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Econ_110_Exam_I_-_ii - Professor Carolyn Tuttle Principles...

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Professor Carolyn Tuttle October 9, 2007 Principles of Economics 110-4 Lake Forest College EXAMINATION I - ii 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 occurs because ofall ofthe following except: a) labor and land are limited resources b) population growth c) capital and entrepreneurship are limited resources d) individual wants are never satisfied 2. Which of the following is a benefit of globalization for households: a) increase in illegal immigration b) increase in counterfeit medicine c) different standards in the production of goods d) increase in the variety ofgoods available 3. Macroeconomics is concerned primarily with: a) the high price of gasoline b) the impact of the minimum wage on workers c) the profit maximization of Microsoft d) the invention of computer technology 4. Adam Smith's "invisible hand" implies all
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Econ_110_Exam_I_-_ii - Professor Carolyn Tuttle Principles...

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