final exam - Department of Economics University of...

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Department of Economics Spring 2007 University of California Prof. Woroch Economics 100A: FINAL EXAM GENERAL INSTRUCTIONS : The exam has 4 parts with a total of 150 points. A point translates approximately into 1 minute of time. Use THREE blue books: put Parts II and III in #1, and split Part IV in #2 and #3 as instructed below. I. LABEL YOUR BLUE BOOKS : You will receive 3 points if you properly label all 3 of your blue books. This requires that you: (i) clearly print your full name on each one, (ii) clearly put your Student ID number on each one, (iii) number the three blue books: write #1, #2 and #3 in the upper right-hand corner of the cover pages and circle the numbers. Begin with Blue Book #1 II. DEFINITIONS : Choose 3 of the following 4 terms. For each one, (a) give a precise but concise (2 or 3 sentences) definition and (b) illustrate your definition using a diagram or an example. Each is worth 8 points for a total of 24 points. 1. Engel curve 2. Economies of scope 3. Public bad 4. Adverse selection III. SHORT EXPLANATION : Choose 4 of the following 6 questions. Answer each one with a couple of paragraphs, or equivalently, about one page of a blue book. Be concise and do not ramble: you will be penalized for irrelevant and incorrect statements . Each question is worth 15 points for a total of 60. 1. Explain why a utility-maximizing consumer prefers more options to fewer ones, yet a profit-maximizing large firm operating in a concentrated industry may wish to take actions that reduce its options.
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This note was uploaded on 07/15/2010 for the course ECON 100A taught by Professor Woroch during the Spring '08 term at University of California, Berkeley.

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final exam - Department of Economics University of...

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