Past paper

SI

THE UNIVERSITY OF NEW SOUTH WALES
SCHOOL OF ECONOMICS
SESSION 2, 2009

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ECONllOl MICROECONOMICS I
FINAL EXAMINATION

TIME ALLOWED - 2 HOURS
THIS PAPER IS WORTH 50% OF THE TOTAL SUBJECT MARK
This examination paper consists of two parts - Part A and Part B
Part A consists of 30 multiple choice questions each worth one (1) mark.
Answer all the questions in Part A on the answer sheet provided, using pencil only:
(a) Print your student number, name and initials in the space provided and mark the appropriate boxes below your student number, name and initials.
(b) For each question, mark the appropriate response (a), (b), (c), or (d).

There is only one correct response to each question in Part A. There is no negative marking. Part B consists of two (2) essay-type questions, each worth TWENTY (20) marks.
Answer only ONE (1) question from Part B.

Answers to questions in Part B must be written in ink. Pencil may be used in answers to
Part B for drawing, sketching or graphical work only.
This question paper may be retained by the candidate.
Students may bring non programmable hand held calculators.
There are nine (9) pages in this paper

Page 1 of9

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PART A

This section is worth 30 marks
Mark your answer on the Answer Sheet provided

Question 1
In the competitive market model, the supply curve for a commodity will shift upwards to the left if:
(a) The productivity of inputs increases
Cb) The price of the commodity rises
(c) The number of producers increase
(d) The price of inputs increases
Question 2
In the competitive market model, the demand curve for a commodity will shift upwards to the right if:
(a) Income of consumers increase
Cb) The price ofa complement good rises
(c) The price ofa substitute good falls
(cl) The level of technology rises
Question 3
Veal and Beef are considered substitute goods for consumers. In a