Sample Midterm for Microeconomics Essay Example
CONCORDIA UNIVERSITY Department of Economics
ECON 201
Instructor: Ivan Tchinkov
Exam duration: 60 min.
SAMPLE MIDTERM EXAMINATION WITH ANSWERS
Version 1 Instructions: 1. Write your answers on the IBM SHEET ONLY. 2. Use a PENCIL. 3. Put your NAME and ID on the IBM sheet. 4. Put the EXAM VERSION on the top right corner of the IBM sheet.
Multiple Choice Questions (2 marks each).
1. Which of the following statements is correct for a society that emphasizes the production of capital goods over consumer goods? A) The society could enjoy the same quantity of capital goods and a larger quantity of consumer goods in the future. B) The society would have to save more now than a society that did not emphasize the production of capital goods. C) The society will grow faster than a society that emphasizes the production of consumer goods. D) All of the above are correct.
2. The opportunity cost of attending college is likely to be highest for a high school graduate: A) who has access to student loans. B) whose family is extremely wealthy. C) who will attend a more expensive college. D) who started a successful business in high school.
3. Benny has one hour before bedtime and he can either watch TV or listen to his new Korn CD. He chooses to listen to the CD. The scarcity problem's influence on Benny is seen in: A) a the decision to listen to music. B) the decision not to watch TV. C) the fixed amount of time before bed. D) the decision to choose between TV and music.
4. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her baby-sitting job that pays $30. The cost of seeing the movie is therefore: A) $7. B) $30. C) $37. D) $37 minus the benefit of seeing the movie.
5. When considering
ECON 201
Instructor: Ivan Tchinkov
Exam duration: 60 min.
SAMPLE MIDTERM EXAMINATION WITH ANSWERS
Version 1 Instructions: 1. Write your answers on the IBM SHEET ONLY. 2. Use a PENCIL. 3. Put your NAME and ID on the IBM sheet. 4. Put the EXAM VERSION on the top right corner of the IBM sheet.
Multiple Choice Questions (2 marks each).
1. Which of the following statements is correct for a society that emphasizes the production of capital goods over consumer goods? A) The society could enjoy the same quantity of capital goods and a larger quantity of consumer goods in the future. B) The society would have to save more now than a society that did not emphasize the production of capital goods. C) The society will grow faster than a society that emphasizes the production of consumer goods. D) All of the above are correct.
2. The opportunity cost of attending college is likely to be highest for a high school graduate: A) who has access to student loans. B) whose family is extremely wealthy. C) who will attend a more expensive college. D) who started a successful business in high school.
3. Benny has one hour before bedtime and he can either watch TV or listen to his new Korn CD. He chooses to listen to the CD. The scarcity problem's influence on Benny is seen in: A) a the decision to listen to music. B) the decision not to watch TV. C) the fixed amount of time before bed. D) the decision to choose between TV and music.
4. Amy is thinking about going to the movies tonight. A ticket costs $7 and she will have to cancel her baby-sitting job that pays $30. The cost of seeing the movie is therefore: A) $7. B) $30. C) $37. D) $37 minus the benefit of seeing the movie.
5. When considering