Microeconomics Exam

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Fall 2012 Econ 201 Principles of Microeconomics Exam 1

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Part 1: Answer only ONE of the questions. Write a short answer, using complete sentences.

Part 2: Circle the correct response.

Part 3: Answer each question, and if appropriate show the math you did to arrive at the answer.

Part 1 Choose only ONE of these questions to explain (either a, b, or c).

A. Suppose your sister is a better cook than you are, but you can clean more quickly than your sister. If your sister did all the coking and you did all the cleaning, would your chores take you more or less time than if you divided each task evenly? Write a few sentences explaining this.

B. You were planning to spend Saturday working at your part-time job, but your friend asks you to go skiing. What is the true cost of going skiing? Now suppose you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? Write a few sentences explaining this.

Fall 2012 Econ 201 Microeconomics Exam 1

A Figure 2-1

1.Refer to Figure 2-1. Which arrow represents the flow of goods and services? a.| A|
b.| B|
c.| C|
d.| D|

2.Refer to Figure 2-1. Which arrow represents the flow of spending by households? a.| A|
b.| B|
c.| C|
d.| D|

3.Refer to Figure 2-1. Which arrow represents the flow of land, labor, and capital? a.| A|
b.| B|
c.| C|
d.| D|

4.Refer to Figure 2-1. Which arrow represents the flow of income payments? a.| A|
b.| B|
c.| C|
d.| D|

5.Refer to Figure 2-1. Julio buys a new pair of shoes at a shoe store. To which of the arrows does this transaction directly contribute? a.| A only|
b.| A and B|
c.| C only|
d.| C and D|

6.Refer to Figure 2-1. Enid completes her first week of employment working as a hairdresser at a salon. On Friday of that week, she receives her first paycheck. To which of the arrows does this transaction directly contribute? a.| B only|

b.| A and B|
c.| C only|
d.| C and D|

Fall 2012 Econ 201 Microeconomics Exam 1

Part 3: Suppose that in 24 hours, Kito can produce either 1) 3 baskets and 0 birdhouses, 2) 0 baskets and 12 birdhouses , or 3) some combination of both. In 24 hours Penda can produce either 1) 16 baskets and 0 birdhouses, 2) 0 baskets and 12 birdhouses, or some combination of both.

1. Graph the production possibilities frontier for baskets/birdhouses production of the two persons.

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