ECON 1000 Exam Solutions Fall 2018: Marginal Cost, Scantron Corporation, Opportunity Cost
SUMMER 2015
YORK UNIVERSITY
FACULTY OF LIBERAL ARTS AND PROFESSIONAL STUDIES – DEPARTMENT OF ECONOMICS
AP/ECON 1000.03 SECTION A
Introduction to Microeconomics
TEST #1 – Version A
INSTRUCTOR: Monday, June 8th, 2015
Gordana Colby 1 HOUR (11:30AM – 12:30PM)
NAME: _________________________________ _________________________________
LAST NAME FIRST NAME
STUDENT NUMBER: _______________________________________
SIGNATURE: _______________________________________
INSTRUCTIONS:
• Make sure to print your NAME, STUDENT NUMBER and SIGN the sheet above. Write your
name and student number at the top left of each page.
• Please fill in your answer to each question on the question paper in the space provided and
on the scantron sheet.
• You must use a pencil to fill in the scantron sheets.
• Basic scientific calculators are allowed.
• You have 1 hour to answer all questions. All questions are multiple choice format.
• For multiple choice answers, no work needs to be shown. The full marks will be granted if the
best answer is circled and zero otherwise.
• Good luck!
Econ 1000A - S1 2015 - Test 1 - Version A
N
ame___________________________________
MULTIPLE
CHOICE.
Choose
the
one
alternative
that
best
completes
the
statement
or
answers
the
question.
1) Ted chooses to study for his economics exam instead of going to the concert. The concert he will
miss is Ted's ________ of studying for the exam.
A) discretionary cost
B
)
monetary cost
C
)
absolute cost
D) comparative cost
E
)
opportunity cost
1)
U
se
the
figure
below
to
answer
the
following
question.
Figure
2.1.6
2) Figure 2.1.6 shows the production possibilities frontier for a firm that produces pet food. Point A
is ________ and point B is ________. This PPF ________ illustrate scarcity because ________.
A) unattainable; attainable; does not; the firm can produce any quantity it wants if it is
willing to pay a high enough price
B
)
unattainable; attainable; does; because the firm cannot attain the points outside the
frontier
C
)
attainable; unattainable; does not; it is downward sloping
D) attainable; unattainable; does not; the firm can produce any quantity it wants if it is
willing to pay a high enough price
E
)
attainable; unattainable; does; the firm cannot produce points outside the frontier and as
the firm moves along the PPF, it cannot produce more dog biscuits without producing less
cat food
2)
Version A - 1
10
ECON 1000 Full Course Notes
Verified Note
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Document Summary
Faculty of liberal arts and professional studies department of economics. Test #1 version a: make sure to print your name, student number and sign the sheet above. All questions are multiple choice format: for multiple choice answers, no work needs to be shown. The full marks will be granted if the best answer is circled and zero otherwise: good luck! Econ 1000a - s1 2015 - test 1 - version a. Choose the one alternative that best completes the statement or answers the question: ted chooses to study for his economics exam instead of going to the concert. 1) miss is ted"s ________ of studying for the exam: discretionary cost, monetary cost, absolute cost, comparative cost, opportunity cost. Use the gure below to answer the following question. Figure 2. 1. 6: figure 2. 1. 6 shows the production possibilities frontier for a rm that produces pet food. 2) is ________ and point b is ________.
