Econ_110_Exam_I_-_i - Professor Carolyn Tuttle Principles...

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Professor Carolyn Tuttle September 28, 2007 Principles of Economics 110-3 Lake Forest College EXAMINATION I - i Instructions: Attempt to answer all questions. Make sure your answer is unambiguous for grading. Questions 1-10 are multiple choice and there is only ONE correct answer. Circle the best answer for each question. Each question is worth 5 points. Questions 11- 14 are essay and problem solving questions. Answer only 2 ofthe 4 questions. Write clearly, label graphs and be concise. Each essay and problem solving question is worth 25 points. Total points for the exam are 100. Good luck! Name: Total Points: Grade:
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1. Economic scarcity arises basically from: a) inefficient production b) population growth c) limited resources and unlimited wants d) limited wants and unlimited resources 2. Which ofthe following is NOT a benefit of globalization for multinational corporations: a) easier access to raw materials b) new markets for selling goods and services c) cheaper labor d) loss ofcontrol over quality ofgoods and services 3. Macroeconomics is concerned primarily with: a) how prices get determined in the market b) how government policies impact inflation and unemployment c) the distribution ofgoods among households
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Econ_110_Exam_I_-_i - Professor Carolyn Tuttle Principles...

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