EC102 - Midterm #1 Version 1

EC102 - Midterm #1 Version 1 - EC102.B1 Midterm 1 Friday...

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EC102.B1 Midterm 1 Friday Version 1 1 Ec102.B1 Midterm 1 Friday Version 1 * Mark on your scantron the letter of the choice that best completes the statement or answers the question. Please fill in your ID and NAME information on the scantron. Be sure to write this information in the boxes AND fill in the bubbles. * Be sure to mark the VERSION of the exam listed in the upper right-hand portion of the first page. * Please write the Name of your TF and the day, time, and section number of your discussion on the top left - hand corner of your scantron. This cannot be bubbled in * There are 25 questions on the exam and 1 bonus question. The maximum number of points is 25. * There are 8 pages on the exam, plus one page of scratch paper. * Please return the test when submitting your scantron. Multiple choice questions 1. Starting with column A , it appears that column B represents ______. A. a change in supply B. an increase in quantity demanded C. an increase in quantity supplied D. an increase in demand E. a decrease in quantity supplied 2. Two recent studies conclude that eating eggs increases the risk of asthma . The likely result will be that the _________ . [Suggestion: plot the diagram for Supply and Demand.] A. quantity supplied of eggs increases. B. quantity supplied of eggs falls. C. supply of eggs increases. D. demand for eggs increases. E. supply of eggs decreases.
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EC102.B1 Midterm 1 Friday Version 1 2 3. Suppose a jar of orange marmalade that is ultimately sold in 2006 to a customer at The Corner Store is produced by the following production process: In addition, assume that: - the oranges were grown by Citrus Grower Inc in the year 2005; - the orange marmalade was produced by Florida Jam Company in the year 2005; - the jar of orange marmalade was sold by Florida Jam Company to The Corner Store in the year 2005 ; The contribution of these transactions to GDP in years 2005 and 2006 is ________ and _______, respectively. A. $0.75 ; $2.00 B. $2.00 ; $2.50 C. $2.00 ; $0.50 D. $2.75 ; $5.25 E. $0.00 ; $0.50 4. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school children. Childcare for their children costs $12,000 per year . Pat has decided to stay home and take care of the children. Pat must A. be irrational. B. value spending time with the children by more than $12,000. C. value spending time with the children more than does Chris. D. value spending time with the children by more than $13,000. E. value spending time with the children by more than $25,000.
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EC102 - Midterm #1 Version 1 - EC102.B1 Midterm 1 Friday...

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