ECON 401 Practice Exam- Herold
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School
University of New Hampshire *
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Course
401
Subject
Economics
Date
Jan 9, 2024
Type
Pages
7
Uploaded by JudgeLobster3875
University
of
New
Hampshire
Fall
2018
Marc
W.
Hero
Your
name:
September
18,
20
Economics
401.
First
exam
Instructions:
This
exam
covers
Krugman’s
modules
1-4,
lectures
class
handouts
and
required
readings.
Each
of
the
three
parts
in
this
exam
counts
equally
(16
points).
In
Part
il,
please
provide
your
calculations
as
we
do
grant
partial credit.
On
the
essay
question
(Part
111),
|
expect
you
to
write
in
good
English
{(appropriate
words,
sentences
and
punctuation)
which
will
be
part
of
your
grade.
So
please
re-read
what
you
wrote.
Part
1.
16
short
answers
(each
counts
for
1
point)
1.
The
cost
of
going
to
college
is:
A)
tuition
and
the
cost
of
housing.
B)
tuition,
the
cost
of
housing,
and
the
cost
of
books.
C)
tuition,
the
cost
of
housing,
the
cost
of
books,
and
forgone income.
D)
forgone
income
only.
&
Your
elderly
grandma
tells
you:
“I
haven't
been
taking
my
beloved
walks
because
I'm
’
concerned
about
falling
and
getting
hurt.
See,
there
is
always
a
cost
to
doing
something.
But
if
you
don't
do
anything,
then
there
is
no
cost.”
Your
grandma
does
not
understand
the
concept
of:
A)
scarcity
in
economics.
C)
opportunity
cost
in
economics.
B)
efficiency
in
economics.
D)
marginal
analysis
in
economics.
?),
When
someone
says
resources
are
scarce,
this
suggests
that:
A)
lower-income
individuals
must
be
especially
careful
about
the
choices
they
make.
B)
choices
need
to
be
made
in
order
to
utilize
resources
in
the
best
manner
possible.
C)
additional
resources
could
be
found
if
there
were
additional
funds
allocated
to
the
effort.
’
D)
we
can use
resources
for
whatever
purpose
we
choose.
Ll
If
an
economy
has
to
sacrifice
increasing
amounts
of
good
X
for
each
unit
of
good
Y
produced,
'
then
its
production
possibility
frontier
is:
A)
bowed
out
from
the
origin.
C)
astraight
line.
B)
bowed
in
toward
the
origin.
D)
avertical
line.
Technological
improvements
will:
A)
leave
the
production
possibility
frontier
unchanged.
B)
shift
the
production
possibility
frontier
inward.
C)
shift
the
production
possibility
frontier
outward.
D)
necessarily
lead
to
increased
unemployment.
The
U.S.
production
possibility
frontier
will
if
all
computers
using
Microsoft
operating
systems
contracted
a
virus
that
deleted
all
information
on
those
computers.
A)
shiftin
B)
shift
out
C)
not
change
D)
Cannot
be
determined
from
the
information
provided.
Abe
starts
exercising
regularly,
and
after
a
few
months
discovers
he
can
now
do
twice
as
much
of
everything—in
a
single
day
Abe
can
now
make
10
hamburgers
or
8
milkshakes,
rather
than
the
5
hamburgers
and
4
milkshakes
he
made
in
the
past.
We
now
know
that
Abe’s
production
possibility
frontier:
A)
has
shifted
right,
but
his
opportunity
costs
of
making
milkshakes
are
unchanged.
B)
has
shifted
right,
but
his
opportunity
costs
of
making
milkshakes
have
decreased.
C)
has
not
changed,
but
his
opportunity
costs
of
making
milkshakes
have
increased.
D)
has
not
changed,
but
his
opportunity
costs
of
making
milkshakes
have
decreased.
Economists
generally
believe
that
a
country
should
specialize
in
the
production
of
a
good
or
service
if:
A)
the
production
possibility
frontier
is
larger
than
that
of
any
other
country.
B)
the
production
possibility
frontier
is
smaller
than
that
of
any
other
country.
C)
the
country
can
produce
the
product
using
fewer
resources
than
any
other
country.
D)
the
country
can
produce
the
product
while
forgoing
fewer
alternative
products
than
any
other
country.
If
they
produce
only
hamburgers,
then
in
a
single
day
Sarah
can
produce
10
hamburgers
while
Abe
can
produce
5
hamburgers,
If
they
only
make
milkshakes,
then
in
a
single
day
Sarah
can
.
produce
10
milkshakes
while
Abe
can
produce
4
milkshakes.
We
then
know
that:
A)
Sarah
has
an
absolute
advantage
and
a
comparative
advantage
in
making
hamburgers.
B)
Sarah
has
an
absolute
advantage
and
a
comparative
advantage
in
making
milkshakes.
C)
Abe
has
an
absolute
advantage
and
a
comparative
advantage
in
making
hamburgers.
D)
Abe
has
an
absolute
advantage
and
a
comparative
advantage
in
making
milkshakes.
Suppose
oranges
and
clementines
are
considered
to
be
substitutes.
Holding
everything
else
constant,
if
the
price
of
oranges
increases,
then
the:
.
A)
demand
for
clementines
will
increase.
C)
demand
for
oranges
w%ll
increase.
B)
demand
for
clementines
will
decrease.
D)
demand
for
oranges
will
decrease.
H
.
A
good
is
inferior
ift
)
A)
when
income
increases,
the
demand
remains
unchanged.
B)
when
income
increases,
the
demand
decreases.
C)
when
income
increases,
the
demand
increases.
D)
income
and
the
demand
are
unrelated.
{a.
The
primary
difference
betwegn
a
change
in
demand
and
a
change
in
the
quantity
demanded
is:
A)
achange
in
demand
is
a
movement
alon,
i
i
g
the
demand
curve
and
a
chan,
demanded
is
a
shift
in
the
demand
curve.
ge
In
quently
B)
a
change.
in
quantity
demanded
is
a
movement
along
the
demand
curve
and
a
change
in
demand
is
a
shift
in
the
demand
curve.
C)
botha
change
in
quantity
demanded
and
a
change
in
demand
are
shifts
in
the
demand
curve,
only
in
different
directions.
D)
both
a
change
in
quantity
demanded
and
a
change
in
demand
are
movements
along
the
demand
curve,
only
in
different
directions.
4
short
questions.
Please
fill
in
the
answers.
13.
If
machinery
is
very
specialized
(meaning
it
can
only
be
used
to
manufacture
or
make
one
output),
how
will
this
affect
comparative
advantage
theory’s
predictions
{assuming
too
that
machinery
is
used
in
the
production
of
the
two
outputs
of
2
countries
we
are
looking
at?
14.
Why
was
the
vacuum
cleaner
jnnovated
in
the
United
States?
15.
What
would
most
likely
be
the
geographic
scope
of
the
market
for
chicken
eggs
and
why?
16.
A
society
is
described
as
follows:
people
spend
%
of
their
waking
hours
engaging
in
leisure
activities;
they
live
in
a
region
with
plenty
of
fruit,
vegetables
and
fish.
What
major
economic
characteristic
is
absent
there:
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Chapter 13 Homework
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In the following table, complete the marginal cost, average variable cost, and average total cost columns.
Quantity
(Vats of juice)
0
(Dollars)
Variable Cost Total Cost Marginal Cost
(Dollars)
(Dollars)
Average Variable Cost
(Dollars)
Average Total Cost
(Dollars)
0
30
8
38
2
18
48
3456
30
60
50
80
80
110
AAAAAA
120
150
A-Z
S
ccess
ccess
On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Eric's Juice Bar. (Note: Be sure to plot from left to
right and to plot between integers. For example, if the marginal cost of increasing production from 1 vat of…
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- /courses/137060/quizzes/485275/take/questions/12956024 k Dashboard Customer Portal - R... Dashboard | Labcor... Clinician SimonMed FLORIDA STA... D Question 3 20 pts In MLA format, how should the following parenthetical citation for the newspaper article, "Ways to Save for College," appear if the article does not have an author and you do not use a signal phrase? O (no author C4) O (anonymous, C4) O("Ways to Save" C4) O (newspaper C4) ◄ Previous Q Search Quiz saved at 10:30pm Next ▸ Submit Quiz a Harrow_forwardSelect one topic from the list below related to money and banking for the course. Once you have selected your research topic, review the materials in the text that can help you get started, and then begin conducting outside research using the online library, the internet, the Wall Street Journal websites, the Economist, and so forth. Your mini research paper should have the following. It should be approximately four to five pages (excluding reference and title pages). It should be written in APA format to include a title page, citations as appropriate, and a reference page at the end. APA format is double-spaced, indented paragraph format. These short papers do not require an abstract or running head. Topics (select one) What has been the impact of the 2007–2008 mortgage crisis on the money supply in the United States? What actions did the Federal Reserve take in response to the mortgage crisis?arrow_forwardSelect one topic from the list below related to money and banking for the course. Once you have selected your research topic, review the materials in the text that can help you get started, and then begin conducting outside research using the online library, the internet, the Wall Street Journal websites, the Economist, and so forth. Your mini research paper should have the following. It should be approximately four to five pages (excluding reference and title pages). It should be written in APA format to include a title page, citations as appropriate, and a reference page at the end. APA format is double-spaced, indented paragraph format. These short papers do not require an abstract or running head. Topics (select one) What are the effects of electronic transactions and banking on the industry or monetary policy? Have innovations created greater or less efficiency? What has been the role of the Federal Reserve?arrow_forward
- Select one topic from the list below related to money and banking for the course. Once you have selected your research topic, review the materials in the text that can help you get started, and then begin conducting outside research using the online library, the internet, the Wall Street Journal websites, the Economist, and so forth. Your mini research paper should have the following. It should be approximately four to five pages (excluding reference and title pages). It should be written in APA format to include a title page, citations as appropriate, and a reference page at the end. APA format is double-spaced, indented paragraph format. These short papers do not require an abstract or running head. Topics (select one) Explain the global market and banking connection. Are global markets regulated well? Discuss important risk considerations, including exchange risk concerns.arrow_forwardBecause some college majors pay nearly twice as much as others, why would students pursuing their rational self- interest choose a lower-paying major? This should be a short answer of 2 to 4 paragraphs. This should be typed.arrow_forwardRead over these resources for writing good introductions and conclusions. t, revise the introduction and conclusion using what you've learned. But remember--you may NOT use the internet to find information. Use your own experience and knowledge. For this,write a few sentences about how you used the resources to revise your draft. Introductions and Conclusions--LARC : https://www.grammarly.com/blog/start-an-essay/ Introductions from Grammarly : https://www.grammarly.com/blog/start-an-essay/ Conclusions from Grammarly : https://www.grammarly.com/blog/how-to-write-a-conclusion/?gclid=Cj0KCQjwkt6aBhDKARIsAAyeLJ23T6pYsFTrmPFi6_R-EKRAFxRNyoXR9RujMH573K3WFks_fwGChdAaAmOHEALw_wcB&gclsrc=aw.ds Working part-time at my local Dairy Queen has given me firsthand experience of the challenges associated with a $9 /hour wage. Despite putting in 36 hours (about 1 and a half days) weekly, the paycheck hovers around $250-$260, highlighting a stark economic reality. This scenario underscores the…arrow_forward
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