practice final 2

practice final 2 - Economics 2 Winter 2006 Prof Mar ia C nd...

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Economics 2 Winter 2006 Prof. Maria Cândido 1 Economics 2 Final Examination Winter Quarter March 23 rd , 2006 Instructions: a. You have 3 hours to finish your exam. Put your name and student ID number on the cover of the bluebook. b. The Buckley Waiver is pre-printed on the back of your bluebook. If you sign it, you will confirm that your exam may be returned in the filing cabinets, which are open to all students, in 245 Sequoyah Hall. c. There are two parts to this final – multiple-choice questions (Part I) and longer questions (Part II). Answer them all, and please write neatly. d. You do not need to justify your answers for the multiple-choice questions. e. Show your work for the longer questions. f. Use a pen to write your answers. You are giving up your right to be regraded if you choose to use a pencil. g. The table below indicates how points will be allocated on the exam. Use your time carefully and efficiently. Question Points Part I 36 Part II 1. 9 2. 7 3. 7 4. 10 5. 6 6. 4 7. 12 8. 9 Exam Total 100 h. With you, you should only have a pen, a bluebook and a calculator. i. You will not be allowed to leave the room during the final. j. Turn off your cell phone and good luck!
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Economics 2 Winter 2006 Prof. Maria Cândido 2 PART I: Multiple-Choice Questions (2 points each, 36 points total) 1. Price ceilings below equilibrium price result in a. increased total economic surplus. b. shortages. c. surpluses. d. quantity supplied exceeding quantity demanded. e. the same amount of economic surplus with a reallocation from producers to consumers. 2. Except in the extreme cases of perfectly inelastic or elastic demand and/or supply curves, the burden of a per unit tax imposed on sellers falls a. equally on consumers and producers. b. partially on consumers and partially on producers. c. entirely on producers. d. entirely on consumers. e. mostly on producers. 3. If a monopolist’s demand curve is P = 50 – 10 Q, then marginal revenues are zero when Q equals a. 50 units. b. 10 units. c. 5 units. d. 2.5 units. e. 0 units. 4. A monopolist calculates her marginal revenues to be $15 and her marginal costs to be $16. One can infer that she a. is loss minimizing. b. should expand output. c. is profits maximizing. d. should lower her price. e. should contract output. 5. Which of the following investments is an example of a positional arms race? a. Watching your friend training for a football game. b. Renting movies for the weekend. c. Studying hard for the economics test if the professor grades on a curve. d. Playing golf for fun. e. Grocery shopping by families. 6. Assume that reading economics produces a positive externality. It will be the case that the ___________ than the socially optimal amount. a.
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practice final 2 - Economics 2 Winter 2006 Prof Mar ia C nd...

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