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# 1000 Econ 2200 Midterm Exam - Page 2 of 12 Multiple Choice Questions 1. Scarcity is...

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1000 Econ 2200 Midterm Exam - Page 2 of 12 Multiple Choice Questions 1. Scarcity is a situation in which: (a) most people can get only bare necessities. (b) some people can get all they want and some cannot (c) people can satisfy all their wants. (d) people cannot satisfy all their wants. Refer to the information provided below to answer questions 2 and 3. In an hour, Sue can produce 80 caps or 4 jackets and Tessa can produce 40 caps or 4 jackets inckets). 2. Sue's opportunity cost of producing a car is (a) 10 (b) 20 (e) 0.1 (d) 0.05 jacket(s). 3. Tessa's opportunity cost of producing a cap is (a) 10 (b) 20 (c) 0.1 (d) 0.05 4. A surplus will occur if and (a) od > Q": market price the equilibrium price (b) Q' <Q' market price the equilibrium price (c) Q4 > Q': market price< the equilibrium price (d) Q' <Q : market price< the equilibrium price 5. In the Circular-Flow Diagram, firms are on the side of input (factors of produc- tion) markets and on the side of output (goods & services) markets. (a) supply: demand (b) demand; supply (c) demand: demand
(c) has unemployment. (d) must reduce the output of one good in order to produce more of 8. If a line passes (3, 2) and (-2, 3), so the slope-intercept form of the (a) y=-**+ (b) y = -1 +5 (c) y = -x + 1 (d) y = -5.0 + 17 9. Refer to the graphs below. Which one shows the impact of an incre assuming that the good in question is a normal good? AS BSS low D D uantity Quantity S' S Price D D Quantity Quantity (a) A (b) B P

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