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Mock exam.pdf

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Department
Economics
Course
ECON 1000
Professor
Collins Ayoo
Semester
Fall

Description
PASS MOCK EXAM – FOR PRACTICE ONLY Course: ECON 1000B Facilitator: Lisa Rylaarsdam th Dates and locations of mock exam take-up: December 7 from 11:30-2:30 TB 210 IMPORTANT: It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: • Complete the midterm in 2.5 hour(s). • Work on your own. • Keep your notes and textbook closed. • Attempt every question. After the time limit, go back over your work with a different colour or on a separate piece of paper and try to do the questions you are unsure of. Record your ideas in the margins to remind yourself of what you were thinking when you take it up at PASS. The purpose of this mock exam is to give you practice answering questions in a timed setting and to help you to gauge which aspects of the course content you know well and which are in need of further development and review. Use this mock exam as a learning tool in preparing for the actual exam. Please note: • Come to the PASS session with your mock exam complete. There, you can work with other students to review your work. • Often, there is not enough time to review the entire exam in the PASS session. Decide which questions you most want to review – the Facilitator may ask students to vote on which questions they want to discuss. • Facilitators do not bring copies of the mock exam to the session. Please print out and complete the exam before you attend. • Facilitators do not produce or distribute an answer key for mock exams. Facilitators help students to work together to compare and assess the answers they have. If you are not able to attend the PASS session, you can work alone or with others in the class. Good Luck writing the Mock Midterm!! DISCLAIMER: PASS handouts are designed as a study aid only for use in PASS workshops. Handouts may contain errors, intentional or otherwise. It is up to the student to verify the information contained within. PLEASE NOTE: THIS HANDOUT IS NOT TO BE DISTRIBUTED. Part A: Multiple Choice 1. Suppose a nation is currently producing at a point inside its production possibilities frontier. a. The nation is producing beyond its capacity, and inflation will occur. b. The nation is not using all available resources or has inefficiencies. c. The nation is producing an efficient combination of goods. d. There will be a large opportunity cost if the nation tries to increase production. 2. When her income increased from $10 000 to $20 000, Heather’s consumption of macaroni decreased from 10 pounds to 5 pounds and her consumption of soy burgers increased from 2 pounds to 4 pounds. What can we conclude for Heather? a. Macaroni and soy burgers are both normal goods with income elasticities equal to 1. b. Macaroni is an inferior good and soy burgers are normal goods; both have income elasticities of 1. c. Macaroni is an inferior good with an income elasticity of -1 and soy burgers are normal goods with an income elasticity of 1. d. Macaroni and soy burgers are both inferior goods with income elasticities equal to -1. 3. Refer to the Figure above. If the government imposes a binding price floor of $14.00 in this market, what is the result? a. A surplus of 20 units b. A shortage of 30 units c. A surplus of 40 units d. A shortage of 40 units 4. What are uncongested roads a good example of? a. A public good b. A private good c. A common resource d. A good produced by a natural monopoly 5. A competitive market is in long-run equilibrium. If demand decreases, what can we be certain will happen to price? a. Price will fall in the short run. All firms will shut down and some of them will exit the industry. Price will then rise. b. Price will fall in the short run. No firms will shut down, but some of them will exit the industry. Price will then rise. c. Price will fall in the short run. All, some, or no firms will shut down, and some of them will exit the industry. Price will then rise. d. Price will not fall in the short run because firms will exit to maintain the price. 6. Since a firm in a monopolistically competitive market faces a a. downward-sloping demand curve, it will always operate with excess capacity b. downward-sloping demand curve, it will always operate at efficient scale c. perfectly elastic demand curve, it will always operate with excess capacity d. perfectly inelastic demand curve, it will always operate at efficient scale e. perfectly elastic demand curve, it will always operate at efficient scale 7. Which tax system requires higher income taxpayers to pay a higher percentage of their income in taxes? a. Progressive b. Proportional c. Regressive d. Percentage 8. In the market for labour, which of the following represents the demand curve? a. MPL b. VMPL c. MR d. None of the above 9. Oligopolies can end up looking like competitive markets if the number and behaviour of firms is which of the following? a. Large and cooperative b. Large and noncooperative c. Small and cooperative d. Small and noncooperative Figure 1 10. Refer to the figure above. The movement from D to D 1ould be caused by a. An increase in price b. A decrease in the price of a complement c. An increase in technology d. A decrease in the price of a substitute 11. There are very few, if any, good substitutes for motor oil. Therefore, a. The supply of motor oil would tend to be price elastic. b. The demand for motor oil would tend to be price elastic. c. The demand for motor oil would tend to be price inelastic. d. The demand for motor oil would tend to be income elastic. Country A B # of shirts made in 100 hours 70 50 # of pants made in 100 hours 100
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