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

Exam Information

Material Type:Exam
Class:ECON 2005 - Principles of Economics
University:Virginia Polytechnic Institute And State University
  • Congregation
  • Opportunity
  • Explanation
  • Complements
  • Increase in Demand
  • Substitutes
  • Law of Demand
  • The Law of Demand
  • Opportunity Cost
  • Cash Payment
Login / Sign Up to View Document
Preview Page 1Preview Page 2Preview Page 3Preview Page 4Preview Page 5Preview Page 6

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...

Related Documents

Congregation Exam
Congregation Exam
Bell Pepper Exam
Provided That Exam
Out of Pocket Costs Exam
Product Differentiation Notes
Competitive Market Structure Exam
Structural Unemployment Exam
Ceteris Paribus Exam
Inventory Changes Exam
Opportunity Exam
Opportunity Exam
World Price Exam
Expenditure Approach Exam
Income Approach Exam
Expenditure Approach Exam
155, "/var/app/current/tmp/"