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Economics:Midterm Exam (view source)

Revision as of 17:45, August 28, 2007

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Name: ________________________

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Economics Midterm exam. No books or notes allowed. Time allowed: 27 minutes.

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[[Economics]] Midterm exam. No books or notes allowed. Time allowed: 27 minutes.

Tip: if you cannot figure out a problem, then just move on to the next one. But answer every question at least up to your level, because no points are deducted for wrong answers.

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(e) demand is twice the supply

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4. Which of the following is a substitute for a hamburger:

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4. Which of the following is a [[substitute]] for a hamburger:

(a) a slice of cheese.

(b) a chicken sandwich.

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(e) set your output to zero and see what your costs are.

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17. An example of an ~~“inferior service”~~ is

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17. An example of an “[[inferior service]]” is

(a) golf lessons.

(b) legal services for people who go bankrupt.

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