ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2014 Exam1A Key
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Given the following data, calculate the national product, the rate of growth of the national product, real national product (chained method), and the implicit price deflator.
price |
quantity |
|||||
|
Good A |
Good B |
Good C |
Good A |
Good B |
Good C |
Year 1 |
$4 |
$6 |
$3 |
10 |
12 |
15 |
Year 2 |
$4 |
$7 |
$4 |
12 |
10 |
16 |
Year 3 |
$5 |
$6 |
$5 |
13 |
11 |
17 |
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) |
|
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) |
|
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) |
|
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. |
$11 |
Using the table below, answer the question.
Quantity | Marginal private cost ($) | Marginal private benefit ($) | Marginal social benefit ($) |
500 | 10 | 14 | 16 |
550 | 11 | 13 | 15 |
600 | 12 | 12 | 14 |
650 | 13 | 11 | 13 |
700 | 14 | 10 | 12 |
4. The table represents the market for a good with
a. only an external cost.
b. only an external benefit.
c. both external costs and benefits.
d. no externalities.