Midterm Exam #2 Econ 101, Section 2 - Iowa State University Department Of Economics, 2004
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12NAME: ___________________________________
STUDENT ID: _____________________
Midterm Exam #2
ECON 101, Section 2
summer 2004
Ying Gao
Instructions – Please read carefully!
1.
Print your name and student ID number at the top of this cover sheet.
2.
Check that your exam contains 46 multiple choice questions and 1 short answer question
3.
You will have one hour to complete the exam. You are responsible for keeping track of the time - pace
yourself wisely.
Multiple choice questions 1-46 ( 2 points each )
1．A market is considered imperfectly competitive whenever( d )
a.
the government intervenes to set a price floor
b.
the government intervenes to set a price ceiling
c.
supply and demand explain how prices are determined
d.
a single buyer or seller has the power to affect the price of the product
e.
supply and demand fail to establish an equilibrium
2. In a market system, prices are determined by( c )
a.
corporate executives
b.
government bureaucrats
c.
supply and demand
d.
total market demand
e.
production costs
3.According to the law of demand, ( c )
a.
there is a positive relationship between quantity demanded and price
b.
as the price rises, demand will shift to the left
c.
there is a negative relationship between quantity demanded and price
d.
as the price rises, demand will shift to the right
e.
as the price rises, consumers switch their purchases to substitute goods
4.Each point along the market demand curve shows( d )
a.
the quantity of the good that firms would be willing and able to supply at a specific price
b.
the relationship between the price of the good and total quantity demanded at a series of prices
c.
the opportunity cost of supplying a given quantity of goods to the market
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