California State University

In: Business and Management

Submitted By alibiane
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California State University, Fullerton Form C Economics 315 Department of Economics First Exam
Dr. Morteza Rahmatian Spring 2012

Name ____________________________________ CWID ________________________________

Part I: Multiple Choice Questions. Please choose the best possible answer. (3 points each)

1. Which of the following products should be sold face-to-face rather than by mass advertising? a. | A new brand of herbal cosmetics | b. | Breakfast cereals | c. | A pharmaceutical which can only be understood by doctors | d. | Health drinks |

2. An increase in the cost of lumbering activities will: a. | decrease the quantity of wood supplied to the furniture market. | b. | increase the quantity of wood supplied to the furniture market. | c. | increase the supply of wood to the furniture market. | d. | decrease the supply of wood to the furniture market. |

3. The lowest price Jacob will accept from Harold for a bushel of corn produced in his farm is $5. The transaction will go through if: a. | Jacob’s opportunity cost is equal to Harold’s. | b. | Harold’s valuation is less than Jacob’s. | c. | Jacob’s opportunity cost is greater than Harold’s. | d. | Harold’s valuation is greater than $5. |

4. The function of economic institutions is to: a. | define the environment in which we can trade. | b. | define the terms of trade between nations. | c. | determine how much an economy benefits from trade. | d. | determine the profit margin of producers. |

5. Which of the following statements is true regarding the opportunity cost of time? a. | Working professionals are more likely to frequent convenience stores. | b. | The opportunity cost of time for farmers and buyers participating in the farmers’ market is usually very high. | c. | Retired people are more likely to visit…...

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