Economics 103 Midterm #1: Spring 2019 LAST NAME: FIRST NAME:

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1 Economics 103 Midterm #1: Spring 2019 Instructions: 1. Fill in the information below. LAST NAME: FIRST NAME: STUDENT NUMBER: 2. On your answer sheet, (i) write your name, (ii) write and bubble in your student ID, and (iii) bubble in your Form Number. Your s is. Failure to bubble in your student ID and/or Form Number correctly will result in an automatic deduction of ONE point. 3. Do not read past this page until you are instructed to begin. 4. When given permission to begin the exam, provide an answer to each multiple choice question by shading the relevant bubble on your answer sheet. Make sure your question and answer numbers match up. Each question is worth 1 point. 5. If you have a question during the exam, raise your hand and wait for an invigilator to come to you. 6. You have 60 minutes. Use your time wisely. If you finish early and wish to leave, do so quietly and with courtesy to your classmates. 7. Once time is called by the invigilator, you MUST stop working on your exam. Students working past this point will have marks taken off for each minute extra they continue to work. Note that you must have completed your answer sheet before time is called. 8. Once time is called, you must remain seated until all exams have been collected by an invigilator, or until given other instructions. 9. Please hand in this booklet and your bubble sheet. Do not put the bubble sheet inside this booklet - keep them separate. Page 1! of 12!

2 Midterm 1 Unless told otherwise, assume throughout that demand is downward sloping and supply is upward sloping. 1. The diagram below illustrates the PPFs of two countries, that can produce beer and wine. Beer A Beer PPF2 PPF1 B Wine Wine Initially, there is no trade allowed between the two countries, and country 1 produces at point A and country 2 produces at point B. If trade is opened up between these two countries, which of the following WILL occur? I. Country 1 will export beer. II. Country 2 will produce more wine. III. Country 1 will produce less beer. a) I only. b) III only. c) II and III only. d) I, II, and III. 2. The area under the demand curve up to a given quantity measures: a) The producer surplus associated with that quantity. b) The consumer surplus associated with that quantity. c) The cost of producing that quantity. d) The benefits from consuming that quantity. Page 2! of 12!

3 3. Suppose that, at a given level of an economic activity marginal benefit is greater than marginal cost. Net benefits will increase if quantity increases for which of the following reasons? a) Total benefits increase by more than total costs increase. b) Total benefits increase and total costs decrease. c) Total costs decrease by more than total benefits decrease. 4. Consider the PPF drawn below. y PPF Which of the follow concepts is/are illustrated by this PPF? I. Scarcity. II. Increasing marginal costs. III. Constant marginal costs. a) II only. b) I only. c) I and III only. d) I and II only. x 5. Amrit decided that she wanted to learn how to play guitar. She purchased a guitar for $100 and then spent $250 in guitar lessons. Unfortunately, Amrit turned out to be a terrible guitar play, and so quit. She was able to sell her guitar for $50. What are Amrit s sunk costs associated with her failed attempt to become a guitarist? a) $100. b) $250. c) $300. d) $350. Page 3! of 12!

4 6. X and Y are complements. If the price of good Y increases, which of the following will occur in the market for good X? a) An increase in the demand for X. b) An increase in the quantity supplied of X. c) Both a) and b). d) Neither a) nor b). The following TWO questions refer to the supply and demand curve diagram below. $ D S Q 7. The equilibrium price in this market is equal to: a) $2 per unit. b) $3 per unit. c) $4 per unit. d) $5 per unit. 8. At the equilibrium price, what does producer surplus equal? a) $12. b) $24. c) $48. Page 4! of 12!

5 The following TWO questions refer to the supply and demand curve diagram below. $ 9 7 c f d a b g S D D1 Q 9. If demand increases from D1 to D2, which area represents the increase in PRODUCER SURPLUS? a) d + b. b) a + b. c) d + b + f. 10. If demand increases from D1 to D2, which area represents the increase in MARKET SURPLUS? a) d + b. b) a + b. c) d + b + f. Page 5! of 12!

6 ! The following TWO questions refer to the diagram below, which illustrates a demand curve. $ D Q 11. If the price is $5, what quantity will be demanded? a) 2. b) 4. c) 6. d) If the price falls from $10 to $5, then by how much does consumer surplus increase? a) $15. b) $20. c) $ Assume that the market for rice is perfectly competitive. Suppose the following two changes occur simultaneously. (i) The price of beans (a complement to rice) decreases, and (ii) a breakthrough in genetic engineering of rice seeds increases rice harvests by 20% worldwide. Which of the following will be the result of these changes? a) The equilibrium price of rice could either increase or decrease, but equilibrium quantity will definitely decrease. b) The equilibrium quantity of rice could either increase or decrease, but equilibrium price will definitely decrease. c) The equilibrium price of rice could either increase or decrease, but equilibrium quantity will definitely increase. d) The equilibrium quantity of rice could either increase or decrease, but equilibrium price will definitely increase. Page 6! of 12!

7 The following TWO questions refer to the table below, which shows William s marginal benefit per day from drinking coffee is given in the table below. This shows that he values the first coffee He drinks at $2.20, the second at $1.80, and so on. Marginal benefit Coffee $ $ $ $ If the price of coffee is $1.50, the optimal number of coffees that William should drink is: a) 1. b) 2. c) 3. d) Given William s optimal choice, his consumer surplus is equal to: a) $1.00. b) $2.00. c) $3.00. d) None of the the above. 16. An increase in the price of an complement to good X will result in: a) An increase in the marginal benefit of consuming X. b) An increase in the demand for good X. c) Both a) and b). d) Neither a) nor b). 17. Which of the following is TRUE, at the equilibrium in a competitive market? a) The marginal benefit to consumers equals the marginal cost for producers. b) The total benefit to consumers equals the total cost for producers. c) Both a) and b). d) Neither a) nor b). Page 7! of 12!

8 18. If the price of a good increases, then which of the following describes the change in CONSUMER behaviour? a) A decrease in quantity supplied. b) A decrease in quantity demanded. c) A decrease in supply. d) A decrease in demand. 19. Which of the following statements is TRUE? a) Consumer surplus is equal to the difference between the most a consumer is willing to pay and the amount she actually does pay for a good. b) Producer surplus is equal to the difference between what a seller was paid and the minimum amount the seller needed to be paid for a good. c) Both a) and b) are true. d) Neither a) nor b) are true. 20. Suppose that you have the following information about demand and supply: If price = $8, quantity demanded = 40. If price = $3, quantity demanded = 100. If price = $8, quantity supplied = 60. If price = $3, quantity supplied = 30. Which of the following statements about the equilibrium price of the good is TRUE? a) The equilibrium price will be less than $3. b) The equilibrium price will be greater than $3 and less than $8. c) The equilibrium price will be greater than $8. d) None of the above statements is true. 21. If orange juice and apple juice are viewed by all consumers as substitutes, then a decrease in the price of apples (an input to the production of apple juice) will result in: a) An increase in demand for apple juice. b) An increase the supply of orange juice. c) An increase in the price of orange juice. d) A decrease in the quantity supplied of orange juice. Page 8! of 12!

9 The following TWO questions refer to the PPF diagram drawn below, for two countries - A and B - producing two goods - x and y. y B PPF1 A C E PPF2 D x 22. Which of the following statements is/are TRUE? I. Country 1 has the absolute advantage in producing y. II. Country 1 has the comparative advantage in producing x. III. Country 2 has the comparative advantage in producing y. a) I only. b) II and III only. c) None of I, II, and III. d) I, II and III. 23. If the countries are free to trade, then which of the following production combinations is/are EFFICIENT? I. Country 1 produces at point C and country 2 produces at point D. II. Country 1 produces at point C and country 2 produces point at A. III. Country 1 produces at point B and country 2 produces at point E. a) II and III only. b) I and III only. c) III only. d) I, II and III. Page 9! of 12!

10 ! 24. Which of the following WILL shift the market demand curve for good X? I. A change in the cost of inputs used to produce good X. II. A change number of sellers of good X. III. A change in the price of good X. a) I only. b) II only. c) I, II, and III. d) None of I, II, or III. 25. The following diagram below illustrates the supply curve of a competitive firm. $ 4 S Q What is the minimum payment needed for this firm to be willing to supply 6 units of the good? a) $18. b) $9. c) $3. d) In order to answer this question, we need to know the price of the good. 26. Which of the following statements about opportunity costs is TRUE? a) The opportunity cost of a given action is equal to the explicit cost of that action. b) To calculate the opportunity cost of an action, we need to identify the next best alternative action. c) Both a) and b) are true. d) Neither a) nor b) are true. Page 10! of 12!

11 The following TWO questions refer the diagram below, which illustrates the PPFs for two producers, A and B, who are free to trade with each other. y PPFA 120 PPFB x 27. What is the marginal cost of producing good x for each producer? a) 2y for producer A and 1y for producer B. b) 1/2y for producer A and 1y for producer B. c) 1y for both producer A and B. 28. Once again refer the diagram above. Suppose that - in total units of good x is efficiently produced. How much of good y will be produced, in total? a) 120 units. b) 320 units. c) 440 units. 29. Jamie is considering going to a concert in Vancouver. She values the concert at $340 and tickets costs $80. In addition to the concert ticket she will have to buy a ferry ticket, at cost $10. Finally, going to the concert would require her to miss a shift at her part time job, during which she would have earned $140. The opportunity cost of attending the concert is: a) $110. b) $260. c) $90. d) $230. Page 11! of 12!

12 30. Which of the following will NOT lead to a decrease in the supply curve of good X? I. An increase in the cost of an input used to produce good X. II. An increase in the price of a complement to X. III. A decrease in the number of sellers of the good. a) I, II and III. b) III only. c) II only. d) I and II only. Page 12! of 12!

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