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Econ_198_Spr_06_Exam__4 - Introduction to Microeconomics...

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Introduction to Microeconomics Allen R. Sanderson Economics 19800 Spring 2006 FOURTH/FINAL HOUR EXAMINATION Name (Please Print): ___________________________________________ [43 Points Possible] Part I. Multiple Choice. Circle letter corresponding to your answer. One point each; 17 points total. 1. Which of the following is a reasonable estimate for the income elasticity of demand for environmental amenities? a. -3.0 b. -1.0 c. -0.5 d. zero e. 0.5 f. 1.0 g. 3.0 h. infinite 2. Patents do all of the following except : 3. Locating a beehive next to an apple orchard is one way of: 4. The mean household income: 5. College graduates earn more income over the course of their lifetimes than high school graduates or dropouts. Conceptually, the best way to think about these higher salaries would be: a. positive consumption externalities of higher education. b. positive production externalities of higher education. c. negative consumption externalities of having only a high school education or less.
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