The University of Hong Kong ECON 1210 Midterm Exam Solution 2019-2020

This document contains the complete answer key for the ECON 1210 Introductory Microeconomics Midterm Exam from the University of Hong Kong, covering the 2019-2020 academic year. The exam, administered on April 5, 2020, included multiple-choice and short-answer questions designed to be completed within a 60-minute time frame. The solution provides detailed answers to all questions, including numerical calculations and multiple-choice selections. The exam covers core microeconomic concepts, and the answer key provides a valuable resource for students studying introductory microeconomics. The exam was open book, but students were expected to complete it independently. This solution provides a comprehensive guide to the expected answers, offering students a valuable tool for self-assessment and exam preparation.

THE UNIVERSITY OF HONG KONG
Faculty of Business & Economics
2019 - 2020 2nd Semester Midterm Exam
ECON 1210 (H, I, J and K)
Introductory Microeconomics
Sub-class H & I: Dr K F Wong
Sub-class J & K: Dr John Klopfer
>>>> Answer Book <<<<
April 5, 2020 15:00-16:00
Read the following instructions carefully!
We expect students to finish all multiple choice and short questions in 60 minutes, i.e., slightly
more than one minute per question. Try not to allocate more than 2 minutes on any single
question. Please also try to work on the apparently easier questions first. This strategy should
help you lower the risk of losing a lot of marks by getting stuck in one or two of the more
difficult questions.
Please write your answer in THIS FILE. To avoid losing your work, remember to save your
work constantly. When you are done, please save this file as PDF format.
Upload your PDF file to our moodle exam page as soon as possible.
SCORING: One point for correct answer(s) in each question.
 For multiple choice questions, points will be deducted for wrong answers depending
on the number of choices given in the question. When there are n choices, 1/n point
will be deducted for wrong answer. For example, when there are 5 choices, 1/5 (i.e.,
0.2) point will be deducted for wrong answer.
 For short-answer questions, one point is awarded if all answers within the question are
correct, zero otherwise.
NO CHEATING PLEASE!! This is an open book test. But, you should not be working in a
group or consulting any human during the test. To prevent cheating, each student is given a
unique version of the test.
Answer 01: make sure you write down your University Student ID number.

Answer01: 3035482623 University Student ID No.
Answer02A: 6.11 (Correct to 2 decimal places, and
no units, please.)
Answer02B: 37.17 (Correct to 2 decimal places, and
no units, please.)
Answer03A: 173.62 (Correct to 2 decimal places, and
no units, please.)
Answer03B: 94.89 (Correct to 2 decimal places, and
no units, please.)
Answer04A: 142 (Integer, and no units, please)
Answer04B: 132 (Integer, and no units, please)
Answer04C: 158 (Integer, and no units, please)
Answer05: 9000.00 (Correct to 2 decimal places, and
no units, please.)
Answer06: 430.00 (Correct to 2 decimal places, and
no units, please.)
Answer07: 260.00 (Correct to 2 decimal places, and
no units, please.)
Answer08: 285.00
150.00
(Correct to 2 decimal places, and
no units, please.)
Answer09: 14.00 (Correct to 2 decimal places, and
no units, please.)
Answer10: 0 (Correct to 2 decimal places, and
no units, please.)

Answer11: 5 (Correct to 2 decimal places, and
no units, please.)
Answer12: 391.50 (Correct to 2 decimal places, and
no units, please.)
Answer13A: 2.2 (Correct to 2 decimal places, and
no units, please.)
Answer13B: 2.9 (Correct to 2 decimal places, and
no units, please.)
Answer14: C (In UPPERCASE letters, please.)
Answer15A: 6.00 (Correct to 2 decimal places, and
no units, please.)
Answer15B: 0.17 (Correct to 2 decimal places, and
no units, please.)
Answer16A: 0.54 (Correct to 2 decimal places, and
no units, please.)
Answer16B: 135.00 (Correct to 2 decimal places, and
no units, please.)
Answer17: 75.38 (Correct to 2 decimal places, and
no units, please.)
Answer18: 2385.00 (Correct to 2 decimal places, and
no units, please.)
Answer19: 1434421.96 (Correct to 2 decimal places, and
no units, please.)
Answer20: A (In UPPERCASE letters, please.)

Answer21: C (In UPPERCASE letters, please.)
Answer22: 10.67 (Correct to 2 decimal places, and
no units, please.)
Answer23: -1.50 (Correct to 2 decimal places, and
no units, please.)
Answer24: 2.67 (Correct to 2 decimal places, and
no units, please.)
Answer25: A (In UPPERCASE letters, please.)
Answer26: 1.25 (Correct to 2 decimal places, and
no units, please.)
Answer27: 10.00 (Correct to 2 decimal places, and
no units, please.)
Answer28: 100.00 (Correct to 2 decimal places, and
no units, please.)
Answer29A: 5.45 (Correct to 2 decimal places, and
no units, please.)
Answer29B: 4.37 (Correct to 2 decimal places, and
no units, please.)
Answer30A: 4.16 (Correct to 2 decimal places, and
no units, please.)
Answer30B: 162.24 (Correct to 2 decimal places, and
no units, please.)

Answer31: 10.24 (Correct to 2 decimal places, and
no units, please.)
Answer32: C (In UPPERCASE letters, please.)
Answer33A: G6 (In UPPERCASE letters, please.)
Answer33B: G1 (In UPPERCASE letters, please.)
Answer33C: G4 (In UPPERCASE letters, please.)
Answer33D: R3 (In UPPERCASE letters, please.)
Answer34: 50 (Correct to 2 decimal places, and
no units, please.)
Answer35: 10 (Correct to 2 decimal places, and
no units, please.)
Answer36: B (In UPPERCASE letters, please.)
Answer37: E (In UPPERCASE letters, please.)
Answer38: 90.00 (Correct to 2 decimal places, and
no units, please.)
Answer39: C (In UPPERCASE letters, please.)
Answer40: 9700.00 (Correct to 2 decimal places, and
no units, please.)

Answer41: E (In UPPERCASE letters, please.)
Answer42A: 6.00% (Correct to 2 decimal places, and
no units, please.)
Answer42B: 2% (Correct to 2 decimal places, and
no units, please.)
Answer43: D (In UPPERCASE letters, please.)
Answer44: B (In UPPERCASE letters, please.)