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ECON 201

Concordia UniversityDepartment of EconomicsECON 201INTRODUCTION TO MICROECONOMICSWinter 2013COMMON FINAL EXAMINATION VERSION 1FIRST NAMELAST NAME STUDENT NUMBER Please read all instructions carefully1The exam consists of two parts iPart I 35 multiplechoice questions 35 marksiiPart II Choose 5 out of 6 long questions 65 marks2Write your name student ID and answers for the multiplechoice questions on the computer scansheet with a pencil Please also write the version of the exam on the computer scansheet For Part II write all your answers on this exam Do not use additional booklets 3You are allowed to use a nonprogrammable calculator and a paper dictionary provided that they are approved by the invigilators You may use either pen or pencil to provide your answers for Part II4You are not allowed to tear any pages out of this examGradesPart I Part II Total1Part I Multiple Choice Questions Write your answers on the computer sheet in PENCIL Total35 marks1Amy is thinking about going to the movies tonightA ticket costs 7 and she will have to cancel her babysitting job that pays 30The cost of seeing the movie is thereforea7b30c37d37 minus the benefit of seeing the movie2All the following conditions will cause an outward shift of the production possibilities frontier exceptaan improvement in the overall technology of productionbexisting factors of production become more productivecthe quantity of the factors of production increasesdpreviously unemployed factors of production are put back to workThis production possibilities schedule shows how many combines and tractorscan be produced in Canada and US with one unit of equivalent resourcesTable 1CombinesTractorsCanada44US263 Refer to Table 1 Without trade both countries divided their resources equally between the production of tractors and combines Suppose that each country specializes according to its comparative advantageCompared to the case without trade the production of tractors will increase by units and the production of combines will increase byunits due to the specialization and tradea11b12c21d224 Normative economics reflectasocietys lawsbeconomic analysis based on facts and evidencec empirical and significant economic observationsdvalue judgements5 Time series dataaare used very infrequently in economic analysisbmeasure different variables for different economic units at a point in timecmeasure a given variable for different economic units at a point in timedmeasure a variable or variables at different points in time6 If the nominal annual wage of a worker has increased from 30000 to 50000 during a five year interval and the consumer price index has risen from a value of 130 to 150 for the same period then the real wage increase of the worker is approximately a 0b 15c 44d 677 Assume that spinach is a normal good Assume further that medical research has proven that eating spinach will reduce the risks of cancer Due to economic recessiona there will be a leftward shift of the demand curveb there will be a rightward shift of the demand curvec the demand curve may remain the same or may shift to the right or may shift to the left d there will be lower price of spinach2
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