ECON 1000 Study Guide - Final Guide: Scantron Corporation, Deadweight Loss, Natural Monopoly

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11 Dec 2012

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ECON 1000 Full Course Notes

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Sample final exam for fall econ1000 - lanfranco. These are the same instructions as for the exam you will take on december 16th. If you do not follow these instructions your exam will not be graded until mid-january. The purpose of this sample exam is to give you an idea of what the questions will look like. The content of your final might be different see the chapter guides on the website. I will not post the answers to these questions since there is always a chance that i will use one of them for your final exam. Instructions: you have three hours for this exam. Put your preliminary answers on this sheet and then transfer all of your answers to the bubble page scantron sheet. Use the white space on front and back of these exam pages to draw diagrams and do calculations to assist in arriving at your answers.

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Instructions: Choose the best answer for each question. Mark your answers on this exam and on your scantron sheet. You may not use any outside materials: calculators, smartphones, scratch paper, etc. There are 40 questions. 1. Suppose that an increase in the price of Widgets from $14 to $16 per Widget increases the quantity of Widgets supplied from 24 to 36 Widgets. Using the midpoint method, what is the elasticity of supply of Widgets? (a) 0.25 (b) 3 (c) 3.5 (d) 2.67

INTRODUCTION: The work you will do in this data exercise closely mirrors the work that is done by economists in understanding the state of our economy. While many more factors are normally included in this type of research, this exercise will give you just a taste of the type of analysis that goes into discernment of our economic situation. You should reserve a chunk of time for this work, as it may not be that easy to construct and analyze the data, but with efforts and a careful approach, most of you will be highly successful in doing so.

INSTRUCTIONS: Follow these instructions carefully and make sure to answer all FIVE of the requisite questions. You will be graded both on your answers to the questions as well as your data construction. See grading rubric for more information.

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Take a minute to think about the demand for college education and whether or not the costs of attending college (not just tuition, but also some of the opportunity costs associated with attendance) influence the number of students who attend college. Now tell me whether or not you think a college education is elastic or inelastic about the price, and back up your answer with an explanation as to why you believe what you do. There are no "right" or "wrong" answers to this, but I am interested in your thought process, and this will be graded solely on content.

AT LEAST two paragraphs, please.

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ECON 1000 Study Guide - Final Guide: Scantron Corporation, Deadweight Loss, Natural Monopoly

ECON 1000 Full Course Notes

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