ECON 251 Exam #1 Spring 2013

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1 ECON 251 Exam #1 Spring A is an example of a labor resource, while is an example of a capital resource. a. Schoolteacher; a computer programmer b. Football player; tree c. Business owner; checking account d. Florist; computer 2. Miles is deciding how to spend his afternoons. He has three possible options, he could play basketball which he values at \$40 a week, he could work as a chauffeur and earn \$48 a week, or he could write poems which he values at \$30 a week. What is Miles opportunity cost of spending his afternoons working as a chauffeur? a. \$0, there is no opportunity cost when Miles chooses the highest valued alternative b. \$8, the difference between the two highest valued alternatives c. \$40, the value he receives from playing basketball d. \$70, the sum of value he receives from playing basketball and writing poems Cody and Luke are college roommates. Their parents are coming to visit and they want to clean up their apartment. Specifically, they need to wash dishes and clean the bathroom. It takes Cody 1 hour to wash a sink load of dishes and 20 minutes to clean the bathroom. Luke takes 50 minutes to wash a sink load of dishes and 10 minutes to clean the bathroom. Use this information to answer the following 3 questions. 3. In 1 hour, Cody can clean bathrooms. In 1 hour, Luke can clean bathrooms. a. 2; 5 b. 20; 10 c. 2; 1 d. 3; 6 4. What is Cody s opportunity cost of washing a sink load of dishes? a. 1/4 a cleaned bathroom b. 1/3 a cleaned bathroom c. 3 clean bathrooms d. 4 clean bathrooms

2 5. has an absolute advantage in washing dishes, and has an absolute advantage in cleaning bathrooms. a. Cody; Cody b. Cody; Luke c. Luke; Cody d. Luke; Luke 6. Cody and Luke are planning to work together to wash dishes and clean the bathroom. Based on comparative advantage, should wash the dishes and should clean the bathroom. a. Cody; Cody b. Cody; Luke c. Luke; Cody d. Luke; Luke Quantity of beans (bushels) Quantity of carrots (bushels) The table above represents different points along a production possibilities curve. What is the marginal cost of producing the third bushel of beans? a. 9 bushels of carrots b. 12 bushels of carrots c. 3 bushels of carrots d. 21 bushels of carrots 8. As the production of beans increases, which of the following must be true given the numbers in the table above? a. The marginal cost of bean production rises b. The marginal cost of bean production falls c. The marginal cost of carrot production is constant d. The PPF is linear

3 9. John and Tara can either produce guns or butter. John can either produce 20 guns or 40 lbs. of butter in one day. Tara can produce either 10 guns of 40 lbs. of butter in the same day. John has the absolute advantage in producing and the comparative advantage in producing. a. Guns, Butter b. Guns, Guns c. Butter, Guns d. Butter, Butter 10. If the number of guns is plotted on the x axis, what is the slope of Tara s individual production possibility frontier? a. -4 b. -¼ c. -2 d. ½ 11. If guns are plotted on the x axis, which of the following points is NOT on the combined PPF for John and Tara? a. (20,40) b. (0,80) c. (10,60) d. (25,15) 12. Which of the following would increase the demand for Indiana Pacers basketball game tickets? a. An increase in the price of parking near the arena. (A complement in consumption) b. A decrease in the price of Indiana Pacers Basketball game tickets. c. An increase in the expected income of Indiana Pacers fans (assuming Pacers tickets are normal goods). d. Both B and C would increase the demand for Indiana Pacers Basketball game tickets. 13. An increase in the demand for Pacers tickets is graphed as a. A shift of the demand curve for tickets to the left b. A shift of the demand curve for tickets to the right c. A movement along the demand curve toward a higher quantity of tickets demanded d. A movement along the demand curve toward a lower quantity of tickets demanded

4 14. Which of the following would decrease the supply of gasoline? a. A decrease in the demand for gasoline b. An increase in the price of gasoline c. A decrease in the price of gasoline d. None of the above 15. How does a decrease in the supply of gasoline affect equilibrium in the market for gasoline? a. Equilibrium price will rise, and equilibrium quantity will rise b. Equilibrium price will fall, and equilibrium quantity will rise c. Equilibrium price will fall, and equilibrium quantity will fall d. Equilibrium price will rise, and equilibrium quantity will fall 16. Matches and lighters are substitutes in consumption, while matches and toothpicks are substitutes in production. If the price of lighters rises at the same time that the price of toothpicks falls, which of the following will occur? a. The demand for toothpicks will rise, and the demand for lighters will fall. b. The demand for matches will rise, and the supply of lighters will fall. c. The new equilibrium price of matches will be indeterminate, and the equilibrium quantity of matches will rise. d. The new equilibrium price of matches will fall, and the equilibrium quantity will be indeterminate. 17. When two goods are substitutes in production, a. An increase in the price of one good results in an increase in supply of the other good. b. An increase in the price of one good results in an increase in demand for the other good. c. The resources used to produce one good can also be used to produce the other good. d. An increase in the production of one good automatically results in an increase in production of the other good.

5 Use the graph of the CD market below for the next six questions. P (\$) 16 S D Q (millions) 18. Consider the market for CDs above. Based on the figure, the marginal cost of the 3 millionth CD is, and the marginal benefit of the 3 millionth CD is. a. \$11.20; \$3 b. \$3; \$2 c. \$2; \$3 d. \$6; \$ Based on the market for CDs above, what level of CD production satisfies allocative efficiency? a. 3 million b. 5 million c. 8 million d. 10 million

6 20. Based on the market for CDs above, if the price of CDs is \$8 each, and 3 million CDs are produced and sold, consumer surplus in the market for CDs is. a. \$16.8 million b. \$7.5 million c. \$20 million d. \$2.5 million 21. Based on the market for CDs above, what is deadweight loss in the market for CDs when the price of CDs is \$8 each and 3 million CDs are produced and sold? a. \$10 million b. \$7.5 million c. \$5.2 million d. \$2.5 million 22. Based on the same graph above, when the market achieves equilibrium in the market for CDs above, consumer surplus in the market is equal to a. \$12.5 million b. \$15 million c. \$20 million d. \$40 million 23. Based on the same graph above, which of the following represents a new potential equilibrium in the market for CDs if the demand for CDs rises? a. (6, \$8) b. (3, \$8) c. (8, \$3) d. (6, \$11) 24. At equilibrium in a market, which of the following is NOT true? a. Marginal benefit is equal to marginal cost b. Quantity demanded is equal to quantity supplied c. Marginal benefit is maximized d. Total surplus if maximized

7 The animal shelter was selling 50 puppies a day at \$20 each. Recently, they changed the price to \$30 each and they are selling 40 puppies per day. 25. What is the price elasticity of demand for puppies in this price range? a = 9/5 b = 5/9 c = 4/25 d = 39/ Based on the in revenue for the animal shelter as a result of the price increase, demand for puppies is between \$20 and \$30. a. Increase; inelastic b. Increase; elastic c. Decrease; inelastic d. Decrease; elastic 27. You are the owner of a small business that produces a good where the price elasticity of demand is greater than 1. To increase revenue, you should. a. increase price b. decrease price c. decrease quantity d. set price equal to quantity. 28. Which of the following would decrease the price elasticity of demand for ice cream? a. A decrease in all consumers incomes such that ice cream purchases represent a larger proportion of their income. b. Allow for more time to respond to a price change c. A scientific discovery showing that frozen yogurt, a close substitute for ice cream, causes cancer. d. None of the above

8 29. According to the following linear demand curve (with quantity measured on the x axis and price measured in dollars on the y axis), revenue will be maximized when the firm charges a price of. a. \$10 b. \$25 c. \$40 d. \$50 ` 30. If a supply curve is perfectly inelastic, which of the following is true? a. Supply is horizontal b. Supply has a price elasticity of zero c. Supply has a price elasticity that is greater than one d. None of the above 31. If the price of Good A increases from \$10 to \$15, and the quantity demanded of Good B decreases from 50 to 40 as a result, the cross-price elasticity is and the goods are. a. -5/9, Complements in consumption b. -2, Complements in consumption c. -2, Substitutes in consumption d. 36/5, Substitutes in consumption

9 32. Lauren recently lost her job, and her income fell by 50%. As a result, she has increased her consumption of McDonald s meals by 20% and decreased her consumption of Pizza Hut meals by 30%. Based on this information, which of the following is (are) true? a. McDonald s meals and Pizza Hut meals are normal goods to Lauren b. The income elasticity for McDonald s meals is- 0.4, implying that McDonald s meals are inferior goods for Lauren. c. The income elasticity for Pizza Hut meals is 0.6, implying Pizza Hut meals are normal goods for Lauren. d. Both b and c 33. In the market for apartments above, if the market price is \$700, which of the following occurs? a. There is a surplus of 1,000 apartments per month b. There is a surplus of 2,000 apartments per month c. There is a shortage of 1,000 apartments per month d. There is a shortage of 2,000 apartments per month 34. In the same market for apartments above, if the government imposes a rent ceiling of \$500 per month, which of the following occurs? a. There is a surplus of 1,000 apartments per month b. There is a surplus of 2,000 apartments per month c. There is a shortage of 1,000 apartments per month d. There is a shortage of 2,000 apartments per month

10 35. If no landlords charge more than the \$500 price ceiling, the loss of producer surplus as a result of the \$500 price ceiling in the market for apartments above is a. \$50,000 per month. b. \$250,000 per month. c. \$500,000 per month. d. more than \$500,000 per month. Given the demand and supply in the market for jeans below, answer the following 5 questions: Demand: Qd = P Supply: Qs = 2P Equilibrium in the market for jeans is a. (20, \$80) b. (25, \$75) c. (50, \$50) d. (75, \$25) 37. At which of the following points would demand for jeans be elastic? a. (25, \$75) b. (50, \$50) c. (75, \$25) d. (80, \$20) 38. If a price ceiling of \$40 is imposed in the market for jeans, which of the following will occur? a. Deadweight loss is \$300 b. There is a shortage of 40 pairs of jeans c. There is a surplus of 20 pairs of jeans d. None of the above 39. If, instead of a price ceiling, the government imposes a price floor of \$40 in the market for jeans, which of the following will occur? a. There is a surplus of 20 pairs of jeans b. There is a surplus of 30 pairs of jeans c. There is a shortage of 30 pairs of jeans d. None of the above

11 40. In the market for plumbers, the equilibrium wage is \$40 per hour, and there are 500 plumbers employed. If the government imposes a minimum wage of \$50 per hour for plumbers, which of the following would you expect as a result? a. More plumbers will be employed after the minimum wage than before the minimum wage b. All 500 of the plumbers employed before the minimum wage will see a \$10 increase in the wage they earn. c. Some of the 500 plumbers employed before the minimum wage will lose their jobs as a result of the minimum wage. d. The increase in the minimum wage will make all plumbers worse off. NOTE: The Spring 2013 exam 1 did not include questions from the taxation section of chapter 6. Below are additional questions for you to work through on that section. The graph below represents the market for gasoline. An excise tax is imposed on sellers in the market for gasoline. Use this graph to answer the following three questions. 1. The excise tax (per-unit tax) placed on gasoline in this case is a. \$30 per gallon b. \$25 per gallon c. \$20 per gallon d. \$10 per gallon 2. What level of gasoline production would satisfy allocation efficiency? a. 100 b. 110 c. Any level of output greater than 100 d. Any level of output greater than 110

12 3. Based on the graph of the gasoline market above, bear more of the burden of the tax on gasoline, indicating that supply is elastic than demand. a. Consumers; more b. Suppliers; more c. Consumers; less d. Both b and c 4. In the market for cotton candy, the price elasticity of demand is 0.68, and the price elasticity of supply is The government imposes a \$1-per-unit tax on cotton candy. How will the tax burden be distributed between consumers and producers of cotton candy? a. The producers will pay the entire amount of the tax b. The consumers will pay a larger share of the tax c. The producers will pay a larger share of the tax d. The tax burden will be distributed equally between producers and consumers The table below gives the supply and demand schedules for paddle boards. Use the information in the table below to answer the following 6 questions. Price Quantity Demanded Quantity Supplied \$ \$ \$ \$ \$1, \$1, \$1, \$1, \$1, \$1, If the price of paddle boards is currently \$900, there is a in the market, and the price will begin to. a. Shortage; fall b. Surplus; rise c. Surplus; fall d. Shortage; rise

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