Sample Final Econ 110

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Sample Final Econ 110

UNIVERSITY OF WISCONSIN - LA CROSSE NAME___________________________________
Department of Economics
Eco 110 - Microeconomics and Public Policy Donna Anderson, Ph.D.
Sample Final Exam: Note: Actual Final will be shorter SHOW YOUR WORK! ** points
1. Provide the best answer to the multiple choice questions on the scantron sheet
2. Answer the short answer questions on the test.
3. Your responses will be evaluated based on whether you answered the question and the quality of the response.
4. Each question is worth 1 point unless otherwise noted.
Formulas:

1. ED = %QD = Q2-Q1  P2-P1 %P Q2+Q1 P2+P1

2. Einc = %QD %Inc

3. Eab = %QDa %Pb

4. MC = ΔTC ΔQ

5. MR = ΔTR ΔQ

6. TR = P*Q

7. AVC = TVC Q

8. AFC = TFC Q

9. AR = TR/Q

10. ATC = TC/Q

11. MP = ΔTP ΔL

12. Area of Triangle = ½ bh
_______ 1. Which of the following statements best characterizes a basic difference between market economies and centrally-planned economies?
a.
Society relies more upon prices to allocate resources when the economy is centrally-planned than when it is market-based.
b.
The self-interest of households is reflected more fully in the outcome of a centrally-planned economy than in the outcome of a market economy.
c.
Government plays a larger role in the economic affairs of a market economy than in the economic affairs of a centrally-planned economy.
d.
None of the above are correct.

____ 2. A monopolistically competitive industry is characterized by

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