ECON 1B03 Study Guide - Midterm Guide: Midpoint Method, Demand Curve, Marginal Utility

• School: McMaster University
• Department: Economics
• Course: ECON 1B03
• Professor: All

Document Summary

Please print your name (last name, first name, middle initial) and student number in the space provided at the top of each page. The test consists of 25 multiple choice (mc) questions and 1 short answer question. There is a total of 15 marks on the test. You have 50 minutes to complete the test. Only one answer is correct for the mc questions. Points are awarded if only the correct answer is circled. Answer the short answer question in the space provided below. No material, other than university approved calculators, is allowed. Multiple choice questions (1/2 marks each, total 12. 5 marks): the only producer of chocolate bunnies in the world, choco"s bunny company, recently expanded its production capacity from 1,000 bunnies per day to 2,000 per day. Which of the following is not an example of an explicit cost of her attending university: tuition, textbooks, the salary that she could have earned working full time, computer lab fees.