Intermediate Microeconomics Mid-term Test 2005 (B)
Name: Student No.: Class:
No. | 1 | 2 | 3 | 4 | excel合并列5 | 6 | 7 | 8 | we是第几人称9 | 10 |
Answer | | | | | | 苹果平板充不进去电怎么办 | | | | |
No. | 11安装telnet | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
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No. | 21 | 22 | 我用真心换真情23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 |
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Section 1 True or fal.（20 points, 2 points each）
1. Alice's utility function is U(x, y) = x2y. Steve's utility function is U(x, y) = x2y + 2x. Alice and Steve have the same preferences since Steve's utility function is a monotonic transformation of Alice's.
2. A consumer who can borrow and lend at the same interest rate should prefer an endowment with a higher prent value to an endowment with a lower prent value, no matter how he plans to allocate consumption over the cour of his life.
3. If two asts have the same expected rate of return but different variances, a risk-aver investor should always choo the one with the smaller variance, no matter what other asts she holds.
4. Fred has a Cobb-Douglas utility function with exponents that sum to 1. Sally consumes the same two goods, but the two goods are perfect substitutes for her. Despite the differences, Fred and Sally have the same price offer curves.
展望怎么写5. If all prices double and income triples, then the budget line will become steeper.
6. If someone has a Cobb-Douglas utility function and no income from any source other than labor earnings, then an increa in wages will not change the amount that person choos to work.
7. Susan is a net borrower when the interest rate is 10% and a net saver when the interest rate is 20%. A decrea in the interest rate from 20% to 10% may make Susan wor off.
8. With quasi-linear preferences, the equivalent variation and the compensating variation in income due to a price increa of one good are the same.
9. For a consumer who has an allowance to spend and no endowment of goods, a decrea in the price of a Giffen good consumed makes him better off.
10. The marginal rate of substitution measures the distance between one indifference curve and the next one.
Section 2 Single Choice. (80points, 4 points each)
11. Janet consumes two commodities x and y. Her utility function is min{x + 2y, y + 2x}. She choos to buy 10 units of good x and 20 units of good y. The price of good x is $1. Janet's income is
A. $40. B. $50. C. $30. D. $20.
E. There is not enough information in the problem to determine her income becau we are not told the price of good y.
12. Holly consumes x and y. The price of 五十大寿x is 4 and the price of y is 4. Holly's only source of income is her endowment of 6 units of x and 6 units of y which she can buy or ll at the going prices. She plans to consume 7 units of x and 5 units of y. If the prices change to $7 for x and $7 for y,
A. she is better off.
B. she is wor off.
C. she is neither better off nor wor off.
D. she is better off if she has nonconvex preferences.
E. We can't tell whether she is better off or wor off unless we know her utility fu
nction.
13. Clarissa's utility function is U(r, z) = z + 120r - r 2, where r is the number of ro plants she has in her garden and z is the number of zinnias. She has 250 square feet to allocate to ros and zinnias. Ros each take up 4 square feet and zinnias each take up 1 square foot. She gets the plants for free from a generous friend. If she acquires another 100 square feet of land for her garden and her utility function remains unchanged, she will plant
儿时的回忆
A. 99 more zinnias and some more ros.
B. 20 more ros and 20 more zinnias.
C. 25 more ros and no more zinnias.
D. 100 more zinnias and no more ros.
E. None of the above.
14. Will is paid $10 an hour for the first 40 hours per week that he works. He can also work as many hours overtime as he wishes to. He is paid $15 an hour for every hour that he works beyond 40 hours a week. Leisure is a normal good for Will and he is currently working some overtime. If his hourly wage for the first 40 hours per week that he works ris to $12 and his wages for overtime remain at $15 per hour, he will choo to work
A. fewer hours per week.
B. more hours per week.
C. the same number of hours per week.
D. more hours per week if and only if his income exceeds his labor income.
E. more hours per day if and only if he works less than 20 hours overtime per week.
15. Albin has quasi-linear preferences and he loves pretzels. His inver demand function for pretzels is p(x) = 49 - 6x, where x is the number of pretzels that he consumes. He is currently consuming 8 pretzels at a price of $1 per pretzel. If the price of pretzels ris to $7 per pretzel, the change in Albin's consumer surplus is
