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Econ 1021A - Finals December 2007.pdf

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Economics 1021A/B
Michael Parkin

Version 222THE UNIVERSITY OF WESTERN ONTARIOLONDON CANADAMichael Parkin ECONOMICS 020002004 December 9 2007MIDYEAR EXAMINATIONINSTRUCTIONS1 The examination begins at 1000 am and ends at 1200 pm2 Check that your examination paper contains 23 pages3 Use a BLACK PENCIL to complete your Scantron Form Check to ensure that the code on yourScantron sheet matches the code on the paperPrint your NAME and complete your SIGNATUREEnter your STUDENT NUMBEREnter your SECTION NUMBER which is either 002 or 0044 Please hand in Scantron Form only5 You may use a regular calculator but you may not use a programmable or graphing calculator6 Your cell phone must be switched off and left in your bag at the front of the exam roomNOTE QUESTIONS ARE PRINTED AT THE BACK OF EACH PAGEEconomics 020002004 Mid Year ExaminationDecember 9 2007MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers thequestiont tf1 Which of the following is an example of a positive statementCOAA M r 41 f A Canada should cut back on its use of carbonbased fuels such as coal and oil B Increasing the minimum wage results in more unemploymentC The Central Bank of Canada ought to cut the interest rateD Canada should decrease the rate of unemploymentE Every Canadian should have equal access to health care2 If an economy produces two goods with increasing opportunity cost then the productionpossibilities frontier 4 will be bowed out and have a negative slopeB will be positively slopedp reflects the fact that available resources are equally useful hi all production activitiesD will be linear and have a negative slope 1 utsM E will be bowed out and have a positive slopej3 A technological advance is represented by T tjtwfQU11L point outside the production possibilities frontierUlW i Jltdmovement from a point inside the production possibilities frontier to a point on theproduction possibilities frontier KJC rf yinii mfisui iHf j1f C a rightward shift of the production possibilities frontierbtt ti pQtUUt rtllvtD a point inside the production possibilities frontierE a movement along the production possibilities frontier4 If A and 5 are complemenlsmproductipn and the price of A falls the supply of B will1 h lA decrease and the price of B will increase pi iVl1f Blncrease and the price of 5 will decrease p vJincrease or decrease depending on how close A and B are as complementsT idecrease and the price of B will decreaseI rjJBlncrease and the price of B will increaseBl
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