201 Sample Midterm1

Powerful Essays
Concordia University
Department of Economics
ECON 201
MIDTERM EXAMINATION AND ANSWERS

Part I. Multiple Choice Questions. Circle the best answers.

1. When a choice is made, we call the value of the best alternative choice the
a. Implicit choice.
b. Accounting cost.
c. Opportunity cost.
d. Apparent cost.
e. None of the above.

2. Which of the following statements is (are) normative?
a. If income increases, sales of luxury goods will fall.
b. When minimum wages are raised, unemployment rises.
c. As the price of compact discs falls, people will buy more of them.
d. All of the above.
e. None of the above.

3. Which of the following product classifications is likely to have a demand curve with the highest price elasticity?
a. Chevrolet Impala.
b. Automobiles.
c. Chevrolets.
d. Motorized vehicles.
e. Cannot be determined.

4. The supply of apples is determined by the size of orchards, the number of apple trees, and the quantity of apples per tree. The quantity of apples per tree depends on the weather and the amount of fertilizer and pesticides that farmers use. Given all these factors that affect supply, is the long-run supply for apples likely to become more elastic or more inelastic than the short-run supply?
a. The long-run supply for apples will be more inelastic.
b. The long-run supply for apples will be more elastic.
c. The elasticity of supply will be the same in the short and long run.
d. These factors do not affect elasticity.
e. The elasticity of the long-run supply is dependent on the shape of the demand curve.

5. Taxicab fares in Cleveland are subject to maximum price regulations set by the city government. Suppose that the local taxi companies petition the city council to raise the fares to generate higher revenues. A local citizen action group opposed to the fare increase claims that any increase in fares will actually lead to lower taxi revenues. Based on these views:
a. The taxi companies believe the demand for taxi rides is

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