Exam #2 ANSWERS (Spring 2015) - Name(Last name first name...

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Exam #2 (Spring 2015) 1/11 Name: ________________________________ (Last name, first name) SID: ________________________________ GSI: ________________________________ UGBA 118: International Trade Professor Steven Wood Spring 2015 Exam #2 ANSWERS Please sign the following oath: On my honor, the answers on this test are entirely my own work. I neither gave nor received any aid while taking this test. I will not discuss the questions on this test until after 11:00 a.m. on May 14, 2015. Signature: ______________________________ Any exam turned in without a signature will be assigned a grade of zero. Exam Instructions 1.When drawing diagrams, clearly and accurately labelall axes, lines, curves, and equilibrium points. 2.Explanations should be written in pencil or black. Legibility is a virtue; practice good penmanship. 3.Explanations should be succinct and to the point; make use of bullet points and common mnemonics. 4.If you have a question, come to the front of the class and ask me or the GSI. 5.If you need to re-draw a diagramor need more room to write your answers, use pages 2 and/or 14 – 16. 6.When time is called, STOPwriting, immediately CLOSEyour exam packet, and turn it into me or the GSI. You WILL BE PENALIZEDif you continue to write past the official end of the exam. Do NOT open this test until instructed to do so.
Exam #2 (Spring 2015) 2/11 A.Multiple Choice Questions (30 points).Highlightthe bestanswer (3 points each). 1.Suppose that a domestic firm has a global monopoly in producing widgets subject to constant marginal costs. Then:
2.A product is produced in a monopolistically competitive industry with scale economies. If this industry exists in two countries, and these two countries engage in trade with each other, then we would expect

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