Exam 2 - Exam 2 Submitted by deweerdt@msu.edu on 11/14/2008...

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Unformatted text preview: Exam 2 Submitted by deweerdt@msu.edu on 11/14/2008 6:57:57 PM Points Awarded 59 Points Missed 1 Percentage 98% 1. In the space below, please indicate the address where you are taking this exam. If it is a street address, include apartment number, if any. If it is a site on campus, indicate the building and location within the building (e.g., ground floor of the main library, Room 415 East Akers, etc.) Answer Points Earned: 0/0 Correct Answer: Your Response: 1345 Engineering Building 2. In the space below, indicate that you understand that you are permitted to use notes, books, or other material from the EC 340 course web site while taking the exam. However you are not permitted to communicate with other individuals (either verbally or non-verbally, in electronic form or directly) regarding the contents of this exam while you are taking the exam. The minimum penalty for giving or receiving help with this exam is to receive a zero on the exam. You will get 5 points if you admit this policy. Answer Points Earned: 5/5 Correct Answer: Your Response: I understand that I am allowed to use notes 3. Consider Home country's ordinary demand and supply for a particular good: Which of the following import demand curves is consistent with the Home country's market for this good? A. MD 1 B. MD 2 C. MD 3 D. MD 4 The autarky price occurs where the domestic demand and supply intersect. In this example, the autarky price is 14. At this price, the quantity of imports demanded is zero, therefore this is the intercept of the MD curve. At a price of 12, quantity demanded is 9, quantity supplied is 3. The difference is 9 - 3 = 6. This is the quantity that is imported. A second point on the MD curve is then P = 12, Q = 6. Points Earned: 1/1 Correct Answer: B Your Response: B 4. Consider Foreign country's ordinary demand and supply for a particular good: Which of the following export supply curves is consistent with the Foreign market for this good? A. XS 1 B. XS 2 C. XS 3 D. XS 4 The autarky price occurs where the domestic demand and supply intersect. In this example, the autarky price is 40. At this price, the quantity of exports supplied is zero, therefore this is the intercept of the XS curve. At a price of 45, quantity demanded is 10, quantity supplied is 30. The difference is 30 - 10 = 20. This is the quantity that is exported. A second point on the XS curve is then P = 45, Q = 20....
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Exam 2 - Exam 2 Submitted by deweerdt@msu.edu on 11/14/2008...

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