Midterm Exam of Economics WinterWord格式文档下载.docx
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Midterm Exam of Economics WinterWord格式文档下载.docx
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itwillhireworkersuptothepointwherethevalueofthemarginalproductoflaborisequaltotheproductprice.
itwillhireworkersuptothepointwherethevalueofthemarginalproductoflaborisequaltothewage.
3.Ifafirmfindsthatthewagerate(W)ishigherthanthemarginalrevenueproduct(MRP),thentomaximizeitsprofitthefirmshouldhire
a.nomoreorlesslabor,becauseprofitsaregreatestwhenW<
MRP.
b.lesslabor,whichwillincreasetheMRP.
c.morelabor,whichwilldecreasetheMRP.
d.morelabor,becausehiringmorelaborwillincreasebothWandMRPuntiltheyareequal.
4.Acompetitivefirmsellsitsoutputfor$30perunit.Themarginalproductofthe10thworkeris20unitsofoutputperday;
themarginalproductofthe11thworkeris16unitsofoutputperday.Thefirmpaysitsworkersawageof$150perday.
Forthe11thworker,thevalueofthemarginalproductoflaboris$120.
Forthe11thworker,thevalueofthemarginalproductoflaboris$480.
Forthe11thworker,thevalueofthemarginalproductoflaboris$600.
Forthe11thworker,thevalueofthemarginalproductoflaboris$2,400.
5.Whichofthefollowingstatementsiscorrect?
Anindividualworker'
slaborsupplycurve
canneverbebackwardsloping.
slopesbackwardifthatpersonrespondstoahigherwagebytakingfewerhoursofleisureperweek.
slopesbackwardifthatpersonrespondstoahigheropportunitycostofleisurebyworkingfewerhoursperweek.
slopesupwardifthatpersonworksthesamenumberofhoursperweek,regardlessoftheopportunitycostofleisure.
6.Supposethatthemarketforlaborisinitiallyinequilibrium.Anincreaseinimmigrationwillcause
theequilibriumwageandthequantityoflabortobothrise.
theequilibriumwageandthequantityoflabortobothfall.
theequilibriumwagetoriseandthequantityoflabortofall.
theequilibriumwagetofallandthequantityoflabortorise.
7.Considerthelabormarketforcomputerprogrammers.Becauseoftheboominthelate1990s,alotofworkerswenttoschooltolearnhowtowritecomputercodeforoneofthousandsofnewcompanies.However,whenthesecomputerprogrammingstudentsgraduated,thebusttookplace.Thebustdecreasedthevalueofthemarginalproductofcomputerprogrammers.Holdingallelseequal,whateffectdidthesetwocircumstanceshaveontheequilibriumwageinthelabormarketforcomputerprogrammers?
Theequilibriumwageincreased.
Theequilibriumwagedecreased.
Theequilibriumwagedidnotchange.
Itisnotpossibletodeterminewhathappenstotheequilibriumwage.
8.WhichofthefollowingeventswouldcauseGDPfor2007toincrease?
InFebruary2007,Amandasellsa1996HondaAccordtoIsabella.
InFebruary2007,AmandabuysatickettovisitazooinFlorida.ShevisitsthezooinApril2007.
InDecember2007,IsabellaeatsonionsthatsheharvestedfromherbackyardgardeninOctober2007.
9.AMinnesotafarmerbuysanewtractormadeinIowabyaGermancompany.Asaresult,
U.S.investmentandGDPincrease,butGermanGDPisunaffected.
U.S.investmentandGermanGDPincrease,butU.S.GDPisunaffected.
U.S.investment,U.S.GDP,andGermanGDPareunaffected,becausetractorsareintermediategoods.
U.S.investment,U.S.GDP,andGermanGDPallincrease.
10.TheU.S.governmentpaysaneconomistattheU.S.DepartmentofCommerce$50,000insalaryin2006.Theeconomistthenretires.In2007,thegovernmentpayshim$30,000inretirementbenefits.Whichofthefollowingiscorrect?
The2006paymentisincludedin2006GDPasgovernmentpurchases,andthe2007paymentisincludedin2007GDPasgovernmentpurchases.
The2006paymentisincludedin2006GDPasgovernmentpurchases,butthe2007paymentisnotincludedin2007GDP.
The2006paymentisincludedin2006GDPasgovernmentpurchases,andthe2007paymentisincludedin2007GDPasgovernmenttransferpayments.
The2006paymentisincludedin2006GDPasgovernmentpurchases,andthe2007paymentisallocatedtopreviousyears'
GDPaccordingtotheamountofworkperformedbytheeconomisteachyear.
11.IfaU.S.citizenbuysatelevisionmadeinKoreabyaKoreanfirm,then
U.S.netexportsdecreaseandU.S.GDPdecreases.
U.S.netexportsareunaffectedandU.S.GDPdecreases.
U.S.netexportsareunaffectedandU.S.GDPisunaffected.
U.S.netexportsdecreaseandU.S.GDPisunaffected.
12.ThetablebelowcontainsdataforthecountryofTogogo.Thebaseyearis1974.
Year
NominalGDP
GDPDeflator
1974
$2000
100
1975
$3000
120
1976
$3750
150
1977
$6000
200
Whichofthefollowingisnotcorrect?
Thiseconomyexperiencedgrowthfrom1974to1975.
Thiseconomyexperiencedgrowthfrom1975to1976.
Thiseconomyexperiencedgrowthfrom1976to1977.
Thiseconomyexperiencedinflationfrom1974to1975,from1975to1976,andfrom1976to1977.
13.ThelocalChevroletdealershiphasanincreaseininventoryof25carsin2003.In2004itsellsall25cars.
a.ThevalueofincreasedinventorywillbecountedaspartofGDPin2003,butthevalueofthecarssoldin2004willnotcauseGDPtoincrease.
b.Thevalueoftheincreasedinventorywillnotaffect2003GDP,butwillbeincludedin2004GDP.
c.Thevalueoftheincreasedinventorywillbecountedas2003GDPandthevalueofthecarssoldin2004willincrease2004GDP.
d.Noneoftheabovearecorrect.
14.SupposethatWisconsinproducescheeseandfish.In2002,20unitsofcheesearesoldat$5each,and8unitsoffisharesoldat$50each.In2001,thebaseyear,thepriceofcheesewas$10perunit,andthepriceoffishwas$75perunit.
a.Nominal2002GDPis$800,real2002GDPis$500,andtheGDPdeflatoris160.
b.Nominal2002GDPis$500,real2002GDPis$800,andtheGDPdeflatoris160.
c.Nominal2002GDPis$500,real2002GDPis$800,andtheGDPdeflatoris62.5.
d.Nominal2002GDPis$800,real2002GDPis$500,andtheGDPdeflatoris62.5.
15.TheCPIismorecommonlyusedasagaugeofinflationthantheGDPdeflatorisbecause
theCPIiseasiertomeasure.
theCPIiscalculatedmoreoftenthantheGDPdeflatoris.
theCPIbetterreflectsthegoodsandservicesboughtbyconsumers.
theGDPdeflatorcannotbeusedtogaugeinflation.
16.ThetablebelowpertainstoYackandsnack,aneconomyinwhichthetypicalconsumer’sbasketconsistsof2cellphonesand20hamsandwiches.
Priceofa
CellPhone
HamSandwich
2006
$50
$3
2007
$60
$4
2008
$55
$5
Ifthebaseyearis2006,thentheconsumerpriceindexwas
100in2006,125in2007,and131.25in2008.
100in2006,200in2007,and210in2008.
160in2006,125in2007,and131.25in2008.
160in2006,200in2007,and210in2008.
17.AdecreaseinthepriceoflargetractorsimportedintotheUnitedStatesfromRussia
leavestheGDPdeflatorunchangedbutdecreasestheconsumerpriceindex.
decreasestheGDPdeflatorbutleavestheconsumerpriceindexunchanged.
decreasesboththeGDPdeflatorandtheconsumerpriceindex.
leavesboththeGDPdeflatorandtheconsumerpriceindexunchanged.
18.In1931,PresidentHerbertHooverwaspaidasalaryof$75,000.Governmentstatisticsshowaconsumerpriceindexof15.2for1931and207for2007.PresidentHoover’s1931salarywasequivalenttoa2007salaryofabout
$5507.
$1,021,382.
$1,140,000.
$15,525,000.
19.Theconsumerpriceindexwas225in2006and234in2007.Thenominalinterestrateduringthisperiodwas6.5percent.Whatwastherealinterestrateduringthisperiod?
2.5percent
4.0percent
6.76percent
10.5percent
20.AninflationratecalculatedusingtheCPIshowstherateofchangeof
a.allprices.
b.thepricesofallfinalgoodsandservices.
c.thepricesofallconsumergoods.
d.thepricesofsomeconsumergoods.
21.Lauraboughtword-processingsoftwarein2005for$50.Laura'
stwinbrother,Laurence,buysanupgradeofthesamesoftwarein2006for$50.WhatproblemintheconstructionoftheCPIdoesthissituationbestrepresent?
a.substitutionbias
b.unmeasuredqualitychange
c.introductionofnewgoods
d.incomebias
22.SupposethatoverthelasttenyearsproductivitygrewfasterinOceaniathaninFreedoniaandthepopulationofbothcountrieswasunchanged.
ItfollowsthatrealGDPperpersonmustbehigherinOceaniathaninFreedonia.
ItfollowsthatrealGDPperpersongrewfasterinOceaniathaninFreedonia.
ItfollowsthatthestandardoflivingmustbehigherinOceaniathaninFreedonia.
23.Ifaneconomywithconstantreturnstoscaleweretodoubleitsphysicalcapitalstock,itsavailablenaturalresources,anditshumancapital,butleavethesizeofthelaborforcethesame,
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