Documente Academic
Documente Profesional
Documente Cultură
Final Exam
Version 03
Signature____________________________________
EC101 DD/EE Final Exam F14
INSTRUCTIONS (***Read Carefully***):
ON YOUR QUESTION BOOKLET:
Fill in your name, Student ID, Discussion Section Number (e.g. D5) and your signature.
ON YOUR SCANTRON:
Enter the Course Number (EC101 DD or EE) and date on the lines at the top-left. In the boxes below
that, enter your Student ID, your DISCUSSION SECTION number (D1 - D9, E0 - E9), your NAME
and your EXAM VERSION into the Scantron computer sheet. Be sure that you bubble all entries.
I will subtract up to 5 points as punishment for errors in these data!
DURING THE EXAM:
Students who wish to leave the room for any reason must leave the Question Booklet and Scantron
sheet with the instructor or teaching fellow. Students in EC101DD MUST turn in both the Question
Booklet and the Scantron sheet at the end of the exam and exit from the front of the room. Students in
EC101EE should keep their Question Booklet and turn in only their Scantrons. All students must
show their BU Student IDs as they leave the exam room.
MULTIPLE-CHOICE QUESTIONS:
Choose the BEST answer for each of the multiple-choice questions. (Only ONE answer is allowed,
even when more than one of the answers is technically correct.) On the Question Booklet, CIRCLE
the letter that you chose, and then BUBBLE it on the Scantron sheet.
Never cross out an answer on your Scantron. Use a pencil to bubble your answers, and keep a good
eraser with you. If you bubble the wrong answer on the Scantron, erase your mark COMPLETELY,
and then bubble the correct answer.
***YOU MAY NOT USE A CALCULATOR, CELL PHONE OR LAPTOP.
***However, INTERNATIONAL STUDENTS may use electronic translators or dictionaries.
You have 2 hours (120 minutes) to complete 60 questions. Good luck!
p.1 v. 03
p. 2 v. 03
p. 3 v. 03
p. 4 v. 03
p. 5 v. 03
43. Suppose the data show that people who drink wine are
more likely to get cancer than other people. Then it
would be correct to conclude that
a. chemicals in wine cause cancer.
b. most cancer patients were wine drinkers.
c. avoiding wine would reduce the chance of
getting cancer.
d. NONE of the above
44. See Figure QMC. Each firm will remain open in the
short run
a. only if the price is at least $6.
b. at any price greater than zero.
c. only if the MC is less than $6.
d. only if the AVC is at least $6.
45. See Figure QMC. Each firm has a fixed cost of
approximately
a. 0.
b. $6.
c. $9.
d. MORE information is needed.
46. See Figure QMC. In long-run equilibrium, each firm
will
a. produce 3 units.
b. set AVC equal to ATC.
c. shut down.
d. continue to expand.
47. Which of the following is not a determinant of
demand?
a. the price of an input used to produce the good
b. the price of a complementary good
c. the price of a substitute good
d. the expected price of the good next month
49. See Figure MCP. For the short run, the monopolistic
competitor will produce ____ units and charge ____.
a. 9; $5.50
b. 0; $10.00
c. 5; $7.50
d. 6.67; $6.67
50. See Figure MCP. The firms profits are
approximately
a. $16.00.
b. $4.50.
c. $50.00.
d. 0.
51. See Figure MCP. In the long run, this firm will
a. shut down.
b. produce at the same level as now.
c. decrease its output.
d. increase its output.
52. The price elasticity of demand for widgets is 2. At a
price of $10, a store sells 200 widgets per month. The
store owner decides that she wants to sell 260 widgets
per month. What price should she set?
a. $9.50
b. $4.20
c. $7.00
d. $8.50
p. 6 v. 03
Argentina
Brazil
Required Resources
Train
Plane
2
3
1
2
p. 7 v. 03