homework 9_1 - Econ 2005: Principles of Microeconomics Dr....

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Econ 2005: Principles of Microeconomics Dr. Gebre Gebremariam Spring 2008 Homework 9 Due Date: Wednesday, 23 April 2008, at the end of class     Choose the one alternative that best completes the statement or answers the question and blacken the circle that corresponds  to your answer in the Scantron separately provided.    1) 
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The idea  that we  cannot devise a voting scheme that respects individual preferences and gives consistent, nonarbitrary results is known as  A) 
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moral hazard.  B) 
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the  independence of irrelevant alternatives.  C) 
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the  impossibility theorem.  D) 
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adverse  selection.    2) 
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A lender  faces a(n)  ________ problem when the lender lends funds to a borrower for a specific purpose and the borrower then  opportunistically uses the funds for another purpose.  A) 
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adverse  selection 
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B)  mor al 
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free-rider 
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D)  exte rnal    3)  Y
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drop-in-the- bucket 
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B)  publ ic good 
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free-rider 
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D)  riva l in    4)  W firm  and the consumer usually bear 
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government  only bears  C) 
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consumer  always bears  D) 
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firm always  bears    5) 
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Marginal  damage cost is the additional ________ unit of a good.  A) 
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harm done by  increasing the level of an externality-producing activity by one  B) 
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cost to society  resulting from a consumer consuming one more  C) 
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cost to society  resulting from a privately owned firm producing one more  D) 
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amount a  consumer pays to produce an additional    Refer to the information provided in Figure 15.3 below to answer the questions that follow. Figure 15.3   6) 
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Refer to  Figure  15.3. Bill and his wife are able to bargain with one another so that Bill plays his saxophone for the efficient number of  hours. This is an example of ________ theorem.  A) 
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the free-rider 
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B)  Arr ow's 
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the Coase 
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D)  the  drop-in-   Refer to the data provided in Table  15.2 below to answer the following  questions. Table 15.2 Tons of Glass MC 1 20 2 30 3 40 4 50 5 60   7)  R of  $12.50 per ton. 
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of $10 per ton.  C) 
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of $20 per ton.  D) 
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This note was uploaded on 12/09/2009 for the course ECON 2005 taught by Professor Zirkle during the Spring '07 term at Virginia Tech.

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homework 9_1 - Econ 2005: Principles of Microeconomics Dr....

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