Past Exam for ECON 101 - PRIN MICROECONOMICS at Iowa State (ISU)

Exam Information

Material Type:Exam 3
University:Iowa State University
Term:Spring 2009
  • Income Inequality
  • Marginal Product
  • Optimum Level
  • Poverty Rate
  • Diseconomies of Scale
  • Constant Returns
  • Technological Advance
  • Opportunity
  • Average Variable Cost
  • Technological
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Sample Document Text

Name (Last, First) ________________________________ Orazem/Econ 101:Midterm 3A/Spring2009 Please list your last name and then your first name on both the exam and the bubble sheet. Use a pencil in filling out the bubble sheet. Please insert the bubble sheet in the exam and hand both in together in the manila folder with the first letter of your last name. Choose the option that best completes each statement. Each question is worth 2.3 points. 1. The present value of a future payment is _______ its future dollar amount. A) exactly the same as B) approximately the same as C) less than D) greater than 2. Amanda recently graduated from college and she has a job offer with uncertain income: there is a 70% probability that she will make $10,000 and a 30% probability that she will make $70,000. The expected value of Amanda's income is: A) $40,000. B) $21,000. C) $28,000. D) $10,000. 3. A fixed input is one: A) that exists in nature and there is only so much of it. B) that can be used for one thing only. C) ...

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