midtermAK - Economics 2 UCLA Professor Lee Ohanian Midterm...

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Economics 2 UCLA Professor Lee Ohanian Midterm Examination Winter 2008 Instructions EXAM ROOM: Be sure you are in the right room square4 Rolfe 1200: Last name A to M square4 Dodd 170: Last name N to R square4 Royce 362: Last name S to Z BLUEBOOK : square4 Don’t forget to write your name and your UCLA 9-digit ID square4 On the UPPER RIGHT CORNER of the cover page write the number of bluebooks, #1 or #2, and TA CODE (see table below for TA codes) square4 Answer question 1-9 in bluebook #1 square4 Answer question 10-13 in bluebook #2 You must use PEN Calculators are not allowed Stop writing when time is over. Show your picture ID when turning in the exam. You should turn in both of your bluebooks and the exam. TA NAME CODE SECTIONS Liao, Pei Ju 10 I , J Lopez, Jose 20 C , B Olivella, Virginia 30 F , A Perez, Javier 40 K , E Sodsriwiboon, Piyaporn (Nikki) 50 H Don’t know 60
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ANSWER QUESTION 1-9 IN BLUEBOOK #1 Q 1-7: Multiple choice questions. Select a choice that best answers the questions. 1. (4 pts) The invisible hand refers to: a. A central planner who can achieve desirable economic outcomes b. The uncoordinated decisions of buyers and sellers lead to desirable economic outcomes c. Some firms, like GM and Microsoft, are so big that they can impact the overall economy on the basis of just their own production decisions d. all of the above 2. (4 pts) In a competitive market: 3. (4 pts) Suppose the supply curve of oranges is perfectly elastic. Which of the following will cause an increase in consumer surplus? 4. (4 pts) The Circular Flow diagram shows
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