Choose only ONE correct answer.
1. The table below shows the weekly demand for hamburger in a market where there are just three buyers. Refer to the table. If there were 200 buyers in the market, each with a demand schedule identical to John’s demand schedule in the table, then the weekly quantity of hamburger demanded in the market at a price of $4 would be:
A. 8,000 B. 2,000 C. 7,400 D. 4,000
2. Refer to the graph with three demand curves (line A, B and C) and some points (the quantity demanded) on them. A “decrease in demand” would be illustrated as a change from:
A. Point 1 to point 4 B. Point 1 to point 3
C. Line C to Line B D. Line A to Line C
3. Refer to the diagram. If actual production and consumption occur at Q2:
A. market efficiency is achieved at Q2.
B. an efficiency loss (or deadweight loss) of a + b + c + d occurs.
C. an efficiency loss (or deadweight loss) of a + c occurs.
D. an efficiency loss (or deadweight loss) of e + f occurs.
4. Refer to the same diagram as above. If actual production and consumption occur at Q3.
A. market efficiency is achieved at Q3.
B. an efficiency loss (or deadweight loss) of e + f occurs.
C. an efficiency loss (or deadweight loss) of a + b + c + d occurs.
D. an efficiency loss (or deadweight loss) of a + c occurs.
5. Pat gives up a $40,000 per year job to stay at home and take care of the house. By so doing, Pat saves $15,000 in child care and house cleaning services which he now performs himself. The direct effect on GDP from Pat’s decision is a decrease of ____?
A. $25,000 B. $30,000 C. $55,000 D. $40,000 E. $15,000
6. You hire some of your friends to help you move to a new house. You pay them a total of $200 and buy them dinner at Pizza Hut. Which of the following is true ____?
A. It is an illegal hiring and has no impact on GDP.
B. Neither the $200 nor the dinner should be counted in GDP, as they are household production.
C. The $200 should be counted as part of GDP but not the dinner at Pizza Hut.
D. The implication of the dinner at Pizza Hut on GDP is uncertain.
E. If your friend reports the $200 on his tax form, the $200 is a part of GDP.
7. A new technology is discovered that results in all new cars producing 50 percent less pollution. As a result of the technology, there is a reduction in the number of visits people make to the doctor to complain of breathing difficulties. Which of the following is true ____?
A. Nominal GDP increases to reflect the improvement in the health of the population.
B. Real GDP decreases to reflect the decrease in pollution.
C. Nominal GDP does not change and real GDP increases.
D. Real GDP decreases as a result of fewer doctor services being provided.
E. Real GDP is not affected.
8. Because of a sharp increase in the price of gasoline, the demand for Sports Utility vehicles (SUVs) has decreased. So, the high price of gasoline leads to a ____
A. leftward shift of the demand curve for SUVs and the supply curve of SUVs.
B. leftward shift of the demand curve for SUVs and no shift in the supply curve of SUVs.
C. leftward shift of the supply curve of SUVs and no shift in the demand curve for SUVs.
D. leftward shift of the demand curve for SUVs and a rightward shift of the supply curve of SUVs.
E. rightward shift of the supply curve of SUVs and no shift in the demand curve for SUVs.
9. Suppose the government imposes a small carbon tax on automakers, but the price of gasoline has doubled due to a Middle East crisis which has reduced oil production. In the market for autos, these changes mean that supply and demand have both changed. But the effect on the demand is larger than the effect on the supply. The result is that the price of autos will ____ and the number of autos sold will ____.
A. fall; decrease
B. rise; increase
C. fall; perhaps change but we are not sure.
D. rise; perhaps change but we are not sure.
10. In the post-World War II period, considerable growth in total production took place in the United States, but at the same time, businesses were dumping their waste into the Great Lakes with minimal cost to themselves, significantly polluting the bodies of water as a result. This occurrence is an example where ____
A. investment would have been a better measure of total production.
B. real GDP gives an overly positive view of economic welfare.
C. the pollution counts as a final good.
D. real GDP gives an overly negative view of economic welfare.
11. Black coffee (beans) and creamer are a pair of complements. Now use your knowledge of elasticity, their cross-price elasticity should be ____?
A. Negative B. Positive C. Undetermined D. Depends on normal or inferior goods
12. For a high-end handbag, which statement is NOT correct ____?
A. Its income elasticity > 1
B. Its income elasticity < 0
C. Its demand curve is more flexible in the short-term.
D. Its income elasticity should be higher than gasoline.
13. A bakery uses one equipment (oven), various materials (flour, oil and sugar etc.) plus bakers (labor force). Suppose the cost of the baking oven is $100 per day. In this December, there are four bakers were employed by this firms at the cost of $100 per baker per day. Total output is chocolate croissants. The material cost is $ 0.50 per piece (flour, oil and sugar etc.). Suppose the total output of this bakery is 1,000 croissants per day. Now try to figure out the average fixed cost (AFC) and average total cost (ATC) per croissant in this December ____.
A. AFC = $0.10 and ATC = $0.50
B. AFC = $0.60 and ATC = $0.50
C. AFC = $0.10 and ATC = $1.00
D. AFC = $0.60 and ATC = $1.00
14. Suppose a special discount makes the price of Nike air max shoes 10% lower. As result, there is a 20% increase in the quantity demanded for the shoes, which statement is correct ____?
A. The sneakers are price elastic, and the price elasticity = 0.5.
B. The sneakers are price inelastic, and the price elasticity = 0.5.
C. The sneakers are price elastic, and the price elasticity = 2.0.
D. The sneakers are price inelastic, and the price elasticity = 2.0.
15. For Richard, his utility function (U) for consuming a bundle of X (sandwich) and Y (Dr. Pepper), is . Now suppose, a Dr. Pepper gives him a constant utility at 9. X is the number of sandwich he eats. What is marginal utility of eating the 3rd sandwich for him ____?
A. 5 B. 14 C. 19 D. 38
16. The following graph shows a department store’s long-run average cost (LRAC) curve. The output per period is measured as total sales (for example M and N). The manager is considering a new business plan. Given the LRAC curve, which statement is NOT correct ____?
A. The store should expand business when sales reach N.
B. The store should increase sales in the interval (0, M).
C. The store is indifferent between expanding sales or not in (M, N).
D. The store should close some business when sales reach N.
17. Which statement about time horizon in economics is correct ____?
A. In the short-run, we have only variable inputs.
B. In the short-run, we usually mean the horizon is less than one year.
C. In the long-run, every input is variable.
D. In the long-run, producers are not able to exit the market freely.
18. Which of the following statement about Opportunity Cost is NOT correct ____?
A. It is also known as alternative cost.
B. For inputs, it is the second best what you could earn for alternative uses.
C. For an item – what you must give up in order to get it.
D. For producers, it is the sum of explicit costs and implicit costs.
19. Compare profit maximization of perfect competition and monopoly, which statement about marginal cost (MC), marginal revenue (MR), average revenue (AR) and market price (P) is correct ____?
A. Perfect competition: MC = MR < P. B. Monopoly: MC = MR > P = AR.
C. Perfect competition: MC < MR = P. D. Monopoly: MC = MR < P = AR.
20. What is NOT the reason for the rise of monopoly ____?
A. Patent, exclusive for 20 years or longer.
B. The upward sloping long-run average cost curve.
C. Control of essential resources, such as diamond mines.
D. The economics of scale, like Entergy network.
Part II. Short-answer Questions
Choose any five questions, Please make sure your answer is no more than 250 words in each question.
1. One unusual cold weather causes the supply of roses for Valentine’s Day 2019 much lower than the last year. This change would shift which curve, the demand curve for roses or the supply curve of roses? What direction the curve is going to move, to the left or to the right? What would be the change of the price of roses in the new equilibrium, going up or going down?
2. As an extension economist from USDA, you are going to answer the following questions from local farmers. What is the income elasticities of demand? Why the income elasticity of Restaurant Meals (1.40) is much higher than the income elasticity of Beef (0.62)? And why the income elasticity of Flour has become negative (-0.36) over time.
3. UPW-Classic is a new water filtration company. It makes faucet filtration systems. The CEO is wondering about their production costs. Why the marginal cost (MC) curve of their products has a “U” shape, e.g. it decreases initially and then increases? In the short-run, when the average variable cost (AVC) curve will be the lowest? As for the long-run AVC curve, how is it formed? Please make an intuitive explanation to these questions.
4. In Palm Springs, real estate marketing used to be highly competitive. There were hundreds of brokerage companies and independent agents. In such a competitive market, who sets the realtor commission rate? How much this commission rate should be? Suppose now the city passed a bill and tried to get rid of most brokerage companies. Finally, only one big real estate company got licensed. At this moment, how the new commission rate would be set?
5. Can you define a pair of substitutes in terms of their cross-price elasticity? And what about a pair of complements? What is the marginal rate of substitution (MRS) of two perfect substitutes? And what is the MRS of two perfect complements?
6. Nate has a budget for spending at this weekend. He is a big fan of both Pokémon GO (a video game) and Starbucks Java Chip Frappuccino. At consumer equilibrium, how Nate can maximize his utility between his favorite game and the drink? You can present your answer intuitively (explain), graphically (draw of graph) or mathematically (use equations).
7. A golf course manager is happy to see their business has been growing over a recent year. At the same time, he worries about the scale of their course could be too big to manage. What kinds of Economies of Scale and Diseconomies of Scale would occur in a golf course?
8. You are hired as an economist for the Ford Motor company. You are writing a short report for the sales people and explain what is the long-run price elasticity of demand and the short-run price elasticity. Now the question is, for a Ford Mustang, which elasticity is higher (in absolute value), the long-run price-demand elasticity or the short-run elasticity? And why? Please make your answer in an intuitive manner, try to use less economic jargon.
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