ECON 201 Fall Midterm 1 with solutions.docx
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ECON 201 Fall Midterm 1 with solutions.docx
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ECON201FallMidterm1withsolutions
ECON201:
IntroductiontoMacroeconomics
MidtermExam1:
AnswerPacket
October18,2010
NAME:
_________________________________
CircleyourTA’sname:
BrianMeysamTravisYaron
Circleyoursectiontime:
9a.m.4p.m.
Directions:
Thistestisintwoparts,amultiplechoicequestionpartandashort-answerpart.Usethisanswerpackettocompletetheexam.Calculatorsarepermitted.Books,notes,referencematerials,etc.areprohibited.Goodluck!
Part1:
ReferringtothequestionsintheMultipleChoiceQuestionsPacket,choosetheonealternativethatbestcompletesthestatementoranswersthequestion.Eachquestionisworthonepoint.Thereisnopenaltytoguessing,sobesuretoanswerallofthem.Writeyouranswersinthefollowingtableusingcapitalletters.
1
6
11
16
21
26
2
7
12
17
22
27
3
8
13
18
23
28
4
9
14
19
24
29
5
10
15
20
25
30
Part2:
Solvethefollowingfourproblemsinthespacesprovided.Showallyourwork!
PROBLEM1:
10points:
1pointperblank
Usethefollowinggraphstofillintheblanksforthefollowingquestions.
1.AssumetheUSAproduces200bushelsofcorn.Ofallthequantitiesofcarsitcouldproduce,whichquantityisefficient?
__________.
160
2.FortheUSA,whatistheopportunitycostofcornintermsofcars?
__________.ForJapan,whatistheopportunitycostofcornintermsofcars?
__________.Whohasthecomparativeadvantageintheproductionofcars?
_______________
0.4,2/3,Japan
3.AssumetheUSAisproducing100bushelsofcornand200cars,andJapanisproducing120bushelsofcornand220cars.IftheUSAgives50bushelstoJapaninexchangefor25cars,howmanybushelsofcornwillithave?
__________.Howmanycars?
__________.Wouldbothcountriesagreetothistrade?
__________.
50,225,Yes
4.NowassumetheUSAisproducing475bushelsofcornand50cars,andJapanisproducing300bushelsofcornand100cars.IftheUSAgives30bushelstoJapaninexchangefor10cars,howmanybushelsofcornwillithave?
__________.Howmanycars?
__________.Wouldbothcountriesagreetothistrade?
__________.
445,60,No
PROBLEM2:
2points:
1pointsperblank
Assumethatdemandandsupplyarelinear.Usethefollowingtabletodeterminethedemandandsupplyequations.
Price
QuantityDemanded
QuantitySupplied
10
150
0
50
145
100
1.ThedemandequationisP=______________________________.
P=1210-8Qd
2.ThesupplyequationisP=______________________________.
P=0.4Qs+10
PROBLEM3:
4points:
1pointperblank.
AssumethatdemandisgivenbyP=43–4Qd
AssumethatsupplyisgivenbyP=0.5Qs+7
Completethefollowingstatement.
1.Thefree-marketcompetitiveequilibriumisataquantityof__________,andapriceof__________.Inthissituation,consumersurplusis__________andproducersurplusis__________.
8,11,128,16
PROBLEM4:
14points:
1pointperblank
AssumethatdemandisgivenbyP=100–2Qd
AssumethatsupplyisgivenbyP=10+4Qs
Giventheseequations,thefree-marketcompetitiveequilibriumisatP=70andQ=15.Consumersurplusis225,producersurplusis450,andtotaleconomicsurplusis675.
Completethefollowingstatements.
1.Supposethatthegovernmentwantstolimitquantityboughtandsoldto10usingapricefloor.Todoso,thegovernmentshouldsetthepriceflooratapriceof__________.Inthissituation,consumersurplusis__________,producersurplusis__________,anddeadweightlossis__________.
80,100,500,75
2.Supposenowthatthegovernmentwantstoimposeaper-unittaxof48.Thenthequantityboughtandsoldwillbe__________.Totaltaxrevenueswillbe_________andproducersurpluswillbe__________.Deadweightlosswillbe__________.Producerswillpay__________ofthetaxoutof$48.Hint:
CompareyourPswiththeoriginalequilibriumpriceprovidedtoyouatthebeginning ofthisproblem.
7,336,98,192,32
3.Supposenowthatthegovernmentwantstoprovideaper-unitsubsidysuchthatquantityboughtandsoldwillbe20.Toachievethis,theper-unitsubsidyamountmustbe__________.Underthissubsidy,consumersurplusincreasesby_________,producersurplusincreasesby__________,andtotalgovernmentcostforprovidingsubsidyis__________.Therefore,thedeadweightlossis_________.Hint:
Youarebeingaskedtocalculatethechangeinconsumersurplusandproducersurplus,fromthestartingcaseofafree-marketcompetitiveequilibrium,whereCS=225andPS=450.
30,175,350,600,75
ECON201:
IntroductiontoMacroeconomics
Midterm1:
MultipleChoiceQuestionsPacket
October18,2010
NAME:
_________________________________
CircleyourTA’sname:
BrianMeysamTravisYaron
Circleyoursectiontime:
9a.m.4p.m.
1)Elviradecreasedherconsumptionofbananaswhenthepriceofpeanutbutterincreased.ForElvira,peanutbutterandbananasare
A)substitutesinconsumption.
B)bothinferiorgoods.
C)complementsinconsumption.
D)bothluxurygoods.
2)AsubsidyhasaDWLbecause
A)pricesarecontrolled
B)governmentspendingisinsufficienttocoverthelossofCSandPS
C)governmentspendingisgreaterthanthegainofCSandPS
D)apriceceilingisimposedasapartofthesubsidy
E)B)andD)
3)Itisnecessaryforalleconomicsystemstoprovidepeoplewithgoodsandservicesandalsorestrictthemfromgettingasmuchofthesegoodsandservicesastheywish,becausefailuretodothiscould________theefficiencyofthesystembyproducingsomegoodsandservicesthatare________.
A)reduce;notashighlyvaluedasothers
B)increase;notashighlyvaluedasothers
C)reduce;valuedmorethanothers
D)increase;valuedmorethanothers
4)If,inacompetitivemarket,marginalbenefitislessthanmarginalcost,
A)thenetbenefittoconsumersfromparticipatinginthemarketislessthanthenetbenefittoproducers.
B)thegovernment
mustforceproducerstoraisepricesinordertoachieveeconomicefficiency.
C)thequantitysoldisgreaterthantheequilibriumquantity.
D)thequantitysoldislessthantheequilibriumquantity.
5)Thegovernmentproposesataxonhalogenlightbulbs.Sellerswillbeartheentireburdenofthetaxifthe
A)supplycurveofhalogenbulbsishorizontal.
B)demandcurveforhalogenbulbsisvertical.
C)demandcurveforhalogenbulbsishorizontal.
D)demandcurveisdownwardslopingandthesupplycurveisupwardsloping.
6)Thetypeofmarketfailurewhichisnotcausedbygovernmentis
A)externalities
B)priceceilings
C)quotas
D)subsidies
E)C)andD)
7)AssumethatboththedemandcurveandthesupplycurveforMP3playersshifttotherightbutthedemandcurveshiftsmorethanthesupplycurve.Asaresult
A)boththeequilibriumpriceandquantityofMP3playerswillincrease.
B)theequilibriumpriceofMP3playerswillincrease;theequilibriumquantitymayincreaseordecrease.
C)theequilibriumpriceofMP3playersmayincreaseordecrease;theequilibriumquantitywillincrease.
D)theequilibriumpriceofMP3playerswilldecrease;theequilibriumquantitymayincreaseordecrease.
8)Voluntaryexchangebetweenbuyersandsellersgenerates________inamarketeconomy.
A)scarcity
B)allocativeefficiency
C)productiveefficiency
D)equity
E)liberty
9)Whenarecessionstrikes,whichofthefollowingdoesnotincrease?
A)applicantstobusinessschool
B)employmentoflawyers
C)unemploymentrate
D)applicantstolawschool
E)A)andD)
George
Jack
LawnsMowed
10
6
GardensCultivated
5
4
10)Refertothetableabove.Whichofthefollowingstatementsistrue?
A)Jackhasacomparativeadvantageinbothtasks.
B)Georgehasacomparativeadvantageinbothtasks.
C)JackhasacomparativeadvantageinlawnmowingandGeorgeingardencultivating.
D)JackhasacomparativeadvantageingardencultivatingandGeorgeinlawnmowing.
11)The________effectofapricechangereferstotheimpactofachangeinthepriceofagoodonaconsumer'spurchasingpower.
A)income
B)substitution
C)demographics
D)ceterisparibus
12)Economistsreasonthattheoptimaldecisionistocontinueanyactivityuptothepointwherethe
A)marginalbenefitiszero.
B)marginalbenefitisgreaterthanthemarginalcost.
C)marginalcostiszero.
D)marginalbenefitequalsthemarginalcost.
13)Thelecturechalkboarddiagramshowingthelossofconsumersurplusandthedeadweightlossforamonopolyindustryismostsimilartothetextbookdiagramfor
A)priceceilings
B)pricefloors
C)taxes
D)quotas
E)subsidies
14)________isdefinedasamarketoutcomeinwhichthemarginalbenefittoconsumersofthelastunitproducedisequaltothemarginalcostofproduction,andinwhichthesumofconsumersurplusandproducersurplusisatamaximum.
A)Economicefficiency
B)Consumerefficiency
C)Producerefficiency
D)Deadweightefficiency
15)Astudentcommentstohisroommatethattheonlywayhewillbeabletopasshisfinalexamsistonotsleepforthenextthreedays.Thisstatementsuggeststhat
A)studentsaremoreconcernedaboutgoodgradesthangoodhealth.
B)societyshouldvaluesleepmorehighlythangoodgrades.
C)thereisatrade-offbetweenstudyingandsleep.
D)societyshouldvaluegoodgradesmorehighlythansleepbecausestudentscancatchupontheirsleeponcefinalexamsareover.
16)WhenthePPFis___________,theOClinedrawnontheclassroomchalkboardis______________.
A)astraightline;downwardsloping
B)acurvedline;horizontal
C)acurvedline;upwardsloping
D)acurvedline;downwardsloping
E)A)andC)
17)Whichofthefollowingismotivatedbyanequity
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