Preparation-BMicro-MTE1 S 2014 - FN 2105 Business...

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FN 2105 Business Microeconomics , Preparation Version 1 FIN 2105: Business Microeconomics The Midterm Examination 1 Spring 2014 Preparation Version NOTE: 1. MTE 1 (closed book) will be held at 17 th February of 2014 at 9-00 (section 1) , at 10-00 (section 2), and at 11-00 ( section 3) in #114 of N /Bld. You should be there before 10 minutes of the start of examination. 2. Please bring with you only your ID cards , own calculator and two pens (only blue or black color) MTE 1 will include the next chapters from MP: Microeconomics, 9 th ed. of 2010, (or related chapters from CFO: Principles of Microeconomics, 9 th ed., 2010) Ch.1: What is Economics? Ch.2: The Economic Problem Ch.3: Demand and Supply Ch.4: Elasticity Ch.8: Utility and Demand Ch.9: Possibilities, Preferences, and Choices The preparation class will be held at Friday, 14 th February of 2014, at 13-00 in Hall #1 of N/B. Please print down the “Preparation” file for this class.
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FN 2105 Business Microeconomics, Version Prep Student’s Name_____________________________ Instructor: Gulnara Moldasheva 2 Part 1 (10 scores). Please answer on the next multiple choice questions and circle one correct answer. Each costs 1 score. 1. Which of the following is a normative statement? A The price of candy bars is $1.25 each. B Candy bars are more expensive than newspapers. C You should eat less candy. D Popcorn and candy are sold in movie theaters. 2. During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300. The opportunity cost of attending summer school is A $10,300. B $6,000. C $4,300. D $3,300. 3. The above figure illustrates that if this country wishes to move from its current production point (labeled "Current") and have 10 more tons of food, it can do this by producing A 10 more tons of clothing. B 10 fewer tons of clothing. C 5 more tons of clothing. D 5 fewer tons of clothing. 4. In one day, Brandon can either plow 10 acres or plant 20 acres. In one day, Christopher can either plow 14 acres or plant 14 acres. Which of the following statements about comparative advantage is correct? A Brandon has a comparative advantage in both plowing and planting.
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