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

Exam Information

Material Type:Exam 1
Professor:Staff
Class:ECON 2005 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Fall 2002
Keywords:
  • Bell Pepper
  • Economic Bad
  • Economic Good
  • Unitary Elasticity
  • Decrease Increase
  • Availability of Substitutes
  • Satisfaction
  • Circumstances
  • Opportunity
  • Decrease in Demand
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Sample Document Text

Econ 2005 Midterm 1 Total points: 25 Sep 25, 2002 Multiple choice: choose ONE alternative. Mark answer on answer sheet provided. Each correct answer is worth +1 points, each incorrect answer is worth O. 1. The owner of a local hot dog stand has estimated that if he lowers the price of hot dogs from $2.00 to $1.50, he will increase sales from 400 to 500 hot dogs per day. The demand for hot dogs is a. elastic. ~ inelastic. c. unitarily elastic. d. perfectly elastic. 2. Which of the following will NOT cause a shift in the demand curve for compact discs? a. A change b. A change c. A change d. A change in in in in income wealth the price the price of prerecorded cassette tapes of compact discs 3. As an individual consumes more of a product within a given period of time, it is likely that each additional unit consumed will yield a. successively less satisfaction. b. successively more satisfaction. c. the same amount of satisfaction. d. less satisfa...

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