Exam
Name
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The production possibility frontier is a graph that shows
A) all the combinations
PAGE 2 OF 10
1. [25] Suppose that the government imposes a proportional income tax on the representative
consumers wage income. That is, the consumers wage income is:
w(l ~ t)(h 1). (1)
Where t is the
Section 1:,MultipleChoice Questions (3 points each).
Circle the letter of the best answer.
\l ' 1._Arrow"s Impossibility Theorem was developed by i
(a) enneth Arrow
William Spear
,:("E.):;Thomas Harp
1. James pays $10,000 for a newly issued two-year government bond with a $10,000 face value and a 6 percent coupon
rate. One year later, after receiving the first coupon payment, James sells the bond.
IVvl LUUV l I 'FV W Alill WI III E 58 hhhhhh v
meA (AMMMK Ad
1. In an economy with no Jive nment, which of the following is NOT an
w/
v/
expression of the equilibrium condition?
ii Output equals plann
Multiple Choice
Identify the choice that best completes the statement or answers the question.
1. Economics deals primarily with the concept of
a. scarcity.
b. poverty.
0. change.
d. power.
2. The phe
PAGE 2 OF 10
1. [25] Suppose that the government imposes a proportional income tax on the representative
consumers wage income. That is, the consumers wage income is:
w(l ~ t)(h 1). (1)
Where t is the
Multiple Choice
Identify the choice that best completes the statement or answers the question.
1. Economics deals primarily with the concept of
a. scarcity.
b. poverty.
0. change.
d. power.
2. The phe
Section 1:,MultipleChoice Questions (3 points each).
Circle the letter of the best answer.
\l ' 1._Arrow"s Impossibility Theorem was developed by i
(a) enneth Arrow
William Spear
,:("E.):;Thomas Harp
IVvl LUUV l I 'FV W Alill WI III E 58 hhhhhh v
meA (AMMMK Ad
1. In an economy with no Jive nment, which of the following is NOT an
w/
v/
expression of the equilibrium condition?
ii Output equals plann
1. James pays $10,000 for a newly issued two-year government bond with a $10,000 face value and a 6 percent coupon
rate. One year later, after receiving the first coupon payment, James sells the bond.
Date:
Multiple Choice
Identify the choice that best completes the statement or answers the question.
1. Economics is best dened as the study of how
a. individuals decide to use scarce resources in a
Exam
Name
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The production possibility frontier is a graph that shows
A) all the combinations
Date:
Multiple Choice
Identify the choice that best completes the statement or answers the question.
1. Economics is best dened as the study of how
a. individuals decide to use scarce resources in a