ECON 111 Study Guide - Midterm Guide: Cream Pie, Price Controls, Pencil
Document Summary
On the answer sheet provided, print your name, the name and section number of the class, and the date. Using an hb pencil, code your nsid in the box so marked. Answer all questions by completely filling in the circle whose letter corresponds to that of the best option for each question. Write down form a on the right hand corner of the opscan sheet. Electronic devices (cell phones, blackberries, electronic dictionaries, etc. ) are. Not permitted during the exam, with the exception of a simple calculator, without memory or e-mail functions and a paper dictionary. Identify the choice that best completes the statement or answers the question. ___: which good would you expect to have the highest income elasticity of demand, water, diamonds, hamburgers, housing. ___: what is not a benefit from trade? the ability to specialize less competition lower prices, a greater variety of goods and services becoming available.
