Ka-fu Wong Unive rsity of Hong Kong
Toencourageeducation,agovernmentisconsidering threedifferentoptions: Alumpsumcashtokidsofschoolage. Amatchingsubsidytoeachdollarthekidsspendon schooling. Provideeducationforfree. Whichisbe
This is version A. ECON1001: Introduction to Economics I 2nd Semester, 2007-2008 The University of Hong Kong Mid-term exam #1 Saturday, February 02, 2008 10:00a.m. 11:00a.m. PLEASE READ THIS COVER PAGE CAREFULLY.
UNLESS THE INVIGILATOR TELLS YOU TO DO SO,
THE UNIVERSITY OF HONG KONG School of Economics & Finance 2008 Fall Semester, First Midterm Examination Economics: ECON1001 (A and B) Introduction to Economic I Dr K F Wong
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Q1. According to the Law of Diminishing Marginal Utility,
A) If you consume less of something, your total utility from that consumption increases. B) If you consume more of something, the next unit you consume will deliver more utility than did the last u
The Quest for Profit and
the Invisible Hand
University of Hong Kong
Helping the taxi drivers
On April 24, 2003, the Commissioner for
Transport (HKSAR), Mr Robert Footman,
announced a scheme to relax general stopping
restrictions for taxis to
Problem #1, Chapter 2
can wax 4 cars per day or wash 12 cars. Tom can wax 3 cars per day or wash 6. What is each mans opportunity cost of washing a car? Who has comparative advantage in washing cars?
Solution to problem #1 (1)
Ted and Tom have
This is version A. ECON1001: Introduction to Economics I 1st Semester, 2008-2009 The University of Hong Kong Mid-term exam #2 Saturday, November 15, 2008 09:00a.m. 10:30a.m. PLEASE READ THIS COVER PAGE CAREFULLY.
DO NOT TURN OVER THE PAGE OR START WRITING
THE UNIVERSITY OF HONG KONG School of Economics & Finance 2007-2008 1st Semester Examination Economics: ECON1001A to H Introduction to Economics I A to H Professor Y. K. Fan, Dr. S. Demurger, Dr. M. Lo & Dr. K. F. Wong December 15, 2007 2:30-4:30p.m.
Problem #1, Chapter 10
Two car manufacturers, Saab and Volvo, have fixed costs of $1 billion and marginal costs of $10,000 per car. If Saab produces 50,000 cars per year and Volvo produces 200,000, calculate the average production cost for each company. O
2. Ted can wax a car in 20 minutes or wash a car in 60 minutes. Tom can wax a car in 15 minutes or wash a car in 30 minutes. What is each mans opportunity cost of washing a car? Who has comparative advantage in washing cars?
Wax car Wash car
1. The schedule below shows the number of packs of bagels bought in Davis, California, each day at a variety of prices.
Price of bagels ($/pack) 6 5 4 3 2 1 0 Number of packs purchased per day 0 3,000 6,000 9,000 12,000 15,000 18,000
a. Graph th
2. To earn extra money in the summer, you grow tomatoes and sell them at the farmers market for 30 cents per pound. By adding compost to your garden, you can increase your yield as shown in the table below. If compost costs 50 cents per pound an
This is version A.
ECON1001: Introduction to Economics Fall 2006 University of Hong Kong Mid-term exam #2 Saturday, November 25, 2006 10:00a.m. 11:30a.m. PLEASE READ THIS COVER PAGE CAREFULLY. UNLESS THE INVIGILATOR TELLS YOU TO DO SO, DO NOT TURN THE PAG
1. How would each of the following affect the U.S. market supply curve for corn? a. A new and improved crop rotation technique is discovered. Supply curve shifts to right. The improved technique leads to increase in the production of crops. a. T
Q1) The least costly solution to the external cost is for
A) B) C) D) E) Curly to endure Moes snoring. Both to live alone. Moe to eliminate his snoring. Moe to find a fellow snorer to live with. Moe to pay Curly for his discomfort.
According to th
Q1) A market equilibrium is only efficient when A) B) C) D) E) Buyers and sellers each earn equal surplus from the transaction. Consumer surplus and producer surplus are both zero. All relevant costs, including those imposed on others, are acc
THE UNIVERSITY OF HONG KONG School of Economics & Finance 2003-2004 1stSemester Examination
Economics: ECON1001C&D Introduction to Economics lC&D Dr J T L Chan December 2 9,2003 9:30- 11:30a.m.
Candidates may any use self-contained, silent, battery-operat
THE UNIVERSITY OF HONG KONG School of Economics & Finance 2002-2003 2nd Semester Examination
Economics: ECON1002 A&B Introduction to Economics I1 A&B Dr J Yetman
J une 3 , 2 003
Candidates may use any self-contained, silent, battery-operated
Answer to Answer Exercise #1 Exercise
a. b. c. d. e.
increasingresources limitingwants increasingtheneedforanother havinglessofanother noneoftheabove
ECON1001 Problem set Solution Ex. 3
Q1 Assume that column A and column B are demand and supply curves. The market would achieve an equilibrium at a price of
A) B) C) D) E) $20. $30. $40. $50. $60.
P r ic e / U n it $20 $30 $40 $50 $60 C o lu m n A U n its
Solution to Problem Set #4
Q1. When the price of hot dog is $1.50 each, 500 hot dogs are sold every day. After lowering the price to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for ho