ECON 1010 Study Guide - Midterm Guide: Normal Good, Opportunity Cost, Takers

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16 Oct 2018
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You must use pen instead of pencil (5 multiple choice questions worth 2 marks each) This total marks in this test are 50. Part i - problem format - is worth 40 marks (80% of the total mark of 50) Part ii - multiple choice- is worth 10 marks (20% of the total mark of 50) Print your name and student number clearly on the front of the exam and on any loose pages. Principles of microeconomics: midterm test #1: sample #1 answers. Place your answers (and work where necessary) in the space provided. Part i: production possibilities curve (12 marks) Toronto, with only labour and capital as resources, has the following production possibilities for miles of roads and acres of parks. 0: 1 mark: roads intercept = 12,000. 1 mark: ppc curve is linear (must be obvious: i) 1 mark: no change in the parks intercept (whatever it is) 1 mark: ppc curve is still linear (must be obvious)