Econ+100A+Midterm+1+Spring+2009+v.1 - ECON 100A: ECONOMIC...

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ECON 100A: ECONOMIC ANALYSIS - MICRO Department of Economics University of California, Berkeley Spring 2009 Midterm Exam 1 3/5/09 GENERAL INSTRUCTIONS: Write your name and your official GSI’s name on the front cover of two blue books. Mark one blue book as #1 and the other #2. The exam has 3 parts: put PARTS I and II in blue book #1 and PART III in blue book #2. There is a total of 100 points. Make sure to put all of your answers in the bluebooks and label your graphs well for full credit. PART I: DEFINITIONS (a total of 16 points - 8 pts each) For each term, provide a concise definition (a few sentences each). Use a diagram to illustrate your definition if specified. 1. A normal good, an inferior good, and a giffen good. Discuss the difference between them. Diagrams are not required. 2. An actuarially fair premium and a risk premium. Use a diagram to illustrate your definitions for a risk averse individual. PART II: TRUE OR FALSE AND EXPLAIN (a total of 24 points – 8 pts each) For each, decide whether it is true or false, and explain the reasoning behind your answer in a
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Econ+100A+Midterm+1+Spring+2009+v.1 - ECON 100A: ECONOMIC...

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