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Economics 【Reading 13】Sample

An internal combustion engine is best described as a(n):
A)
intermediate good.
B)
finished good.
C)
factor of production.



Engines are most likely to be considered intermediate goods because they are used in the production of such finished goods as motor vehicles. They are unlikely to be considered finished goods, even though consumers might occasionally purchase them, because their primary use is in the production of other goods that are driven by engines.

A supply function for leather shoes is most likely to include:
A)
Average hourly wage for leather workers.
B)
Average income for all workers.
C)
Price of plastic shoes.



A supply function will depend on the price of inputs to production of leather shoes, such as wages for leather workers. A demand function for leather shoes will likely depend on, among other factors, the price of plastic shoes (a substitute) and average income of all workers (who would be consumers of shoes).

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The most likely cause for a shift in the supply curve for coffee is a change in the:
A)
price of coffee.
B)
wages of coffee harvesters.
C)
price of tea.



The supply curve shifts in response to a change in the cost of inputs, such as the wages for coffee harvesters. A change in the price of the product is a movement along the supply curve, not a shift in the curve. A change in the price of a substitute would more likely influence the demand curve, not the supply curve.

TOP

A columnist is discussing how the efficient quantity of output for a good or service is determined. These two statements appear in his column:

Statement 1: The equilibrium quantity of production for a good or service can be considered efficient as long as the marginal social benefit of that quantity is greater than its marginal social cost.
Statement 2: Subsidies and quotas typically result in production of a good or service in quantities at which the marginal social cost exceeds the marginal social benefit.

With respect to these statements:
A)
both are correct.
B)
only one is correct.
C)
both are incorrect.



Statement 1 is incorrect. The efficient quantity of output is the quantity at which the marginal social benefit (demand) is equal to the marginal social cost (supply). Statement 2 is also incorrect. Subsidies typically lead to overproduction, where the marginal social cost at the quantity produced is greater than the marginal social benefit. Quotas, however, typically limit production to a level below equilibrium, such that the marginal social benefit at the quantity produced is greater than the marginal social cost.

TOP

If a change in consumer tastes causes a permanent downward shift in demand for hats, but there are no changes in the cost of inputs to production of hats, the most likely market response would be:
A)
a short-run shift in the supply curve, causing a decline in the price of hats.
B)
no change in the price of hats because the costs of production have not changed.
C)
a short-term movement along the supply curve to a lower equilibrium price, and a long-run shift in supply.



If the costs of production do not change, the supply curve for hats will not shift in the short run in response to a decrease in demand. Instead, there will be a movement along the supply curve to a new, lower, equilibrium price, followed by a long-run shift in the supply curve as producers exit the business.

TOP

A stable market equilibrium is best described as one in which:
A)
excess supply drives prices lower and excess demand drives prices higher.
B)
the current market price equals the equilibrium price.
C)
the supply curve is less steeply sloped than the demand curve.



Stable market equilibria are defined as those in which excess supply tends to drive prices lower and excess demand tends to drive prices higher. Unstable equilibria are characterized by a downward sloping supply curve that is less steeply sloped than the demand curve, so that excess supply tends to drive prices up and excess demand tends to drive prices down (further away from the equilibrium value). The current market price and the equilibrium price can be equal in either stable or unstable equilibria.

TOP

The market for radios consists of 100 consumers, each of whom has the demand function:
QDradio = 4 − 0.4 Pradio + 0.0025 Income + 0.25 Pnewspaper − 0.005 Pbatteries


At current average prices, a radio costs £10, a newspaper costs £1, and batteries cost £2. Average income is £1,000. The market demand curve for radios is most accurately described as:
A)
16.85 − 0.025 QDradio.
B)
400 − 40 Pradio + 0.25 Income + 25 Pnewspaper − 0.5 Pbatteries.
C)
674 − 40 Pradio.



Aggregating the individual demand functions into the market demand function we get:
QDradio = 100(4 − 0.4 Pradio + 0.0025 Income + 0.25 Pnewspaper − 0.005 Pbatteries)
QDradio = 400 − 40 Pradio + 0.25 Income + 25 Pnewspaper − 0.5 Pbatteries
Substituting average values for all variables except price we get:
QDradio = 400 − 40 Pradio + 0.25(1,000) + 25(1) − 0.5(2)
QDradio = 400 − 40 Pradio + 250 + 25 − 1
QDradio = 674 − 40 Pradio
40 Pradio = 674 − QDradio
Solving for price gives us the demand curve:
Pradio = 16.85 − 0.025 QDradio

TOP

The demand function for textbooks is given by 100 − 2P, and the supply function is given by 2P − 10. At a price of 30, the market:
A)
has excess demand of 10.
B)
has excess supply of 10.
C)
is in equilibrium with quantity supplied and demanded equal to 45.



At a price of 30, quantity demanded = 100 − 2(30) = 40, and quantity supplied = 2(30) − 10 = 50. Excess supply = 50 − 40 = 10.

TOP

Which of the following statements best describes the principal difference between a Vickrey auction and other types of sealed bid auctions?
A)
A Vickrey auction does not use sealed bids.
B)
In a Vickrey auction, the winner pays the price bid by the second-highest bidder.
C)
In a Vickrey auction, the winner pays the reservation price.



A Vickrey auction is a second-price sealed bid auction, in which the winner pays the price bid by the second highest bidder. The reservation price is the highest price that a bidder is willing to pay. In a second price sealed bid auction, a bidder’s optimal strategy is to bid his reservation price. Because he pays the second highest bid, the winner pays less than his reservation price.

TOP

Which of the following most accurately describes society's allocation of resources to the production of goods with external costs or external benefits, respectively?
A)
Under-allocation; over-allocation.
B)
Over-allocation; under allocation.
C)
Over-allocation; over-allocation.



External costs are costs associated with the production of goods which are not entirely borne by producers. The industrial pollution of fishing waters decreases the yield to the fishing industry. However, the lost revenue to the fishing industry is not considered a cost to the firms generating the pollution. The result is an over-allocation of resources to the production of goods made by the firms generating the pollution.
External benefits refer to benefits received by those other than the buyers of a good. Scenic gardens and fountains built by private enterprises for their own interests are examples of goods with external benefits. Since the marginal benefit to society is greater than that of the marginal cost to the producer, less than the efficient quantity is produced.

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