A blog for CinciDood's (aka Atomic Kid, aka Jack Julian) microeconomics course at IUP. Refresh page to ensure you are reading the most current entries.

Wednesday, March 02, 2011

Answer key to sample problems for test 2

I think this key is correct. If you have any questions please email me or see if I'm online (AIM screen name: CinciDood):

1-A, 2-B, 3-B, 4-C, 5-B, 6-A,
7-A, 8-B, 9-D, 10-C,
11-D, 12-C, 13-C, 14-C, 15-B, 16-C,
17-A, 18-C, 19-B, 20-B, 21-A,
22-C, 23-C, 24-D, 25-A, 26-C, 27-D,
28-A, 29-C, 30-B, 31-A, 32-B, 33-E, 34-B,
35-A, 36-B, 37-C, 38-C, 39-E, 40-D,
41-B, 42-A, 43-B, 44-A, 45-A.

Although there were many questions on surpluses and shortages when prices were not at equilibrium, it is likely that fewer of those will be on the test. Expect a few more that deal with shifting of demand and supply curves and changes in equilibrium. (But remember, all of chapter 3 is fair game for the test!