ECO 100

Fall 1999

MIDTERM EXAM

NAME (Please Print) _____________________________________

1. Use a graph to show the implications of a “binding” rent control law. Use a line segment to identify which group is made better off by the law. Use line segments to identify which groups are harmed by the law? Explain the benefit and harm.

2. Use a production possibilities curve to demonstrate the concept of opportunity cost.

3. What are the four factors of production and their returns:

4. Why was Andrew Chamberlain in class on November 1^st 1997?

5. Briefly summarize the Hayek Pilgrims Promise supplemental reading.