Past Exam for ECON 2005 - Principles of Economics with Hilmer at Virginia Tech (VT)

Exam Information

Material Type:Exam 1
Class:ECON 2005 - Principles of Economics
University:Virginia Polytechnic Institute And State University
Term:Fall 2004
  • Provided That
  • None of the Above
  • Information
  • Combination
  • Satisfaction
  • Change in Demand
  • Opportunity
  • Food Clothing
  • Consumption
  • Decrease in Demand
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Sample Document Text

Version A Midterm 1 Econ 2005: Principles of Microeconomics Virginia Tech, Fall, 2004 . MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1. The concept of opportunity cost is based on the principle of A) consumption. B) need. C) scarcity. D) profit. E) none of the above. Refer to the information provided in Figure 2.4 below to answer the questions that follow. Figure 2.4 2. According to Figure 2.4, which point cannot be obtained with the current state of technology? A) A B) B C)C D)E E) none of the above. 3. According to Figure 2.4, as the economy moves from Point A to Point D, the opportunity cost of cars, measured in terms of trucks, A) decreases. B) initially increases, then decreases. C) remains constant. D) increases. 1 Version A E) none of the above. Refer to the information provided in Table 2.1 below to answer thefollowing questions. Table 2.1 Matthey,( Andrew / , ... 1Q t:jt\ ('~~...

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