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Final

201-final-Winter-2011-v1-answers.doc

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Department
Economics
Course
ECON 201
Professor
All Professors
Semester
Fall

Description
Concordia UniversityDepartment of EconomicsECON 201INTRODUCTION TO MICROECONOMICSWinter 2011COMMON 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 answers for the multiplechoice questions on the computer scansheet with a pencil 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 dictionary You may use either pen or pencil to provide your answers for Part IIGradesPart I Part II Total1Part I Multiple Choice Questions Write your answers on the computer sheet in PENCIL Total35 marks1It has been observed that university enrolment in Canada is higher during periods of high unemployment A possible explanation for this is thataduring periods of high unemployment professors teach betterbwhen prospects for getting a job are poor the opportunity cost of getting a job is lowercwhen prospects for getting a job are poor the opportunity cost of doing nothing is higherdduring periods of high unemployment tuition fees are reducedewhen prospects for getting a job are poor the opportunity cost of going to university is lowerThis production possibilities schedule shows how much cotton and cocoa can be produced in Peru and Brazil with one unit of equivalent resourcesTABLE 1 Cotton Cocoa Beans balesbushelsPeru 24Brazil162Refer to Table 1 Compared with Peru Brazil hasaan absolute but not a comparative advantage in the production of cocoa beansban absolute advantage in the production of cottoncan absolute and a comparative advantage in the production of cocoa beansda comparative but not absolute advantage in the production of cocoa beansean absolute and a comparative advantage in the production of cotton3Suppose that in June 2006 100 000 cell phones were sold at a price of 30 each And in June 2007 200 000 cell phones were sold at a price of 50 each One possible explanation for this is that from 2006 to 2007 thecurve shifted to the asupply rightbdemand leftcsupply or demand rightddemand rightesupply left4Which of the following statements would you expect to be true about the demand elasticities for cornflakes and food2
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