ECON 1050 Study Guide - Midterm Guide: Opportunity Cost, Deadweight Loss, Social Cost
Document Summary
Turn off your cellphone and put away any food and study materials. Identify yourself (name and student number) on the computer. Use of a basic calculator is permitted. Use only an hb or soft pencil to completely darken the appropriate choice on the answer sheet. If you change an answer, be sure the answer is erased fully. Circle your answers on the exam if you wish to check your answers. There are 90 multiple choice questions, each worth 1 mark. once the answer key is posted. You have 2 hours to complete this exam. At the end of the examination, hand in the computer sheet and you can keep the exam. Do not begin until told to do so. The following table gives points on the production possibilities frontier for goods x and y. The marginal benefit curve shows the benefit firms receive by producing another. Marginal benefit increases as more and more of a good is consumed.