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Economics 2152A/B Study Guide - Midterm Guide: Capital Cost Allowance, Government Budget Balance, Factor Cost

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azurehorse85
27 Sep 2016
School
Western University
Department
Economics
Course
Economics 2152A/B
Professor
Leigh Mac Donald

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Document Summary

Please enter your answer directly on the exam paper in. Your scrap booklet is for rough work only, it will. Questions #1-3, refer to the class discussion regarding canada. You do not need to explain your answer. State one similarity between the 1981-82 recession and the 2008 slowdown. (1 mark) State one similarity between the 1981-82 recession and the 1990 recession. (1 mark) State one difference between the 1990 recession and the 2008 slowdown . (1 mark) See the last 3 slides of chapter 3 for answers to these questions. For #3, you must state something regarding canada, so if you say the housing crisis, that was the us, so you need to say how that impacted canada. Also you must state 2 different things; one for 1990 and something different for 2008. For questions 4-5, refer to the following information, for a.

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Related Questions

12. If this firm faces a price of $38, the number of units it will produce per day in the short run is: A) 4 B) 5 C) 6 D) 7 E) 8 19 MC=42+2 G) 10 H) 11 1) 12 J) none of the above 38- 49,+2 9- 13. This firm's shut down price is: B) $8 C) $10 D) $11 E) $12 H) $15I ) $16 J) none of the above AVC= 2 F) $13 AVC=29 +2+1

Q7

Marginal cost is

  a.

total revenue divided by the quantity of output.
  b.

total profit minus total costs.
  c.

the change in total cost brought about by selling an additional unit of the good.
  d.

the change in total revenue brought about by selling an additional unit of the good.
  e.

the change in total revenue minus the change in total costs.

4 points

Q8

[Table 1] The dollar amounts that go in blanks (A) and (B) are, respectively,

Table-1

(1)

(2)

(3)


Price

Quantity Sold

Marginal Revenue

$10

10

  

$10

11

(A)

$10

12

(B)

$10

13

(C)

$10

14

(D)

 

  a.

$11 and $11.
  b.

$10 and $10.
  c.

$10 and $11.
  d.

$11 and $12.

4 points

Q9

[Table 1] The dollar amounts that go in blanks (C) and (D) are, respectively,

Table-1

(1)

(2)

(3)


Price

Quantity Sold

Marginal Revenue

$10

10

  

$10

11

(A)

$10

12

(B)

$10

13

(C)

$10

14

(D)

 

  a.

$11 and $11.
  b.

$10 and $10.
  c.

$10 and $11.
  d.

$11 and $12.

4 points

Q10

[Table 1] The demand curve facing the firm represented by the information in this table is

Table-1

(1)

(2)

(3)


Price

Quantity Sold

Marginal Revenue

$10

10

  

$10

11

(A)

$10

12

(B)

$10

13

(C)

$10

14

(D)

 

  a.

downward-sloping.
  b.

upward-sloping.
  c.

horizontal.
  d.

vertical.

4 points

Q11

[Table 2] The dollar amounts that go in blanks (E) is:

Table 2

-1

-2

-3

-4

-5

-6

-7
 

Quantity Sold

Marginal Revenue

Marginal

Total

Total

Profit

Price

Cost

Cost

Revenue

  

$10

10

    

80

$100

$20

$10

11

(A)

8

88

$110

$22

$10

12

(B)

(E)

97

(G)

(I)

$10

13

(C)

(F)

107

(H)

(J)

$10

14

(D)

11

118

$140

$22
  a.

$8
  b.

$9
  c.

$10
  d.

$11

4 points

Q12

[Table 2] The dollar amounts that go in blanks (F) is:

Table 2

-1

-2

-3

-4

-5

-6

-7
 

Quantity Sold

Marginal Revenue

Marginal

Total

Total

Profit

Price

Cost

Cost

Revenue

  

$10

10

    

80

$100

$20

$10

11

(A)

8

88

$110

$22

$10

12

(B)

(E)

97

(G)

(I)

$10

13

(C)

(F)

107

(H)

(J)

$10

14

(D)

11

118

$140

$22
  a.

$8
  b.

$9
  c.

$10
  d.

$11
1. Which of thesebest describes the U.S. Federal Reserve?
A. Is r
esponsible for monetary policy/money supply.
B. Printsmoney.
C. Keeps thecountry out of debt.
D. Helps people inneed.
E. None of theabove

2
. Whosets monetary policy in the United States?
A.
Congress
B. President
C. U.S.Treasury
D. FederalReserve
E. None of theabove

3. The prices ofmeat products in a competitive market are determined by:
A.
Government.
B. Businessmonopolies.
C. Supply anddemand.
D. The ConsumerPrice Index.
E. None of theabove

4
. Thepurchasing power of people's incomes is most affected by:
A.
The inflation rate.
B. The tradedeficit.
C. The balance ofpayments.
D. All of the aboveequally

5. Who makes fiscalpolicy in the United States?
A.
President and Congress
B. FederalReserve
C. U.S.Treasury
D. IRS
E. None of theabove

6. What is anexample of fiscal policy?
A.
Discount Rate Change
B. Prime RateChange
C. Federal IncomeTax Rate Change
D. All of theabove.
E. None of theabove



7. Which one of thefollowing is most likely to improve the wages
of American workers?
A.
An increase in business inventories.
B. An increase inproductivity.
C. An increase ininterest rates.
D. All of the aboveequally

8. What is thecurrent national rate (percent) of civilian unemployment?
A.
1% - 3%
B. 3% - 6%
C. 6% - 9%
D. More than9%
E. None of theabove

9
. Whichone of the following is the most widely used measure
of inflation?
A.
The Consumer Price Index.
B. The Index ofLeading Economic Indicators.
C. The primerate.
D. The FederalFunds rate.
E. None of theabove

10. What is the current annualrate of inflation?
A.
1% or less
B. 2% - 3%
C. 6% - 7%
D. 10% - 12%
E. None of theabove