Economics 1A, Fall 2016
Professor Rapson
Midterm 1
Total Points Possible: 23
20 points multiple choice and 3 points short answer
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50 minutes to complete the exam
Last Name: _______________________ First Name: _____________________________
Your Student ID Number: ___ ___ ___ - ___ ___ - ___ ___ ___ ___
Plea circle your registered ction number
A01 Tuesdays 5:10-6:00pm Giedt 1006
A02 Tuesdays 6:10-7:00pm Giedt 1006
A03 Tuesdays 7:10-8:00pm Giedt 1006
A04 Wednesdays 4:10-6:00pm Hutch 102
A05 Wednesdays 5:10-6:00pm Hutch 102
A06 Wednesdays 6:10-7:00pm Hutch 102
A07 Wednesdays 7:10-8:00pm Hutch 102
A08 Thursdays 5:10-6:00pm Olson 261
A09 Thursdays 6:10-7:00pm Resslr 055
A10 Thursdays 7:10-8:00pm Young 192
A11 Thursdays 8:10-9:00pm Giedt 1006
A12 Thursdays 8:10-9:00pm Young 192
Write your name (last name first, subject, date and your registered ction number in the boxes on the Scantron
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form as illustrated below:
新冠防疫知识Name Last name, First Name
Subject ECN1A Test Form A
Date 10/14/2015 Hour Your Section
(e.g. A09)
Enter your student ID number in the “ID Number” ction on your Scantron and fill in your “Test Form” but leave the “Subj Score” ction of the Scantron blank.
Multiple Choice Questions (1 point each): Indicate the answer choice that best completes the statement or answers the question. RESPONSES MUST BE RECORDED ON YOUR SCANTRON FOR GRADING.
Figure 4-10
1. Refer to Figure 4-10. The movement from Point A to Point B reprents a(n)
a. i ncrea in the price.
b. d ecrea in the quantity supplied.
c. s hift in the supply curve.
d. B oth a and b are correct.
2. Economics is the study of
a. p roduction methods.
b. t he interaction of business and government.
c. h ow houholds decide who performs which tasks.
d. h ow society manages its scarce resources.
3. The supply curve for a good is a line that relates
a. p rice and quantity supplied.
b. q uantity supplied and quantity demanded.
c. p rice and profit.
d. p rofit and quantity supplied.
4. Which of the following transactions takes place in the markets for the factors of production in the circular-flow diagram?
错误，正确答案C
a. K ristin buys two business suits to wear to her job as a Chief Information Officer.
b. C aroline owns a nail salon and receives payments from her clients for her rvices.
c. D ylan receives a salary for his work as a financial analyst for an investment firm.
d. J im receives clean water in his home in exchange for paying his water bill.
5. At the equilibrium price, the quantity of the good that buyers are willing and able to buy
a. i s greater than the quantity that llers are willing and able to ll.
b. e xactly equals the quantity that llers are willing and able to ll.
c. i s less than the quantity that llers are willing and able to ll.
d. E ither a) or c) could be correct.
6. There is no shortage of scarce resources in a market economy becau
a. q uantity supplied is always greater than quantity demanded in market economies.
b. t he government makes shortages illegal.
c. r esources are abundant in market economies.
d. p rices adjust to eliminate shortages.
7. The term "productivity"
a. i s ldom ud by economists, as its meaning is not preci.
b. m eans the same thing as "efficiency."
c. r efers to the variety of goods and rvices from which houholds can choo when they shop.
d. r efers to the quantity of goods and rvices produced from each unit of labor input.
8. Consider Frank’s decision to go to college. If he goes to college, he will spend $21,000 on tuition, $11,000 on room and board, and $1,800 on books. If he does not go to college, he will earn $16,000 working in a store and spend $7,200 on room and board. Frank’s cost of going to college is
a. $42,600.
b. $33,800.
c. $49,800.
d. $57,000.
幼儿教师师德Table 3-23
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate.
Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours
Pork Tomatoes Pork Tomatoes双子座流星
Farmer6348
Rancher4466什么能止咳
9. Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
a. 4 pounds of pork and 8 pounds of tomatoes.
b. 6 pounds of pork and 6 pounds of tomatoes.
c. 4 pounds of pork and 6 pounds of tomatoes.
d. 6 pounds of pork and 8 pounds of tomatoes.
Lisa’s Production Possibilities Frontier Bryce’s Production Possibilities Frontier
10. Refer to Figure 3-4. If the production possibilities frontiers shown are each for one year of production, then which of the following combinations of sweaters and jackets could Lisa and Bryce together not produce in a given year?
a. 3 sweaters and 12 jackets
b. 1 sweater and 21 jackets
c. 5 sweaters and 4 jackets
d. 2 sweaters and 20 jackets
11. In a competitive market, each ller has limited control over the price of his product becau
a. b uyers exert more control over the price than do llers.
b. o ther llers are offering similar products.
c. t he markets are highly regulated by the government.
d. s ellers usually agree to t a common price that will allow each ller to earn a comfortable profit.
12. Suppo your college institutes a new policy requiring you to pay for a permit to park your car in a campus parking lot.
a. T he cost of the parking permit is not part of the opportunity cost of attending college under any circumstances.
b. T he cost of the parking permit is part of the opportunity cost of attending college if you would not have to pay
for parking otherwi.
c. T he cost of the parking permit is not part of the opportunity cost of attending college if you would not have to
pay for parking otherwi.
d. O nly half of the cost of the parking permit is part of the opportunity cost of attending colleg
e.
13. Which of the following events must result in a lower price in the market for Snickers?
错误，正确答案D
a. D emand for Snickers and supply of Snickers both increa
b. D emand for Snickers and supply of Snickers both decrea.
c. D emand for Snickers increas, and supply of Snickers decreas.
d. D emand for Snickers decreas, and supply of Snickers increas.
14. Refer to Figure 4-1. It is apparent from the figure that the
a. d emand for the good decreas as income increas.
b. g ood is inferior.
c. d emand for the good conforms to the law of deman
d.
d. A ll of the above are correct.
15. Which of the following is one of the basic reasons why economists often appear to give conflicting advice to policymakers?
a. a reliance on normative statement for rearch theories
b. s imilar opinions about the validity of economic theories
c. d ifferences in personal values
d. s ignificant differences in education
16. Which of the following events must cau equilibrium quantity to fall?
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a. d emand and supply both decrea
b. d emand and supply both increa
c. d emand decreas and supply increas
d. d emand increas and supply decreas
17. People are likely to respond to a policy change
a. o nly if the policy change changes the benefits of their behavior.
互联网创业趋势b. o nly if they think the policy is a good one.
c. o nly if the policy change changes the costs of their behavior.
d. i f the policy changes either the costs or benefits of their behavior.
18. In the circular-flow diagram, another name for goods and rvices produced by firms is
a. i nputs.
b. f actors of production.
c. o utput.
d. r esources.
19. Refer to Figure 2-4. Inefficient production is reprented by which point(s)?
a. T
b. Q, S, T
c. Q, S
d. R, U
20. In a market economy,
a. s upply and demand determine prices and prices, in turn, allocate the economy’s scarce resources.
b. s upply determines demand and demand, in turn, determines prices.
c. t he allocation of scarce resources determines prices and prices, in turn, determine supply and deman
d.
d. d emand determines supply and supply, in turn, determines prices.
