A relevant factor explaining that college tuition inflation is higher than overall US inflation of goods and services is that educational loans shift: a) The demand curve inward while the supply is elastic. b) The supply curve while demand is elastic. c) The demand curve out while supply is inelastic. d)
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Exam 1 Eco 300 Section T Fall 2023 1) A relevant factor explaining that college tuition inflation is higher than overall US inflation of goods and services is that educational loans shift: a) The demand curve inward while the supply is elastic. b) The supply curve while demand is elastic. c) The demand curve out while supply is inelastic. d) The supply curve while the demand is inelastic 2) From the graph above on the welfare impact of subsidies, indicate which area represents the increase in consumersÕ surplus induced by the subsidy: A) P0 L K P0-SP0 B) P0 J A C) A K P0-SP0 D) P0 J K P0-SP0 1
3) From the graph above on the welfare impact of subsidies, indicate which area represents the total cost of the subsidy for society: A) P0 L K P0-SP0 B) P0 J K P0-SP0 C) JLK D) JMK 4) The cost of the subsidy exceeds the benefit by the area: A) P0 J A B) JLK C) JMKL D) P0 J M P0-SP0 5) Based on the graph Welfare Impact of Price Controls, indicate which area measures the welfare loss induced by price controls: A) AEF B) ABE C) ACE 2
D) F Pc A 6) Based on the graph Welfare Impact of Price Controls, indicate the reason behind the welfare reduction: A) The number of voluntary transactions decreased by QD QS B) The number of voluntary transactions decreased by QD Q* C) The number of voluntary transactions decreased by Q* QS D) The number of voluntary transactions increased by Q* QS 7) Price control increased the exclusion to this market by: A) GC B) AE C) EF D) CE 8) Price control reduced the producersÕ surplus by: A) F Pc A B) P*E A Pc C) BAE D) FP*E 9) Indifference curves are convex to the origin because of: A) transitivity of consumer preferences. B) they yield results consistent with observed behavior. C) the assumption that more is preferred to less. D) the assumption of completeness. E) none of the above 10) If indifference curves are concave to the origin, then at equilibrium: A) The indifference curve is tangent to the budget constraint. B) The consumer buys one good. C) The consumer buys a basket of goods. D) None of the above. 11) Based on Modeling Monetary Economies (MME), the cost of inflation may cause: a) increases in the supply of labor b) increases in the real amount of money demanded c) disincentive to work d) all of the above 12) According to MME, the cost of inflation is: 3
a) the reduction in the real amount of money demanded to avoid the inflation tax b) the low rate of return of fiat money c) the reduction in the purchase of C2, which requires money d) the reduction of the labor supply associated with less attractive money due to a lower rate of return e) All of the above 13) Based on MME, when is the return of fiat money higher? a) Money stock increases b) Money stock does not change c) Money stock does not change, and the supply of the good in the economy increases. d) Money stock increases, and the population does not change. 14) Which of the following correctly explains the role of the government in a free market? A) The government sets production quotas for sellers in the market. B) The government sets prices according to the relative value of each good. C) The government allocates goods to those buyers who value the goods the most. D) The government acts as a referee by enforcing contracts and preventing stealing. 15) Inflation is a tax: a) on money balances b) not approved by Congress c) that hurts mainly people on a fixed salary d) that does not allow the economy to reach the Golden Rule e) all of the above 16) If real income grows faster than the money supply, then the country will experience the following: a) moderate inflation. b) zero inflation c) moderate deflation d) None of the above 17) If the government sends checks paying $ 2,000.00 to middle and upper-middle-class earning yearly up to $ 150,000.00, then the following consequences may arise: a) Wealth of recipients increases. b) Most of the money is saved. c) Consumption in the present rises marginally. d) Savings today are used to finance consumption in the future. e) All of the above. 4
18) According to Cogan and Taylor, a better way to help the economy relative to sending checks to middle-income persons is to: a) expand government expenditures on roads and highways b) reduce income taxes c) eliminate trade barriers d) restrain federal spending 19) Based on the graph above, societyÕs welfare before the tariff levied on imported goods was: a) ABCE b) ABGHE c) BGF and ZHC d) PLCHPL+a 20) Based on the graph above, societyÕs welfare after the imposition of the tariff is as follows: a) ABGHE b) ABGFZHE c) BGF and ZHC d) PL+aHE 21) The sources of welfare losses to society originating from the imposition of tariffs are: a) Reduced imports. b) Increased production by less efficient domestic producers relative to foreign producers. 5
c) Rent-seeking costs d) All of the above 22) The evidence on the evolution of mineral resource prices suggests that: a) the supply shifted to the right more than the demand. b) the demand shifted more to the right than the supply. c) the demand and supply shifted by the same amount. d) the demand shifted to the right, and the supply shifted to the left. 6
23) Based on the graph above, consider the welfare impact of a price decline from $4.00 to $3.00 under free trade. a) Welfare declines because there is no local production. b) Welfare increases by C+D c) Welfare increases by D d) Welfare increases by C 7
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