ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 1 for Mid-term Exam 3
Instructor: Sung Ick Cho
1) The reason that the coffeehouse market is monopolistically competitive rather
than perfectly competitive is because
A) barriers to entry are
ECON 202-502, SPRING 2012
Principles of Microeconomics
Homework 1
Instructor: Sung Ick Cho
1) In economics, choices must be made because we live in a world of
A) unemployment.
B) scarcity.
C) greed.
D) unlimited resources.
Answer:
B
Comment:
Recurring
Dif
1.The test scores for a class of 147 students are computed. What is the location of the test score associated with the
third quartile? (Points:2)
111
Question2.2.What statistics are needed to draw a box plot? (Points:2)
Minimum, maximum, median, first and
ECON 202-502, SPRING 2012
Principles of Microeconomics
Homework 2
Instructor: Sung Ick Cho
Figure 4-1
Figure 4-1 shows Arnold's demand curve for burritos.
1) Refer to Figure 4-1. Arnold's marginal benefit from consuming the third burrito is
A) $1.25.
B) $
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 1 for Mid-term Exam 3
Instructor: Sung Ick Cho
1) The reason that the coffeehouse market is monopolistically competitive rather
than perfectly competitive is because
A) barriers to entry are
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 2 for Mid-term Exam 3
Instructor: Sung Ick Cho
1) If a firm faces a downward-sloping demand curve,
A) the demand for its product must be inelastic.
B) it can control both price and quantity
Ch 1-4 Pt. 2
6Question:
Whichmeasuresofcentrallocationarenotaffectedbyextremelysmallor
extremelylargevalues?
Median
7. Question:
Whatistherelationshipamongthemean,median,andmodeina
symmetricdistribution?
They are all equal.
8. Question:
Foradataset,halfof
Ch 8&9 Pt. 2
6. Question:
Apointestimateisasinglevalueusedtoestimateapopulationparameter.
True
7. Question:
Accordingtothecentrallimittheorem,_.
the sampling distribution of the sample means is approximately normally
distributed
8. Question:
Basedonalarge
Ch 5 & 6 Pt. 2
6.
Question:
Toconstructabinomialdistribution,itisnecessarytoknowthetotal
numberoftrialsandtheprobabilityofsuccessoneachtrial.
True
7. Question:
Forthefollowingdistribution:
What is the mean of the distribution?
1.6
8. Question:
Anexperimen
Ch 5 & 6 Pt. 1
1.
Question:
Astudyof200computerservicefirmsrevealedtheseincomesaftertaxes:
What is the probability that a particular firm selected has $1 million or more in
income after taxes?
0.49
2. Question:
Afirmoffersroutinephysicalexaminationsaspart
ECON 202-502, SPRING 2012
Principles of Microeconomics
Final Exam
Instructor: Sung Ick Cho
1) Tabitha shares a flea market booth with her sister. Her share of the rent is $150
per month. She is considering moving to her own, larger booth which she will no
1.Quartiles divide a distribution into four equal parts. (Points:1)
True
Question2.2.A percentile divides a distribution into one hundred equal parts. (Points:1)
True
Question3.3.Quartiles are another way to describe the central location of a distribution
ECON 202-502, SPRING 2012
Principles of Microeconomics
Homework 4
Instructor: Sung Ick Cho
1) Assuming a market price of $4, fill in the columns in the following table. What is
the profit-maximizing level of production? What are the two ways to determine
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 1 for Mid-term Exam 1
Instructor: Sung Ick Cho
Scenario M1-1
Suppose a t-shirt manufacturer currently sells 5,000 t-shirts per week
and makes a profit of $10,000 per week. A manager at the p
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 2 for Mid-term Exam 1
Instructor: Sung Ick Cho
1) Cassie's Quilts alters, reconstructs and restores heirloom quilts. Cassie has just
spent $800 purchasing, cleaning and reconstructing an ant
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 1 for Mid-term Exam 2
Instructor: Sung Ick Cho
1) If the percentage increase in price is 15 percent and the value of the price elasticity
of demand is -3, then quantity demanded
A) will incr
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 2 for Mid-term Exam 2
Instructor: Sung Ick Cho
1) The price elasticity of demand for Stork ice cream is -4.
Suppose you're told that
following a price increase, quantity demanded fell by 10
ECON 202-502, SPRING 2012
Principles of Microeconomics
Makeup Mid-term Exam 3
Instructor: Sung Ick Cho
Figure 12-1
1) Refer to Figure 12-1. The marginal revenue from one additional unit sold is the
sum of the gain in revenue from selling the additional un
1.For the normal distribution, the mean plus and minus 1.96 standard deviations will include about what percent of
the observations? (Points:2)
95%
Question2.2.For a standard normal distribution, what is the probability that z is greater than 1.75? (Point
Ch 1-4 Questions Pt. 1
1.Question:
Whatistherelativefrequencyforthosesalespersonsthatearnfrom$1,600
upto$1,800?
.20
2. Question:
Fortheprecedingdistribution,whatisthemidpointoftheclasswiththe
greatestfrequency?
1,500
3
Question:
What is the class interval