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Econ_110_Exam_II_-_i - Professor Carolyn Tuttle Economics...

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-------------- ------------ Professor Carolyn Tuttle Economics 110-4 November 9,2007 Fall 2007 EXAMINA nON II-i Instructions: Attempt to answer all questions. Make sure your answer is unambiguous for grading. Questions 1-15 are multiple choice, and there is only one correct answer. Circle the best answer for each question. Each question is worth 4 points. Questions 16- 19 are essay and problem solving questions. Answer ONLY 2 of the 4 questions. Write clearly, label graphs and be concise. Each essay and problem solving question is worth 20 points. Total points for the exam are 100. If you have time, try the extra credit problem which is worth a total of 10 extra points. Good luck! Name: Total Points: Grade:
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1. If, when the price of cashews per pound rises from $6.99 to $7.99, the quantity demanded decreases from 500 pounds to per month to 300 pounds per month, then the demand for cashews in this market is a. perfectly elastic b. elastic c. unit elastic d. inelastic 2. An unemployed person is said to be frictionally unemployed if 3. During a period of inflation, generally among the losers would be
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