LOUISIANA STATE UNIVERSIT
Y
ECONOMICS 2030
SPRING 2012; EXАM 1
SIGNATURE: Kuneth Hile
NAME: Kenneth Hilse
LAB MEETING DAY: WEDNESDAY FRIDAY
LAB MEETING TIME:
11:40 1:40
LAB INSTRUCTOR:
LUCY НE XIANLIANG TIAN
VERSION C
INSTRUCTIONS
1. Read these instructions carefull
y and DO NOT TURN THIS PAGE unti
may begin the examination. l you are told that you
Fill in the information in the blan
it says "SIGNATURE" and prin k spaces above, signing your
name where
ting your name where it says "NAME.
meeting day, time, and lab instructor's " In addition, CIRCLE your lab
name.
2. The only materials you may use
on the exam are a
small scantron (Form no. 882-
pencil, an eraser, a highlighter,
and a
E). You may NOT use calculators,
or any other materiais. other electronic devices, scra
Please place all unusable item p paper,
s in a closable receptacle, clos
and place that under your seat. e the receptacie,
All electronic devices must be turn
ed off for the duration of the exam
.
3. On your scantron please prin
t the following information: Name,
Lab Section Number, and Test Lab Instructor's Name,
Version Letter.
4. Each question is worth 0.80
points. Each question has
choice clearly on your scantron only one correct answer: MARK your
. Any question on which a
considered incorrect. single answer is not marked clearly will be
5. To sit for the exam you must have
a valid LSU STUDENT
where it can be seen and leav ID card. Please place it on your
e it there for the duration of desk
the exam.
6. Once the instructor begins to dist
ribute the exam you may not talk
raise your hand. The questi
on will be answered by the inst . If you have a question,
ructor.
7. You have 50 minutes in whi
ch to complete the exam.
your exam and scantron When you are finished, please turn in
at your lab instructor's tabl
e. Whe n leaving the testing
quietly. room, please do so
8.
By signing this cover sheet you ack
the conditions enumerated in nowledge that you have read, unders
to
this list of instructions. Viol tood, and agreed
be treated as a violation of the ations of the exam instruct
Code of Student Conduct and deal ions will
Code. t with in accordance with the
, Use the following to answer questions 5-7:
Suppose Beth and Robin spend their days writing songs and baking cupcakes. Their
productivity at each activity is the following:
Output per Person per Day
Songs Cupcakes
200
200 マ
Beth 1 300
Robin 1/2 200
300
sbuos
opp cost
cupeakes
Beth 300cpeab 200 2200
300 songz
Robin
5. Robin's opportunity cost of writing one song is
100 cpeaker 400 2ongl
A) 1/400 cupcake.
E B) 1/100 cupcake.
C) 100 cupcakes.
D) 200 cupcakes.
400 cupcakes.
6. Suppose one day last week Beth wrote half a song and baked 150 cupcakes. Everything
A else held constant, Beth's production for that day was
A inefficient. 300
B efficient. Beth can either make upeаrer or make song per day.
1 son
7. Answer true or false to the following statement. If Beth specializes in baking cupcakes and
B Robin specializes in writing songs, mutually beneficial trade can occur.
A) Trùe.
B False.
8. "The wine tasting was a perfect way to celebrate the end of an eventful first week in Rome"
B is an example of a
A) positive
statement.
B normative
9. Suppose Tony, a rational painter, has a reservation price of $500 for his painting 'Banana
Head'. Suppose further that a potential client liked the painting and made him an offer that
Tony accepted. We know with certainty that the client's offer was $500.
C A) equal to
B) less than
greater than or equal to
D) less than or equal to
E) greater than
Version C Page 2
,
Y
ECONOMICS 2030
SPRING 2012; EXАM 1
SIGNATURE: Kuneth Hile
NAME: Kenneth Hilse
LAB MEETING DAY: WEDNESDAY FRIDAY
LAB MEETING TIME:
11:40 1:40
LAB INSTRUCTOR:
LUCY НE XIANLIANG TIAN
VERSION C
INSTRUCTIONS
1. Read these instructions carefull
y and DO NOT TURN THIS PAGE unti
may begin the examination. l you are told that you
Fill in the information in the blan
it says "SIGNATURE" and prin k spaces above, signing your
name where
ting your name where it says "NAME.
meeting day, time, and lab instructor's " In addition, CIRCLE your lab
name.
2. The only materials you may use
on the exam are a
small scantron (Form no. 882-
pencil, an eraser, a highlighter,
and a
E). You may NOT use calculators,
or any other materiais. other electronic devices, scra
Please place all unusable item p paper,
s in a closable receptacle, clos
and place that under your seat. e the receptacie,
All electronic devices must be turn
ed off for the duration of the exam
.
3. On your scantron please prin
t the following information: Name,
Lab Section Number, and Test Lab Instructor's Name,
Version Letter.
4. Each question is worth 0.80
points. Each question has
choice clearly on your scantron only one correct answer: MARK your
. Any question on which a
considered incorrect. single answer is not marked clearly will be
5. To sit for the exam you must have
a valid LSU STUDENT
where it can be seen and leav ID card. Please place it on your
e it there for the duration of desk
the exam.
6. Once the instructor begins to dist
ribute the exam you may not talk
raise your hand. The questi
on will be answered by the inst . If you have a question,
ructor.
7. You have 50 minutes in whi
ch to complete the exam.
your exam and scantron When you are finished, please turn in
at your lab instructor's tabl
e. Whe n leaving the testing
quietly. room, please do so
8.
By signing this cover sheet you ack
the conditions enumerated in nowledge that you have read, unders
to
this list of instructions. Viol tood, and agreed
be treated as a violation of the ations of the exam instruct
Code of Student Conduct and deal ions will
Code. t with in accordance with the
, Use the following to answer questions 5-7:
Suppose Beth and Robin spend their days writing songs and baking cupcakes. Their
productivity at each activity is the following:
Output per Person per Day
Songs Cupcakes
200
200 マ
Beth 1 300
Robin 1/2 200
300
sbuos
opp cost
cupeakes
Beth 300cpeab 200 2200
300 songz
Robin
5. Robin's opportunity cost of writing one song is
100 cpeaker 400 2ongl
A) 1/400 cupcake.
E B) 1/100 cupcake.
C) 100 cupcakes.
D) 200 cupcakes.
400 cupcakes.
6. Suppose one day last week Beth wrote half a song and baked 150 cupcakes. Everything
A else held constant, Beth's production for that day was
A inefficient. 300
B efficient. Beth can either make upeаrer or make song per day.
1 son
7. Answer true or false to the following statement. If Beth specializes in baking cupcakes and
B Robin specializes in writing songs, mutually beneficial trade can occur.
A) Trùe.
B False.
8. "The wine tasting was a perfect way to celebrate the end of an eventful first week in Rome"
B is an example of a
A) positive
statement.
B normative
9. Suppose Tony, a rational painter, has a reservation price of $500 for his painting 'Banana
Head'. Suppose further that a potential client liked the painting and made him an offer that
Tony accepted. We know with certainty that the client's offer was $500.
C A) equal to
B) less than
greater than or equal to
D) less than or equal to
E) greater than
Version C Page 2
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