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

Exam Information

Material Type:Exam
Professor:Staff
Class:ECON 2005 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Congregation
  • Opportunity
  • Explanation
  • Complements
  • Increase in Demand
  • Substitutes
  • Law of Demand
  • The Law of Demand
  • Opportunity Cost
  • Cash Payment
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Sample Document Text

Practice Test, Econ 2005 Answer keys (Answer with a "star" sign is the correct one) I. Chapter 1,2 1. In 1977 a Seventh Day Adventist congregation in Manhattan purchased a former synagogue for $400,000. Several years later the congregation decided to sell it because the maintenance costs were running $100,000 per year, too much for the congregation to pay. In 1982, a developer paid the congregation $2.4 million for the property. Based on this information, the cost to the congregation of continuing to use the building would have been: (a) $100,000 per year (b) $400,000 (c) $2.4 million plus the $100,000 per year maintenance costs. * (d) $2.4 million plus the $400,000 initial investment 2. Suppose you own a building and are considering operating a business out of that building. You narrow down your choices to opening either: a restaurant, a bike shop, or a bookstore. The restaurant has expected profits of $30,000/year, the bike shop has expected profits of $20,000/year, and the b...

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