Econ_110_Exam_II_-_ii

Econ_110_Exam_II_-_ii - -Professor Carolyn Tuttle Economics...

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Unformatted text preview: --------------------------Professor Carolyn Tuttle Economics 110 November 20, 2007 Fall 2007 EXAMINATION II-ii 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: 1. If the quantity demanded of movies increased from 2 to 3 movies when the price falls from $9.00 to $8.00 per movie, demand for movies in this market is a. elastic b. inelastic c. unit elastic d. perfectly elastic 2. An unemployed person is said to be structurally unemployed if a. he/she is temporarily laid-off due to a recession b. he/she has quit hislher job to look for a better one c. he/she has gone back to school to get a college degree d. he/she does not have the necessary skills for the jobs that are available 3. During a period of inflation, generally among the gainers would be a. savers b. minimum wage workers c. debtors d. retired people on social security 4. Real income is larger than nominal income when . .. a. pnces are nsmg b. prices are unchanging c. prices are falling d. none ofthe above 5. Which ofthe following will affect a good's price elasticity ofdemand? a. the number of substitutes available b. the tastes and preferences ofconsumers c. the period oftime available to adjust to a price change d. all ofthe above 6. It is assumed when we study consumer behavior that the consumer tries to...
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Econ_110_Exam_II_-_ii - -Professor Carolyn Tuttle Economics...

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