W07327M3 - Winter 2007 Midterm 3 Econ. 327 Economics of...

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Winter 2007 Econ. 327 Economics of Crime Midterm 3 Version 2 T/F ( two points for each correct answer ) 1. The first large-scale opium addiction problems were associated with World War I. 2. There is some evidence that the supply of street-walkers is inelastic. 3. 20% of all gamblers account for 80% of all losses. 4. A majority of sex workers surveyed globally report being sexually assaulted as children. 5. Bankruptcy rates in counties in the US where gambling is legal are actually lower than the national average. 6. Most crack dealers are addicts. 7. A monopoly’s demand for labor is relatively more elastic than a competitive firm’s. 8. In an industry characterized by long-run external diseconomies of scale, a permanent decrease in demand will result in higher per unit costs of production. 9. The steady decline in the purchasing power of commodities (export) prices in developing countries has enhanced the difficulty of controlling illicit drug cultivation. 10. The relative price of exported tourist services is one of the determinants of demand for tourism. 11. Thomas Schelling, in his analysis of the syndicate’s extortion of bookmakers in Miami concluded that the book makers paid the largest share of the extortion ‘tax’. 12. Russia and the former countries of the Soviet bloc have been particularly vulnerable to the threats posed by organized crime. 13. Most studies suggest that the propensity for crime falls with prison experience. 1
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Multiple Choice ( five points for each correct answer ) MRC $ S A 50 B 35 C E D 20 G F MRP 12 18 Q 14. In the monopsony labor market, shown above, the employer’s consumer surplus is shown as the area(s) a. A b. E, D, G, F c. A, B, C d. A, B, E e. E, G, F 15. According to the article written by Edward Glaeser included in the coursepack the three most important current questions in economic research on crime are: I. How can researchers effectively measure the costs of crime? II. What is the function of prisons? III.
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This test prep was uploaded on 04/19/2008 for the course ECON 327 taught by Professor Malone during the Winter '08 term at University of Michigan.

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W07327M3 - Winter 2007 Midterm 3 Econ. 327 Economics of...

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