work out these 12 multiple choice questions and 5 short answers questions
ECON 2333 Economic Concepts and Issues – 2019 Spring
Midterm Exam, March 2018
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ECON 2313 Principles of Macroeconomics – Final Exam (Section 4) 2018 Fall
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Select your session: MWF – 1PM [ ].
Please read the guidelines below carefully before start your exam.
· The exam has 100 points in total.
· There are 12 multiple choice questions (Q1-Q10: 4 points each; Q11 and Q12: 5 points each). Only one answer is correct.
· There are five short-answer questions.
· Put your answers of the multiple choice questions in the space provided below.
· You can add extra pages for the short answer questions.
· Make sure your answers are clear for grading. And upload your finished exam before the due date.
Put your answers of multiple choice questions in the box below.
Part I. Multiple Choice Questions
Choose only ONE correct answer. Total points = 50.
A. Point 1 to point 4 B. Point 1 to point 3
C. Line A to Line B D. Line A to Line C
A. Coke and Pepsi
B. McDonald’s burger and Wendy’s burger
C. Black coffee and creamer
D. Bottled water and tap water
A. Its income elasticity < 0
B. Its income elasticity > 1
C. Its demand curve is more flexible in the short-term.
D. Its income elasticity should be higher than gasoline.
A. 27,000 B. 15,000
C. 12,000 D. 9,000
A. the price of both Sunkist and Navel and will fall.
B. the price of Sunkist will fall, and the price of Navel will increase.
C. the price of both Sunkist and Navel will increase.
D. the price of Sunkist increases, the price of Navel will fall.
A. In a college town, the law of demand of demand does not always hold.
B. Housing market of Jonesboro is special. There is an upward sloping demand curve.
C. The higher demand of housing came from over-supply in 2018.
D. There are some factors other than price shifted housing demand curve to the right.
A. If the new wage is above the equilibrium level, there will be a shortage of teachers.
B. If the new wage is above the equilibrium level, there will be a surplus of teachers.
C. The wage raise has no impact on the supply of public education in L.A.
D. This new deal may increase demand for teachers in L.A.
A. The supply curve shifts to the left, and new market price would be higher.
B. The supply curve shifts to the right, and new market price would be higher.
C. The supply curve shifts to the right, and new market price is unchanged.
D. The supply curve shifts to the left, and new market price is unchanged.
A. Shifts in the supply curve of Nike would change the market price.
B. The elastic demand is due to there is no perfect substitute for Nike shoes.
C. When Nike increases the supply, the market price would be much lower.
D. Consumers would largely increase their demand, if Nike lower the price a little.
A. $1,500 B. $1,200 C. $1,000 D. $700.
A. rise; increase
B. fall; decrease
C. fall; perhaps change but we are not sure.
D. rise; perhaps change but we are not sure.
A. For Heinz mustard, its price elasticity of demand decreases overtime.
B. For pick-up trucks, their price elasticity of demand decreases overtime.
C. For antiques, their price elasticity of supply is quite high.
D. For strawberries, the price elasticity of supply decreases overtime.
Part II. Short-answer Questions
Total points = 50, 10 points each. Please make sure your answer is no more than 250 words in each question.
a. Panel A shows gas demand in West River. In the year 2016, if market price of gasoline was $5 per gallon, how much would be the weekly quantity demanded of gasoline in the city? In 2017, average income of West River noticeably increased. Thus, demand for gasoline shifted from D0 to D1. Now at the same price, how much is the new demand in 2017?
b. Panel B illustrates the city imposed a quota of gas supply due to environmental concerns. For example, in 2016, each resident in West River has a quota 20 gallons of gasoline per week. This policy is illustrated as a vertical supply curve S1. Also in 2017, the city planned to reduce gas supply to 15 gallons per week (the new supply curve is S2). Here we assume the demand curves are the same. If the quota were implemented in 2016, given the demand and supple curves, how much is the equilibrium market price of gasoline? If the same (2016) quota were implemented in 2017, the market price of gas would be higher, lower or unchanged in the city? After the new quota in 2017, how much is the gas price at the market equilibrium?
Qd = 500 – 20 * P (thousand bags)
Qs = 100 + 20 * P (thousand bags)
a. What is the market equilibrium price of this candy? At market equilibrium, how many bags of candy would be sold?
b. If the company tries to price the candy at $12 per bag, what would be the quantity demanded and quantity supplied? The company can achieve a market equilibrium at this price?
a. How many new subscribers would purchase the game?
b. How much their revenue of the game would change?
Qd = 25 – 5 * P (million bottles)
Qs = 4 + 2 * P (million bottles)
Here P is the price of organic honey ($ / bottle)
To improve the revenue of honey producers (bee farmers), the government (USDA) is trying to set up a price floor. Now USDA imposes one price floor (a minimum market price) at $4/bottle. What the policy impact of this price floor? Does the price floor work?
$6 7 4 6
$5 9 7 8
$4 15 10 12
$3 21 15 16
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