ECON 201 Fall Midterm 1 with solutions.docx

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ECON 201 Fall Midterm 1 with solutions.docx

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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