a) At a price of $16, unsatisfied sellers will put downward pressure on the price. b) At a price of $19, there is a shortage of 10 units of the good. c) At a price of $18, there is a surplus of 5 units of the good. d) Consumers will react to a fall in the price from $20 to $18 by decreasing the quantity they demand. e) None of the above. [3] Who coordinates the needs and desires of the US economy? a) The Federal Reserve Board. b) The Federal Government. c) No single individual or government agency.
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Ec201 – Winter 2008 [4] What is a price? a) The price of a good represents the total value of the good to consumers. b) The price of a good represents the marginal value of the good to consumers. c) The price of a good is the ratio at which that good can be exchanged with another. d) None of the above. [5] Fill in the blanks in the following statement: It is __________ to change just one __________. a) It is difficult to change just one behaviour . b) It is impossible to change just one price . c) It is beneficial to change just one price . d) It is impossible to change just one policy . [6] If Pepsi Cola and US dollars exchange at a ratio of 1 bottle to $1.40 and beer and US dollars exchange at a ratio of 1 bottle to $4.50, what is the price of Beer in terms of Pepsi? a) The price of beer is 1.40 / 4.50 = bottles of Pepsi. b) The price of beer is 4.50 / 1.40 = bottles of Pepsi. c) The price of beer is 4.50 bottles of Pepsi. d) The price of beer is equal to $1.40 worth of Pepsi. e) The price of beer cannot be determined without more information. [7] As the price of Pepsi rises from US$1.40 per bottle to US$1.60 per bottle, a) the price of beer implicitly falls. b) the price of beer implicitly rises. c)
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EC201_M01k - UNIVERSITY OF OREGON DEPARTMENT OF ECONOMICS...

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