Past Exam for ECON 151 - Introduction to Economics at Colgate (CU)

Exam Information

Material Type:Exam 1
Class:ECON 151 - Introduction to Economics
University:Colgate University
Term:Fall 2006
  • Inexpensive
  • Law of Supply
  • The Law of Supply
  • Traditional
  • Opportunity
  • Cost of Production
  • The Law of Demand
  • Law of Demand
  • Increase in Supply
  • Average Fixed Cost
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Sample Document Text

Page 1 Name: _______________________ Economics 151, Introduction to Economics Midterm 1, Version 1 September 21, 2006 100 Points Possible Score: _________ Page 2 Multiple Choice. Select one answer for each question. (3 points each) 1 a) b) c) d) 2 a) b) c) d) 3 a) b) c) d) 4 a) b) c) d) 5 a) b) c) d) Economics is best defined as the study of: Money. Choices made by individuals in a world of scarcity. How consumers make purchasing decisions. Inflation, Unemployment, and Gross Domestic Product. An example of a resource that is NOT scarce includes: Money. Ocean water. Solar energy. None of the above. The production possibilities frontier does NOT shift when: The economy produces more of one good and less of the other good. The economy acquires more natural resources. There is a technological advancement in production. Natural disasters destroy roads and factories. Which of the following countries' PPFs will be the least bowed? (That is, which will look most like a straight line?) Country A, which produces l...

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