Sample Midterm for Microeconomics Essay - 2514 Words

CONCORDIA UNIVERSITY Department of Economics ECON 201 Instructor: Ivan Tchinkov Exam duration: 60 min. SAMPLE MIDTERM EXAMINATION WITH ANSWERS Version 1 Instructions: 1. Write your answers on the IBM SHEET ONLY. 2. Use a PENCIL. 3. Put your NAME and ID on the IBM sheet. 4. Put the EXAM VERSION on the top right corner of the IBM sheet. Multiple Choice Questions (2 marks each). 1. Which of the following statements is correct for a society that emphasizes the production of capital goods over consumer goods? A) The society could enjoy the same quantity of capital goods and a larger quantity of consumer goods in the future. B) The society would have to save more now than a society†¦show more content†¦B) There is disagreement over what is, and what is not, a legitimate goal for society to try to achieve, possibly because some economists are left wing and others are right wing. C) The discipline is so wide and complex that no one person could be expected to cover the whole range of possible knowledge. D) There is truth in all of the above. 12. Other things equal, when the price of a good increases, we would expect: A) quantity demanded to increase. B) demand to decrease. C) supply to increase. D) quantity supplied to increase. 13. A negative relationship exists between changes in price and: A) quantity supplied. B) supply. C) quantity demanded. D) demand. Use the following to answer the next 6 questions: [pic] 14. In figure 3.4, what are the implications if the price of this product is $8? A) The price would be above equilibrium. B) There would be a shortage of 300 units. C) There would be a shortage of 600 units. D) There would be a surplus of 300 units. 15. In figure 3.4, if the price of the product is $8, how many units would be sold? A) 400 units. B) 500 units. C) 600 units. D) 800 units. 16. In figure 3.4, what is the maximum price at which the quantityShow MoreRelatedThe Grizzly Bear Lodge4225 Words   |  17 Pagesmillions of documents on Course Hero - Study Guides, Lecture Notes, Reference Materials, Practice Exams and more. Course Hero has millions of course specific materials providing students with the best way to expand their education.   Below is a small sample set of documents:   L08-Boolean-exp1 King Fahd University of Petroleum amp; Minerals gt;gt; ICS gt;gt; 102 (Fall, 2010) King Fahd University of Petroleum Engineering Information amp; Computer Science Department ICS102 Lecture 8: Boolean ExpressionsRead MoreVarian Solution153645 Words   |  615 Pagesdirection 10 Chocolate cake 26 PREFERENCES (Ch. 3) 3.8 (0) Professor Goodheart always gives two midterms in his communications class. He only uses the higher of the two scores that a student gets on the midterms when he calculates the course grade. (a) Nancy Lerner wants to maximize her grade in this course. Let x1 be her score on the ï ¬ rst midterm and x2 be her score on the second midterm. Which combination of scores would Nancy prefer, x1 = 20 and x2 = 70 or x1 = 60 and x2 = 60? (20,70)