202 test file

Test File Economics 202 Fall 2010

Economics 202(10:10) Fall, Quiz #1 NAME

Answer one question. Maximum of 10 points.

1. Assume the information below pertains to output per growing season for 200 hours of labor.
                          Kathryn Meghan
   Corn    150   200
   Wheat    75   300

    a. Who has the absolute advantage in corn? Explain.
    b. Who has the comparative advantage in corn? Explain.
    c. Is there a basis for mutually beneficial trade between these two parties?      Explain.
    d. What is the relevance of this question to contemporary world economic issues.
2. a. What was the “Mercantilist” view concerning the basis of the wealth of a nation?
    b. What was the “Mercantilist” view concerning exports and imports out of and into a country?
    c. What was Adam Smith’s criticism of the “Mercantilist View” concerning exports and imports?
    d. What is the relevance of Smith’s view of international trade to the contemporary U.S. economy?
    e. What provision of the U.S. Constitution appears to incorporate A.Smith’s view concerning free trade?
3. The Kentucky Council on Higher Education recently granted each university in the state the authority to set its             own tuition level. Suppose you have been asked to provide advice to a university which is interested in                    generating sufficient revenue to fund its operations. The latest estimate of the coefficient of price elasticity of               demand for the relevant classification of universities is Ed = -.87. Interpret this number, explain what it suggests          about tuition at the university, and give your advice.

Economics 202(10:10) Quiz #2 Fall, 20 NAME

Answer one question. Maximum of 10 points.

1. "The economically underprivileged of this community are not able to afford adequate housing. Rent controls are           needed to prevent landlords from taking advantage of the poor." Critically evaluate this statement. Include in              your essay:
A. the short and long run advantages and disadvantages of rent control law.
B. the advantages and disadvantages of alternative ways of securing housing for the poor.
C. to the extent that rent controls create benefits for some tenants, who "pays" for those benefits? Explain.
2. In his last state-of-the-union address, former President Clinton proposed raising the federal minimum wage from         the current $5.15. There have been a number of target levels suggested including $6.15 per hour. Discuss the
     potential advantages and disadvantages of raising the minimum wage.     In so far as any workers are benefited
     by the minimum wage, what kind of workers are they likely to be? Explain. There are those who argue that the
     minimum wage must be raised to 6.15 or more in order to insure a “decent income” or a “living wage” for
     workers.   If a legal minimum wage is an effective mechanism why not set it at $10.00 per hour? Explain.
3. Suppose that you own a grocery store. As you’re preparing to go to work in the morning an earthquake indefinitely      interrupts the drinking water systems in the city. You recall that you just received a large shipment of bottled      water for which you have already paid. You usually charge 99 cents per bottle. Supply the reasoning that says that      you have “social” duty” to increase the price you charge for the bottled water you sell. The mayor of the city is      under pressure ( by “consumer groups”) to impose legal price ceilings on a variety of staple goods. Provide the      reasoning that says that such laws would harm the interests of those in the community who consumers or      producers.

Economics 202(10:10) Fall, 20 Quiz#3 NAME

Answer one question. 10 points maximum.

1. a. Based on economic efficiency, how would economists rank the following trade impediment:, tariffs, quotas, and subsidies?                      Provide an explanation.
    b. Who usually asks for a tariff, quota, or subsidy? Why do they request these measures? Explain.
    c. Of those who ask for trade impediments, which measures do they prefer, subsidies or tariffs or quotas? Explain.
2. Using the appropriate graphic apparatus:
a. Show how trade can be beneficial to a country as a whole even though some parties within the country may be harmed.
b. Discuss the welfare (efficiency) effects of an import tariff imposed by an importing country facing a perfectly elastic                               supply of the imported good.
3. Explain how a competitive market may operated like a “benevolent planner”.   Explain why “economic efficiency” is considered to
    be important by economists.
4. Some economists consider a “single tax” is a tax that has merit. Explain what a “single tax” is and the potential advantage of such a        tax.

Economics 202(10:10) Fall, 20 Quiz#3 NAME

Economics 202(10:10) Fall, 20 Quiz#3 NAME

Economics 202 (10:10) 1st Exam Fall, 2002 NAME

Answer any three essay questions. 25 points each.

1. Discuss the consequences of imposing a binding price ceiling in a market for a product.   Explain who is benefited and who is                 harmed by the price control. Discuss the basis on which an economist (using economic efficiency as the criterion) would judge such        a law to be unwise. Include in your essay an explanation of the following concepts; consumer surplus, producer surplus, total                 surplus.
2. One of the issues our day is what is described by the mainstream media as a "critical shortage of organs” suitable for                                transplantation. As a student of economics, analyze the nature of the "organ donor problem" in the U.S. Discuss the potential                advantages of a “legal human organ market”.
3. "The economically underprivileged of this community are not able to afford adequate housing. Rent controls are needed to prevent          landlords from taking advantage of the poor." Critically evaluate this statement. Include in your essay:
A. the short and long run advantages and disadvantages of rent control law.
B. the advantages and disadvantages of alternative ways of securing housing for the poor.
C. to the extent that rent controls create benefits for some tenants, who "pays" for those benefits? Explain.
4. Assume the information below pertains to output per growing season for 200 hours of labor.
     Kathryn Meghan

   Corn        200                   400
   Wheat                       150                  600

a. Who has the absolute advantage in wheat? Explain.
b. Who has the comparative advantage in wheat? Explain.
c. Is there a basis for mutually advantageous trade between these two parties? If so, explain how each party can                                         be benefited.
d. What is the relevance of is this example to the issue of trade between countries? Explain
e. Assume that the two parties dislike each other. Explain how mutually beneficial may still take place.
f. What is the relevance of Smith’s view of international trade to the contemporary U.S. economy?
g. Explain how the U.S. Constitution appears to embody the views of Adam Smith concerning trade.
5. Analyze the "parking problem" on WKU campus. Include in your essay attention to the following items:
a. As a student of economics, explain the nature of the problem.
               b. Explain why a substantial increase in the price of a parking permit may not necessarily be a successful remedy to the                                problem.
               c. Explain why a substantial increase in the number of parking spaces may not necessarily be a successful remedy to the       problem.
               d. Explain why such problems represent an example of “the tragedy of the commons”.
e. Explain why such problems are less likely to be encountered in central business district of a large city.
3.a. You are an economist for the City Subway Commission. Presently, the price of a subway ride is 80 cents, and 250,000 seats are             filled weekly. The price elasticity of demand for subway rides is -0.40. Based on the information given, are revenues likely rise              or fall? Explain.
    b. It has been widely reported that women are routinely charged higher prices than men for "dry cleaning" services for the same                type of garments. This practice has been denounced by some as an example of gender discrimination. Provide an economic                   explanation for this practice. Assume that you are a female owner/manager of a dry cleaning business. Explain the circumstances          under which you would be inclined to charge women higher prices than men for the same services.
   c. Develop the reasoning which supports the argument that: “ It is in the interest of low income students that a university engage in              price discrimination.”

ANSWER ALL OBJECTIVE QUESTIONS. 2 POINTS EACH .

1. In our discussion of international trade and comparative advantage we concluded that although there are benefits to trade, jobs must      be saved no matter how costly or absurd such a policy may be. TRUE OR FALSE.
2. The study of economics suggests that the United States will benefit economically if we eliminate trade with Asian countries                   because we will be forced to produce more of our own cars and clothes. TRUE OR FALSE.
3. A Kentucky state legislator has proposed that a consumers be required to pay a recycling fee on beverage bottles and fast food                containers sold in Kentucky. The text and class discussion suggests that producers should have no reason to object to such a tax
   because the economic incidence of such a fee will be borne by consumers. TRUE OR FALSE
4. The insight provided by the text is that trade between two parties/countries benefits one of the parties by making the other party             worse off. TRUE OR FALSE.
5. The Law of Demand can be interpreted to mean that there are substitutes for everything. TRUE OR FALSE?
6. Legal ceilings on the rate of interest that may be charged to individuals
a. help assure that credit is allocated according to need rather than ability to pay
b. make it easier for people with poor credit ratings to obtain loans
c. reduce the probability that corporations will obtain scarce credit by bidding funds away from consumers
d. accomplish all of the above
e. accomplish none of the above
7. Private colleges typically grant tuition scholarships only to students who persuade the college of their financial
    “need” primarily in order to
a. diversify their student body
b. improve the welfare of society
c. increase their net income through price discrimination
d. improve their athletic teams
8. A binding minimum wage
a. Raises the quantity of labor supplied
b. Reduces the quantity of labor demanded
c. Causes surpluses of labor
d. Causes unemployment
e. All of the above
9. What would the most likely effect on the level of college tuition rates if the federal government greatly increased the amount of                financial aid available to students?
a. A decrease in tuition because the aid will go mostly to lower-income students.
b. A decrease in tuition because average costs tend to fall as enrollment increases.
c. An increase in tuition because the demand for a college education will increase.
d. No significant increase because most education costs are sunk costs.
e. No significant increase because this will not change the cost of supplying a college education.
10. If Japan has an absolute advantage in the production of an item, it must also have a comparative advantage in the production of               that item. TRUE OR FALSE
11. “High” drug prices have become a political issue. To the extent that any proposed legislative remedy employs “binding” price                ceilings for the pharmaceuticals to which they apply, we can confidently expect:
a. a higher incidence of non-price rationing including preferential treatment for some and discriminatory practices toward                             others.
b. to observe more deadweight costs born by patients in the system.
c. some patients to devise imaginative ways to pay above legal prices.
d. patients waiting in line to obtain the desired medical attention.
e. a decrease in the quantity and/or quality of medical services rendered.
f. all the above.
12. Assuming that pizza and beer are complements, a decrease in the price of pizza would lead to an increase the demand for beer.              TRUE OR FALSE.
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Economics 202 (11:15) 1st Exam Fall, 20 NAME

Answer any three essay questions. 25 points each.

ANSWER ALL OBJECTIVE QUESTIONS. 2 POINTS EACH .

Economics 202(10:10) Test #2 Fall, 2002 NAME

Answer any three questions. 25 points each.

1. Using the appropriate graphic apparatus:
a. Discuss the differences between the command and control approach, the Pigouvian Tax approach, and
     the property rights (Coasian) approach to addressing a negative externality. Using the efficiency                                                             criterion as the basis for judgement, discuss the effectiveness of each of these approaches.
b. Suppose an environmental authority imposes the same quantitative regulation on two firms that have different                                        marginal cost schedules for producing their product. Discuss the advantages and disadvantages
     of this type of environmental regulation.
2. a. Write an essay in which you explain the relationship between the existence of private property rights and the potential extinction
         of an animal or plant species.
    b. Write an essay in which you defend a proposal to issue a “license to pollute” as a remedy for a negative externality.
3.a. A company is currently producing a product at two different plants (AandB) such that the following conditions exist: marginal               revenue for each unit sold is $15.00; marginal cost at plant A=$13.25; marginal cost at plant B=$16.05; You have been called in           as a consulting economist to advise the firm. Based only on the information provided, what is your advice? Explain why.
   b. A company is currently producing a product whose average total costs is $257.00. Of this total, $170.00 is average fixed cost and
       $87.00 is average variable cost. The company has just received an order for 1,000 units from a firm that is willing to pay $100.00            per unit. Should the company accept the offer? Explain.
4. a. Discuss the relationship between the “congestion problem in Singapore” described in Chapter 11 of the text and the “parking                  problem” on WKU campus.
    b. Explain how the measures taken in Singapore could be adapted to the WKU case.
    c. Explain how the Singapore problem and the WKU parking problem serve as examples of the “tragedy of the commons”
    d. Explain the relationship between property rights and the “tragedy of the commons”.
    e. Drawing from the text, explain how would you address the objections raised against “market based” solutions to congestion on             the grounds that they would be “unfair to the poor”.
5. In his article on congestion in Singapore, Lester Thurow makes the statement that: “ No city has ever solved its traffic problems               by building more roads”(remarkably similar to Davis’s Law of University Parking which states that no university has ever solved          its parking problems by building more parking spaces ). Often the problems related to “congestion” are often said to be caused by        “too many people”or “too rapid growth” or “urban sprawl”.   Yet the growth and expansion of most communities do not result in           “congestion” when gaining access to food, water, and most of the necessities of life. Why is it that in some instances the larger              demand arising from the growth of a community sometimes produces “congestion” and in other cases it does not? What accounts        for the difference? In other words, why does population growth tend to produce traffic congestion but does not lead to shortages of       bread? Explain.
6. Construct a graphic representation of the behavior of average total cost, average variable costs, and marginal costs of production for       a firm operating in the short run. Explain the relationship between marginal costs and average total costs.
7. Using the appropriate graphic apparatus:
a. Show how trade can be beneficial to a country as a whole even though some parties within the country may be harmed.
b. Discuss the welfare (efficiency) effects of an import tariff imposed by an importing country facing a perfectly elastic                               supply of the imported good.
8. Using the appropriate graphic apparatus:
a. Using the concepts of consumer surplus and producer surplus, show how a tariff can harm the country the country that                             imposes it
b. Identify, graphically, the dead weight cost of the tariff and, discuss its importance, and explain why it arises.
9. Explain , Using the appropriate graphic apparatus, how a competitive market may operated like a “benevolent planner”.                    Explain why “economic efficiency” is considered to be important by economists.

Objective questions. 2 points each.

1. According to the reasoning presented in class, tradable pollution permits will tend to have the same effect on output and the level of       pollution as a Pigouvian tax on polluters.    TRUE OR FALSE?
2. The most efficient way to clean up pollution is direct regulation. TRUE OR FALSE?
4. The study of economics teaches us that a sensible goal regarding the problem of air and water pollution is to insist that it be                     reduced to zero. TRUE OR FALSE?
5. A disadvantage of market-based policies to clean up the environment is that they treat the environment as if it were a commodity            rather than a priceless resource. TRUE OR FALSE?
6. If studded snow tires do an estimated $10 million damage to the highways per vehicle each year, then the most efficient outcome            for society would be to ban their use. TRUE OR FALSE?
7. Economic efficiency suggests that once we determine the optimal level of pollution cleanup, all firms should share equally in that           cleanup. TRUE OR FALSE?
8. Private solutions to negative externalities are least likely to be effective when:
a. the costs of pollution are high
b. the costs of pollution cleanup are high
c. property rights are clearly assigned to one party
d. transactions costs are high
e. there are only a few people involved
9. The most efficient goal for society with regard to the environment is to clean up pollution until:
a. all pollution is eliminated
b. we have eliminated all pollution that is technically feasible to stop.
c. everyone has returned the communal living patterns of the 1780's
d. the total benefit of pollution cleanup is maximized
e. we have eliminated all pollution that does not cost us any jobs
f. the marginal benefit to society from the last dollar spent on pollution cleanup is equal to the marginal benefit to                                   society from the last dollar spent on other things that are desirable.
10. Using economic efficiency as the criterion, the optimal price for admission to our national parks is zero. TRUE OR FALSE?
11. Economic costs of production are typically greater than accounting costs of production by the amount of implicit costs.TRUE OR          FALSE?
12. Assigning exclusive whaling rights in the ocean would:
a. encourage even more over harvesting of whale
b. discourage the over harvesting of whales
c. discourage over harvesting in the short run, but lead to even more intensive whaling in the long run
d. encourage over harvesting in the short run, but lead to more controlled whaling in the long run
e. have no effect on the level of whaling

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Economics 202(11:15) Test #2 Fall, 2002 NAME

Answer any three questions. 25 points each.

1. Using the appropriate graphic apparatus:
a. Discuss the differences between the command and control approach, the Pigouvian Tax approach, and
     the property rights (Coasian) approach to addressing a negative externality. Using the efficiency                                                            criterion as the basis for judgement, discuss the effectiveness of each of these approaches.
b. Suppose an environmental authority imposes the same quantitative regulation on two firms that have different                                        marginal cost schedules for producing their product. Discuss the advantages and disadvantages
     of this type of environmental regulation.
2. a. Write an essay in which you explain the relationship between the existence of private property rights and the potential extinction
         of an animal or plant species.
    b. Write an essay in which you defend a proposal to issue a “license to pollute” as a remedy for a negative externality.
3.a. A company is currently producing a product at two different plants (AandB) such that the following conditions exist: marginal               revenue for each unit sold is $15.00; marginal cost at plant A=$13.25; marginal cost at plant B=$16.05; You have been called in           as a consulting economist to advise the firm. Based only on the information provided, what is your advice? Explain why.
   b. A company is currently producing a product whose average total costs is $257.00. Of this total, $170.00 is average fixed cost and
       $87.00 is average variable cost. The company has just received an order for 1,000 units from a firm that is willing to pay $100.00            per unit. Should the company accept the offer? Explain.
4. a. Discuss the relationship between the “congestion problem in Singapore” described in Chapter 11 of the text and the “parking                  problem” on WKU campus.
    b. Explain how the measures taken in Singapore could be adapted to the WKU case.
    c. Explain how the Singapore problem and the WKU parking problem serve as examples of the “tragedy of the commons”
    d. Explain the relationship between property rights and the “tragedy of the commons”.
    e. Drawing from the text, explain how would you address the objections raised against “market based” solutions to congestion on             the grounds that they would be “unfair to the poor”.
5. In his article on congestion in Singapore, Lester Thurow makes the statement that: “ No city has ever solved its traffic problems               by building more roads”(remarkably similar to Davis’s Law of University Parking which states that no university has ever solved          its parking problems by building more parking spaces ). Often the problems related to “congestion” are often said to be caused by        “too many people”or “too rapid growth” or “urban sprawl”.   Yet the growth and expansion of most communities do not result in           “congestion” when gaining access to food, water, and most of the necessities of life. Why is it that in some instances the larger              demand arising from the growth of a community sometimes produces “congestion” and in other cases it does not? What accounts        for the difference? In other words, why does population growth tend to produce traffic congestion but does not lead to shortages of       bread? Explain.
6. Construct a graphic representation of the behavior of average total cost, average variable costs, and marginal costs of production for       a firm operating in the short run. Explain the relationship between marginal costs and average total costs.
7. Using the appropriate graphic apparatus:
a. Show how trade can be beneficial to a country as a whole even though some parties within the country may be harmed.
b. Discuss the welfare (efficiency) effects of an import tariff imposed by an importing country facing a perfectly elastic                               supply of the imported good.
8. Using the appropriate graphic apparatus:
a. Using the concepts of consumer surplus and producer surplus, show how a tariff can harm the country the country that                             imposes it
b. Identify, graphically, the dead weight cost of the tariff and, discuss its importance, and explain why it arises.
9. Explain , Using the appropriate graphic apparatus, how a competitive market may operated like a “benevolent planner”.                    Explain why “economic efficiency” is considered to be important by economists.

Objective questions. 2 points each.

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2. If Mexico subsidizes its textiles, making it impossible for U.S. producers to compete, then:
a. a high tariff on textiles would improve economic well-being in the U.S.
b. our most appropriate response would be to retaliate with an identical subsidy
c. the ideal response would be to threaten retaliation without actually following through on the threat
d. we would maximize our economic well-being by purchasing the subsidized textiles from Mexico
e. none of the above
3. Tradable pollution permits have the same effect on output and the level of pollution as a Pigouvian tax on polluters. TRUE OR FALSE?

5. The study of economics teaches us that a sensible goal regarding the problem of air and water pollution is to               insist that it be reduced to zero. TRUE OR FALSE?
6. A disadvantage of market-based policies to clean up the environment is that they treat the environment as if it            were a commodity rather than a priceless resource. TRUE OR FALSE?
7.If studded snow tires do an estimated $10 million damage to the highways per vehicle each year, then the most           efficient outcome for society would be to ban their use. TRUE OR FALSE?
8. Economic efficiency suggests that once we determine the optimal level of pollution cleanup, all firms should              share equally in that cleanup. TRUE OR FALSE?
9. The most efficient goal for society with regard to the environment is to clean up pollution until:
a. all pollution is eliminated
b. we have eliminated all pollution that is technically feasible to stop.
c. everyone has returned the communal living patterns of the 1780's
d. the total benefit of pollution cleanup is maximized
e. we have eliminated all pollution that does not cost us any jobs
f. the marginal benefit to society from the last dollar spent on pollution cleanup is equal to the marginal                    benefit to society from the last dollar spent on other things that are desirable.

11. (According to economic theory) Human life is priceless. TRUE OR FALSE?

Economics 202(8am) Test #2 Fall, 2011 NAME

Answer Question #1 plus any two additional essay questions. 25 points each.

1. For this question use the information in Table I. Assume: the existence of a community of 1,000 people, each harvesting 4clams per day on the beach, no coercion, a boat is "found", all decision makers are self-interested. Consider the following property rights arrangements assuming the objective is to maximize the "social total" for the community:

a. Share and share alike b. Private property

c. Absentee ownership d. Public property (and the "Tragedy of the Commons")

e. Public regulation

a. What is the "optimum" crew size when considering the interests of the community at large? Explain.

b. What is the likely crew size under Share and Share alike? Explain and comment on the implications to the community at large.

c. What is the likely crew size under the assumption of private ownership of the boat? Explain the implications to the community

at large.

d. Based on the example data shown in TABLE I , provide the reasoning which supports the view that, under a system of salable private property rights, Absentee ownership of productive capital does not, per se, jeopardize the broader interests of "society"

in maximizing the "social total" of the community. In your essay address the importance of an "efficient capital market" in preserving the interests of "society".

e. Explain how a property rights arrangement in which the boat is declared "public property" may lead to the "tragedy of the commons". What does this suggest about "public property" or property held in "common ownership? Explain.

f. Explain the relevance of the "invisible hand theorem" in this example.

TABLE I

Number Total Marginal Average Net Social Social Total

of Clamers Catch Efficiency Efficiency Marginal

on the Boat Of Clamers Of Clamers Efficiency

0 0 0 0 0 4,000+0 = 4,000

1 6 +6 6 2 3,996+6 = 4,002

2 16 +10 8 6 3,992+16 = 4,008

3 24 +8 8 4 3,988+24 = 4,012

4 30 +6 7.5 2 3,984+30 = 4,014

5 34 +4 6.8 0 3,980+34 = 4,014

6 36 +2 6 -2 3,976+36 = 4,012

7 36 0 5.14 -4 3,972+36 = 4,008

8 32 -4 4 -8 3,968+32 = 4,000

9 27 -5 3 -9 3,964+27 = 3,991

10 21 -6 2.1 -10 3,960+21 = 3,981

2.Pick two

a. Explain the major points made in the text article "What to Expect When You’re Free Trading" by Steven Landsburg

b. Explain the major points made in the text article "Why You’ll Love Paying for Roads that Used to be Free" by Eric Morris

c. Explain the major point made in the text article "Second Thoughts About Free Trade" by Nobel Laureate Paul Krugman

3. a. Based on economic efficiency, how would economists rank the following trade impediment:, tariffs, quotas, and subsidies? Provide an explanation.

b. Who usually asks for a tariff, quota, or subsidy? Why do they request these measures? Explain.

c. Of those who ask for trade impediments, which measures do they prefer, subsidies or tariffs or quotas? Explain.

4. a. Explain how a competitive market may operate like a "benevolent planner".

b. Explain the relationship between the "benevolent social planner" and a competitive market. Include in your essay an

explanation of the following concepts; consumer surplus, producer surplus, total surplus

c. Explain why "economic efficiency" is considered to be important by economists.

d. Consider a law that creates a transfer of income or wealth from one party to another. On the basis of what economic criterion

can such a law be judged? Explain . Explain why economics cannot "prove" that such a transfer is "desirable" or not.

5. Using the appropriate graphic apparatus:

a. Using the concepts of consumer surplus and producer surplus, show how a tariff can harm the country the country that imposes it

b. Identify, graphically, the dead weight cost of the tariff and, discuss its importance, and explain why it arises.

6.a. Explain what is meant by the "Laffer Curve" and the reasoning behind it.

b. Using the appropriate graphic representation, illustrate how elasticities of supply and demand affect "Deadweight

Loss/Cost" of a tax?

c. What is the relevance of the "Laffer Curve" and the current tax policy debate in America?

d. What is the relevance of the "marginal income tax rate" to the understanding of the "Laffer Curve" ? Explain.

7. There are five reasons, discussed in the text and in class, offered to justify the use of some form of trade impediment. Identify and

explain what they are. Discuss the strengths and weaknesses of each reason.

8. The whaling industry has driven some species of whales nearly to extinction. Cattle, however, continue to thrive on farms throughout

the world.

a. As a student of economics, explain what accounts for this difference?

b. What does your reasoning in answer to part "a" have to do with, say, the potential for the deforestation of the globe? Explain.

c. Some people condemn capitalists(or capitalism) for contributing to the reduction of forests around the globe. Based on the text

and class discussion, present the reasoning that supports the view that capitalists are likely to be saviors of forests.

Answer all Objective questions. 2 points each. Place you answer on the answer sheet provided below.

1. If China subsidizes its textiles, making it impossible for U.S. producers to compete, then:

a. a high tariff on textiles would improve economic well-being in the U.S.

b. our most appropriate response would be to retaliate with an identical subsidy

c. the ideal response would be to threaten retaliation without actually following through on the threat

d. we would maximize our economic well-being by purchasing the subsidized textiles from China

e. none of the above

2. A Kentucky state legislator has proposed that a consumers be required to pay a recycling fee on beverage bottles and fast food

containers sold in Kentucky. The text and class discussion suggests that producers should have no reason to object to such a tax

because the economic incidence of such a fee will be borne by consumers. TRUE OR FALSE

3. The objection to taxes by an economist is most likely to be related to its associated "dead weight costs". True or False?

4. The "non excludable" characteristic of a public good creates a "free rider" problem that makes "underproduction" a likely outcome.

TRUE OR FALSE?

5. According to economic reasoning, if the marginal benefit to society from the last dollar spent on a public park is less than the

marginal benefit to society from the last dollar spent on other things that are desirable, the park should be constructed. TRUE OR

FALSE?

6. According to economic reasoning, the absence of secure private property rights to ownership of a valuable resource places it in

jeopardy of extinction. TRUE OR FALSE?

7. According to economic reasoning, voluntary trade is essentially a zero-sum game; that is, if one side benefits, its gains must come at the

expense of the other trading partner. TRUE OR FALSE?

8. Economic analysis suggests that the greatest threat to the diversity of species on the planet is the rise in popularity of private

property, market driven, systems of residual claimancy. TRUE OR FALSE?

9. Steven Landsburg, in his article titled "What to Expect When You’re Free Trading" argues that the majority "winners" from

international trade are morally obliged to compensate the "losers". TRUE OR FALSE?

10. In his article, "Why You’ll Love Paying for Roads that Used to be Free", Eric Morris presents an argument concerning

"congestion pricing" that has application to the "WKU Parking Problem". TRUE OR FALSE?

11. The more inelastic is demand and supply, the greater the dead weight loss of a given tax. TRUE OR FALSE?

12. According to economic reasoning, allowing salable ownership rights for whales in the ocean would:

a. encourage even more over harvesting of whale

b. discourage the over harvesting of whales

c. discourage over harvesting in the short run, but lead to even more intensive whaling in the long run

d. encourage over harvesting in the short run, but lead to more controlled whaling in the long run

e. have no effect on the level of whaling

10.

11.

12.

Economics 202(8am) Fall, 2011 Quiz#3 NAME

Answer one question. 10 points maximum. Text material-Chap. 8

1. Explain what is meant by the "Laffer Curve" and the reasoning behind it.

2. Using the appropriate graphic representation, illustrate what is meant by "Deadweight Loss/Cost"

3. How do elasticities of supply and demand affect "Deadweight Loss/Cost" of a tax?

4. What is the relevance of the "Laffer Curve" and the current tax policy debate in America?

5. What is the relevance of the "marginal tax rate" to the understanding of the "Laffer Curve" ? Explain.

Economics 150 Fall 2010, Quiz#4 of 6 NAME___________________

Answer any two. Five points each.

1. What is "Plato’s Conceit"?

2. What was the importance of the "flat tax" in Jamestown and how does this relate to the

class discussion of the economics of taxes?

3. Explain how the class discussion of the "Tragedy of the Commons" in the claming example is

related to the events at Plymouth and Jamestown as described by Bethell.

4. What was the status of "private property" at the start of Plymouth Colony? Did that status

change? Why? What were the consequences?

Economics 202(11:15) Quiz# 5 Fall, 2002 NAME

Answer one question. 10 points maximum.

1.a The inefficiency from monopoly results because

a. there is no competition to force down cost

b. high monopoly prices are not equitable

c. monopolies tend to be too big and unwieldy for efficient operation

d. monopolies underproduce relative to the ideal, at which society’s Marginal Cost =Marginal Benefit.

e. all of the above.

Provide a brief explanation.

b. Price discrimination by a monopolist tends to

a. reduce the deadweight loss

b. increase economic efficiency

c. lead to output closer to that of the cometitive firm

d. reduce the gap between marginal revenue and price

e. all of the above

Provide a brief explanation.

c. A price-discriminating monopolist would be likely to charge a:

a. higher price to those with inelastic demand than those whose demand is elastic

b. lower price to those with inelastic demand than to those whose demand is elastic

c. high price to those with both elastic and inelastic demand

d. higher price than a nondiscriminating monopolist

e. higher price in the short run than in the long run

Provide a brief explanation.

2. In our evaluation of monopoly in class, a distinction was made between a single price monopoly and a multi- price monopoly. Using the appropriate graphic representation, explain what that distinction is and it relevance to a critical evaluation of monopoly.

3. In our discussions of a competitive market and monopoly it was pointed out that both types of firms behave in a way consistent with the equi-marginal rule (MR=MC). But a monopolist will tend to produce less and charge a higher price when compared to a competitive firm. Explain why.

4. Using the graph shown below answer the following questions.

A. Is the firm shown below a "competitive" firm? Provide a brief explanation.

B. Identify the level of output this firm would chose to produce. Provide a brief explanation.

C. Is this firm making an economic profit at the chosen level of output? Provide a brief explanation.

D. Identify the line segment representing average total cost.

E. Is this firm shown to be operating in the long run or short run? Provide a brief explanation.

Economics 202 Quiz# 5 Fall, 2010 NAME

Answer one question. 10 points maximum.

1. Using the graph shown below answer the following questions.

A. Is the firm shown below a "competitive" firm? Provide a brief explanation.

B. Identify the level of output this firm would chose to produce. Provide a brief explanation.

C. Is this firm making an economic profit at the chosen level of output? Provide a brief explanation.

D. Identify the line segment representing average total cost.

E. Is this firm shown to be operating in the long run or short run? Provide a brief explanation.

2. A competitive firm operating in the short run will continue to produce as long as

a. they can earn an economic profit

b. they can earn an accounting profit

c. they can cover their fixed costs of operation

d. they can cover their variable costs of production.

e. none of the above.

3. Explain the relationship between the "law of diminishing returns" and the short run marginal cost schedule

of a firm.

Economics 202 (8am)) Fall, 2011 NAME

Answer one question. Maximum of 10 points.

1. In our evaluation of monopoly in class, a distinction was made between a single price monopoly and a multi- price monopoly. Explain what that distinction is and it relevance to a critical evaluation of monopoly.

2. "Because optometrists are not trained physicians (MDs), they should not be allowed to fit eyeglasses in as much as this would

place consumers at risk for potentially injurious advice. If they are allowed to sell glasses, it should be permitted only in cases in

which the patron has a obtained a prescription from a licensed ophthalmologist(an MD)." You are invited to change the statement

so as to apply to any profession (or craft) you wish.

a. Is the statement above likely to have come from a group of consumers? Explain why the source of the statement may pose a

problem for those drafting laws regulating the conduct of those who wish to sell a product or service in the market place.

b. Discuss the advantages and disadvantages (and to whom these accrue) of an arrangement in which optometrists (or the

professional of your choosing) ability to compete in the eyeglass market is restrained by law.

3. Using the appropriate graphic representation:

a. Explain the "economic"object raised to a single price firm with some monopoly power.

b. Explain the primary differences in price and output for a competitive industry vs a monopoly.

c. What difference would it make if the monopoly firm engaged in price discrimination (differential pricing)? Explain.

4. Using the appropriate graphic representation, explain the difference between a "price taker" firm and a "price searcher" firm. Give

examples.

5. What is the single most important determinant of how robust and vigorous competition will be in an industry? Explain. Give an

example.

6. Using the appropriate graphic representation, explain why following the same equi-marginal rule , a monopoly firm will choose

a different level of output and price than will a competitive firm.

Economics 202(10:10) Final Exam Fall, 2002 NAME

Answer a three questions from Part A and answer a two questions from Part B.

Part A: Answer a three questions from Part A.

XXXXX DRUDGE REPORT XXXXX MON DEC 02, 2002 21:05:22 ET XXXXX

FAIR HAIR CARE? KERRY CUT COST HALF OF HILLARY'S; SENATOR CONFIRMS CRISTOPHE CLIP

Senator John Kerry confirmed late Monday that he's been visiting Washington's famed Cristophe
Salon for haircuts, where he has been paying $75 a visit -- half of what Senator Hillary
Clinton was charged for a similar shampoo, cut, blow and go!
This report revealed on Monday how Kerry, a self-described "Man of The People", has been
quietly visiting Cristophe's, getting cleaned and coifed by Isabelle Goetz, Hillary Clinton's
hairstylist.
A well-placed source claimed Kerry had been charged Isabel's going rate of $150 for the trim;
the WASHINGTONIAN also reported in August that Ms. Goetz charges $150 a visit at Cristophe
Salon.
"Isabel charges Senator Clinton $150, but charges Senator Kerry $75?" challenged one Hill
source. "I think Hillary needs to speak out for all women everywhere against the
discrimination, if this is true!"
The District of Columbia's Human Rights Act prohibits gender-based pricing.
Hair designer Isabelle Goetz could not be reached for comment late Monday.
The Kerry $75 haircut versus Hillary's $150 one raises an important civil rights issue waged
by the National Organization for Women, among others. Hair salons have long employed practices
that charge women prices far greater than their male counterparts.
"There is a growing consensus that basing prices upon gender is wrong and illegal and that
increasingly it will fall, either under existing sex-discrimination suits or new ones as they
may be passed," says John Banzhaf, a law professor at The George Washington University Law
School in Washington.
In 1995, the Republican governor of California Pete Wilson signed a law that did away with
different prices based on different genders for haircutting.
The Gender Tax Repeal Act, also known as the Equal Pricing Act, made the state the first in
the nation to specifically prohibit gender discrimination in pricing.
But what if Hillary requires more work than her senate counterpart?
While California does allow merchants to charge higher rates to one of the sexes if they can
prove the costs are justified, the District of Columbia has ruled out the cost-basis defense
in its law.
----------------------------------------------------------
Filed By Matt Drudge
Reports are moved when circumstances warrant
http://www.drudgereport.com for updates
(c)DRUDGE REPORT 2002
Not for reproduction without permission of the author

1. The argument implied in the article above is that charging different prices to customers of different genders constitutes
     “gender discrimination” based on a petty prejudice.
a. Write an essay in which you provide an alternative explanation.
b. Write an essay in which you provide a defense of the practice of charging lower prices to certain                                                                customers and higher prices to others.
c. Discuss the potential effects of this practice on economic efficiency
2. One of the anti-competitive behaviors that firms are alleged to engage in includes “collusion”.
   a. Explain what this practice is and give the reasoning that says that it should be illegal.
   b. Discuss the obstacles that stand in the way of arranging a “successful” collusive group that is stable, long lived, and generates                  economic profits.
   c. Give examples of “successful” collusive groups or cartels and explain what characteristic is most often associated with a cartel or             collusive arrangement that is long lived.
   d. It was explained in class and in the text that the urge to collude is likely to be strongest in a particular market structure. Explain              what market structure that is and why.
3. a. One of the anti-competitive behaviors that firms are alleged to engage in includes "predatory" tactics such as "below cost                         pricing". Describe what this is, explain how it supposed to benefit the firm this tactic, and discuss the reasons why they                          may be less successful than is commonly believed.
    b. What is the difference between reducing prices to attract more customers and reducing prices in order to monopolize? Explain
         why, as a practical matter, it is difficult to write laws that identify objective criteria that allow for a clear identification of                        improper conduct by producers.
    c. Who is it that typically makes the accusation of improper competitive behavior and why does that complicate the implementation
        of laws that are intended to address anti-competitive behavior.
     d. Explain how “economic sciences” may contribute to a resolution of this problem.
4. a. An illegal "concentration of economic power" has been argued to be in the hands of Microsoft Corp whose operating system                   represents over 85 percent of the total industry sales of desktop computers that utilize its operating system. Discuss the                           advantages and disadvantages of a “concentration ratio” as a measure of the strength of the competitive process.
    b. Present the reasoning that supports the view that a high concentration ratio does not necessarily constitute a threat to the                          competitive process.
   c. Some popular thought and commercial law is based on the view that a merger is a legal mechanism for accomplishing what                     anti-collusion laws prohibit (anti-competitive behavior). Discuss the obstacles that stand in the way of firms who wish to use a             "merger" to as an anti- competitive strategy? What are the possible motives for a merger other than to avoid competition? Explain.
5 . Prior to the deregulation of the airline industry, Republic Airline Company and Northwest Airlines were legally required by the               Civil Aeronautics Board to charge the same fares. After deregulation, they were legally prohibited from getting together to agree           on a common fare schedule. After the two airlines merged, they were legally free to set fares as their interests dictated.
a. Present an argument in which you defend these conflicting government policies. (Hint: Present “industrial policy” the                            argument that justifies these policies)
b. Present an argument in which you attack these conflicting government policies. (Hint: Present the argument that identifies
                  the weaknesses in the “industrial policy” argument)
6.a. Explain, using the appropriate graphic apparatus, the objection that is raised in economics against monopoly power.
    b. Explain why, using the appropriate graphic apparatus, the objection that is raised in economics against monopoly power
        may not apply to a multi-price monopoly.
    c. Is a monopoly certain to make an economic profit? Explain.
    d. Is the economic profit that may be earned by a firm with monopoly power constitute a “social cost”? Explain.
7. Mankiw discusses four remedies for Monopoly power. List and discuss the potential advantages and disadvantages of each.

Part B: Answer a two questions from Part B. 25 points each.
8. People who “have not had the benefit of their first econ course” are often found to be ardent supporters of price ceilings and similar        controls on commercial activity. Often such views are based on legitimate consideration of “equity” (division of “the pie”).
    We have focused this semester on “economic efficiency” as a criterion for judging outcomes and policies. Explain what this concept       is and how it is related to the matter of “equity”. Include in your essay discussion of the potential advantages and disadvantages of        such controls. Give examples from class or from the class readings.
9. a. Explain what is meant by “the tragedy of the commons”. Explain the relationship between the tragedy and property rights.
    b. An international agreement restricting the international sale of elephant ivory is up for renewal soon. The purpose of this                         agreement is to address the potential extinction of elephant species. Write and essay in which to provide the reasoning which says          that the creation and clarification of property rights to own and sell elephants is a superior mechanism for ensuring the long term            existence of elephants.
10. We have spent the semester introducing some “principles” of economics and the way that economists approach the issues of our             day. In doing so we have used the concepts of “economic efficiency” and   “dead weight costs”.
a. Explain what these concepts are using an example from our discussion of taxes, tariffs, monopoly or price controls.
b. Explain how consideration of “equity” may conflict with “economic efficiency” and explain, using an example,
                  of how equity concerns can be addressed in a manner consistent with economic efficiency.
11. From the text book article by Robert Barro:
a. Explain why the NCAA can be considered a cartel
b. Provide the reasoning that says that the NCAA, as a cartel, may operate in a way to be a “reverse robin hood”
      (i.e., takes wealth from the poor and gives to the rich)

Objective questions. One point each. Place your answers on the answer sheet provided at the end of the test.

1. The objection to monopoly arises because
a. there is no competition to force down cost
b. high monopoly prices are not equitable
c. monopolies tend to be too big and unwieldy for efficient operation
d. monopolies underproduce relative to the ideal, at which society’s Marginal Cost =Marginal Benefit.
e. all of the above.
2. Price discrimination by a monopolist tends to
a. reduce the deadweight loss
b. increase economic efficiency
c. lead to output closer to that of the competitive firm
d. reduce the gap between marginal revenue and price
e. all of the above
3. For pollution permits to be most effective for society, they need to be tradable. TRUE OR FALSE?
4. Sunk costs are not part of opportunity costs. TRUE OR FALSE
5.A firm producing where MC>MR is producing more than the profit-maximizing quantity.   TRUE OR FALSE
6. The market demand curve for a competitive industry is downward sloping.   TRUE OR FALSE
7. In the long run, a monopolist is guaranteed a positive economic profit.   TRUE OR FALSE
8. A monopolist will always produce in the inelastic range of the demand for its product.   TRUE OR FALSE
9. If a monopolist is producing at the point where marginal revenue exceeds marginal cost by the greatest amount, then
    in order to maximize profit, the monopolist should:
a. Make no change
b. Increase output and lower price
c. Decrease output and raise price
d. Increase both output and price
e. Decrease both output and price
10. Collusion among firms is more likely to be successful in the long run than in the short run.   TRUE OR FALSE
11. The main reason that cartels such as OPEC tend to fail is that :
a. Self-interest drives individual players to renege on their cooperative agreements
b. There are too many producers for coordination to be feasible
c. International law prohibits them
d. The players fail to behave rationally
e. Demand is inadequate , resulting in falling prices in spite of the agreement to hold back output
12. Which of the following may make it difficult for firms to collude to set price?
a. A large number of firms
b. A standardized product
c. High barriers to entry
d. Weak barriers to entry
e. Licensing restrictions by government
13.Dolly’s Doughnuts is a competitive firm producing where MR = $4.00 and MC =$2.00. To maximize profit, the firm should:
a. expand output
b. cut back on output
c. keep doing what it is doing
d. raise price to increase total revenue
e. cut price to increase total revenue
14. The story of Vincent Cummins in the text is an illustration of the observation that regulation of commerce to promote
      consumer protection is often associated with restrictions on competition that may harm consumer well- being. TRUE OR FALSE?
15. Collusion and “pricing fixing” among firms is most likely to be successful if it is legal.   TRUE OR FALSE?
16. A firm facing a price that is less than average total cost should shut down temporarily until the situation improves.
     TRUE OR FALSE?
17. Market based, tradable pollution permits are believed to be superior to other methods in part because they make it
      possible to “make money” by developing more environmentally friendly processes. TRUE OR FALSE?
18. According to Mankiw the American Economics Association is one of the most successful cartels in America TRUE OR FALSE?
19. Legal grants of exclusive privilege to favored sellers
a. assure buyers of higher quality.
b. restrict competition
c. do not really benefit anyone.
d. are unconstitutional in the United States.
20. Private colleges typically grant tuition scholarships only to students who persuade the college of their financial
    “need” primarily in order to
a. diversify their student body
b. improve the welfare of society
c. increase their net income through price discrimination
d. improve their athletic teams

21. Evidence suggests that the most effective way that sellers can eliminate the constraints that competition imposes upon them        is         when they can
a. prevent substitutes for their goods from being offered at attractive prices.
b. lower their prices below the full cost of production.
c. become large enough to attain a monopoly position.
d. persuade buyers that their product is distinctly superior to the customary alternatives.
22. “Tying” or “ bundling” is among the anti-competitive behaviors that monopolies practice that economists agree are clearly
      improper and should be prohibited. TRUE OR FALSE?
23. Principles of economics teaches us that we must protect American jobs from foreign competition no matter how much our                       standard of living may fall. TRUE OR FALSE?
24. The most serious objection to monopoly is the price gouging and excessive profits that they earn. TRUE OR FALSE?
25. In our class discussion of property rights and market driven decision-making we concluded that, although such a system may lead          to high standards of living, it is more likely to lead to the extinction of some living species than economic systems in which such             species were own “in common by all the people”. TRUE OR FALSE

Economics 202 Final Exam NAME
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Economics 202(11:15) Final Exam Fall, 20 NAME

Answer a three questions from Part A and answer a two questions from Part B.

Part A: Answer a three questions from Part A.

MON DEC 02, 202 21:05:22 ET XXXXX

FAIR HAIR CARE? KERRY CUT COST HALF OF HILLARY'S; SENATOR CONFIRMS CRISTOPHE CLIP

1. The argument implied in the article above is that charging different prices to customers of different genders constitutes
     “gender discrimination” based on a petty prejudice.
a. Write an essay in which you provide an alternative explanation.
b. Write an essay in which you provide a defense of the practice of charging lower prices to certain                                                                customers and higher prices to others.
c. Discuss the potential effects of this practice on economic efficiency
2. One of the anti-competitive behaviors that firms are alleged to engage in includes “collusion”.
   a. Explain what this practice is and give the reasoning that says that it should be illegal.
   b. Discuss the obstacles that stand in the way of arranging a “successful” collusive group that is stable, long lived, and generates                        economic profits.
   c. Give examples of “successful” collusive groups or cartels and explain what characteristic is most often associated with a cartel or                   collusive arrangement that is long lived.
   d. It was explained in class and in the text that the urge to collude is likely to be strongest in a particular market structure. Explain                     what market structure that is and why.
3. a. One of the anti-competitive behaviors that firms are alleged to engage in includes "predatory" tactics such as "below cost                                pricing". Describe what this is, explain how it supposed to benefit the firm this tactic, and discuss the reasons why they                                 may be less successful than is commonly believed.
    b. What is the difference between reducing prices to attract more customers and reducing prices in order to monopolize? Explain
         why, as a practical matter, it is difficult to write laws that identify objective criteria that allow for a clear identification of                                improper conduct by producers.
    c. Who is it that typically makes the accusation of improper competitive behavior and why does that complicate the implementation
        of laws that are intended to address anti-competitive behavior.
     d. Explain how “economic sciences” may contribute to a resolution of this problem.
4. a. An illegal "concentration of economic power" has been argued to be in the hands of Microsoft Corp whose operating system                          represents over 85 percent of the total industry sales of desktop computers that utilize its operating system. Discuss the                                  advantages and disadvantages of a “concentration ratio” as a measure of the strength of the competitive process.
    b. Present the reasoning that supports the view that a high concentration ratio does not necessarily constitute a threat to the                                 competitive process.
   c. Some popular thought and commercial law is based on the view that a merger is a legal mechanism for accomplishing what                            anti-collusion laws prohibit (anti-competitive behavior). Discuss the obstacles that stand in the way of firms who wish to use a                    "merger" to as an anti- competitive strategy? What are the possible motives for a merger other than to avoid competition? Explain.
5. Prior to the deregulation of the airline industry, Republic Airline Company and Northwest Airlines were legally required by the                    Civil Aeronautics Board to charge the same fares. After deregulation, they were legally prohibited from getting together to agree                  on a common fare schedule. After the two airlines merged, they were legally free to set fares as their interests dictated.
a. Present an argument in which you defend these conflicting government policies. (Hint: Present “industrial policy” the                            argument that justifies these policies)
b. Present an argument in which you attack these conflicting government policies. (Hint: Present the argument that identifies
                  the weaknesses in the “industrial policy” argument)
6.a. Explain, using the appropriate graphic apparatus, the objection that is raised in economics against monopoly power.
    b. Explain why, using the appropriate graphic apparatus, the objection that is raised in economics against monopoly power
        may not apply to a multi-price monopoly.
    c. Is a monopoly certain to make an economic profit? Explain.
    d. Is the economic profit that may be earned by a firm with monopoly power constitute a “social cost”? Explain.
7. Mankiw discusses four remedies for Monopoly power. List and discuss the potential advantages and disadvantages of each.

Part B: Answer a two questions from Part B. 25 points each.
8. People who “have not had the benefit of their first econ course” are often found to be ardent supporters of price ceilings and similar               controls on commercial activity. Often such views are based on legitimate consideration of “equity” (division of “the pie”).
    We have focused this semester on “economic efficiency” as a criterion for judging outcomes and policies. Explain what this concept              is and how it is related to the matter of “equity”. Include in your essay discussion of the potential advantages and disadvantages of               such controls. Give examples from class or from the class readings.
9. a. Explain what is meant by “the tragedy of the commons”. Explain the relationship between the tragedy and property rights.
    b. An international agreement restricting the international sale of elephant ivory is up for renewal soon. The purpose of this                                agreement is to address the potential extinction of elephant species. Write and essay in which to provide the reasoning which says                 that the creation and clarification of property rights to own and sell elephants is a superior mechanism for ensuring the long term                   existence of elephants.
10. We have spent the semester introducing some “principles” of economics and the way that economists approach the issues of our                   day. In doing so we have used the concepts of “economic efficiency” and   “dead weight costs”.
a. Explain what these concepts are using an example from our discussion of taxes, tariffs, monopoly or price controls.
b. Explain how consideration of “equity” may conflict with “economic efficiency” and explain, using an example,
                   of how equity concerns can be addressed in a manner consistent with economic efficiency.
11. From the text book article by Robert Barro:
a. Explain why the NCAA can be considered a cartel
b. Provide the reasoning that says that the NCAA, as a cartel, may operate in a way to be a “reverse robin hood”
      (i.e., takes wealth from the poor and gives to the rich)

Objective questions. One point each. Place your answers on the answer sheet provided at the end of the test.

Economics 202 Final Exam NAME
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