Exam (elaborations)
COMM295 Midterm Questions + Answer Key 2018
- Course
- Comm295 (COMM295)
- Institution
- University Of British Columbia (UBC )
COMM295 Midterm Questions + Answer Key 2018
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UBCManagerial Economics: Commerce/ FRE 295
October 25, 2018
Maximum Score: 100. Time Available: 2 hours.
Answer Key and Marking Guide;
The exam consists of:
Multiple Choice: 20 questions worth 2 pts each = 40 pts.
Fill-in-the-blanks: 12 blanks worth 2 pts each = 24 pts.
Numerical Answer: 4 questions worth 4 pts each = 16 pts.
Short Answer: 4 questions worth 5 pts each = 20 pts.
1
, PART I
Multiple Choice Questins
Instructions: Please choose the correct answer for each question. There are 20 multiple
choice questions worth 2 pts each, for a total of 40 pts.
1. Economic models
A. Are not very useful if they incorporate simplifying assumptions.
B. Cannot be tested if they are based on assumptions.
C. Allow managers to consider hypothetical situations.**
D. None of the above.
2. Consider the market for gasoline in Metro Vancouver as shown in the following
diagram. Gasoline is a normal good. Which of the following events might have caused
the demand curve to shift to the left (from D1 to D2)?
$
S
P1
P2
D2 D1
Q2 Q1 Q
A. An increase in the price of gasoline.
B. An increase in consumer incomes.
C. An increase in the price of hybrid cars (which use less gasoline than other cars).
D. A decrease in the price of rapid transit.**
3. Thomas Malthus described the law of diminishing marginal returns and predicted that,
as land is in fixed supply, increases in population would cause increasing
undernourishment. Yet, in the past seventy years, population has risen substantially
but undernourishment has fallen. The most important reason is
A. Increases in the amount of agricultural land.
B. Increasing returns to scale in agriculture.
C. Technological progress causing the production function Q(L) to shift up. **
D. All of the above.
2
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