Instructions:1. Work on these sample questions and related homework questions. 70% – 80% of the questions will be the same but with different numbers, conditions (e.g., increase/decrease), and requirements (e.g., total amount/cost per unit).  2.  This is a closed-book exam. Only a two-page double-sided note sheet and calculator are allowed. Other electronic devices (e.g., mobile phones, tablets, and calculator on desktop) are not allowed.3.  Read each question carefully before working.4.  The practice exam consists of 20 multiple-choice questions in total. Each question has only one correct answer. The total point is zero and will not be counted toward your grade. 4 conceptual questions, each worth 5 points = 20 points16 computational questions, total = 80 points5.  The exam lasts 1 hour and 15 minutes. Budget your time and good luck!  

Find the area of the region bounded by the graphs of the following equations: .

Match the Economic Concept to its Significance in Monopoly Decision Making.

Can you access this equation sheet without any issues? [This is for 0 points so there is no right/wrong answer – just want to see if this will work for the second exam] Exam 2 Equation Sheet-2.pdf

Match the type of good with its unique defining characteristics and associated economic challenge.

Which of the following factors contribute to the private sector’s tendency to underinvest in research and development (R&D) relative to the needs of society?

Which of the following are the possible ways discussed in this course to address a negative externality like pollution?

What are three ways to address the tragedy of the commons?

A group of U.S. firms that secretly coordinate to reduce industry output and keep prices high, without signing a formal agreement, is engaging in:

A key benefit that monopolistic competition offers to society, which is generally absent in perfect competition, is: