archuleta7 Posted March 6, 2008 Share Posted March 6, 2008 I wasn't sure where to post this, but since this was the Economics board, I thought it was worth a shot :) I have a take home test to do, and it's 200 questions, but I'm stumped on about 6 of them, so any help would be absolutely fantastic! 197. Suppose consumer income increases. If Ipods are normal goods, the equilibrium price of an iPod will ______________, and producer surplus in the iPod market will ________________. A) decrease, increase B) increase, increase C) decrease, decrease D) increase, decrease 110. Assume that all studio apartments in Santa Monica are identical and that the equilibrium price for an apartment is $1,500. To make housing more affordable, the city enacts a price ceiling of $800 on monthly rent. Suppose you are in the market for a studio apartment and because of the shortage of apartments you are forced to spend far more time searching for housing. How is this inefficient? A) Resources are wasted as time spent in apartment search has increased (I think it may be this one) B) Apartments are of inefficiently low quality C) The quantity demanded of apartments increases D) None 118. Which of the following is true? A) Shortages can be eliminated by allowing prices to rise but scarcity can never be eliminated. B) Scarcity means that shortages occur at the existing market price C) Price control creates scarcity D) If price controls were lifted and prices allowed to move freely, scarcity & surpluses will be eliminated. 121. Suppose the demand curve for a product is vertical and the supply curve is the usual upward sloping curve. If a unit tax is imposed in the market, A) producers will bear the entire burden B) the tax burden will be shared with the consumers bearing a bigger share C) the tax burden will be shared equally between producers and consumers D) the consumers bear the entire burden of tax 136. If your nominal wage rises faster than the price level then we can say your real wage has _______ and the purchasing power of your income has ________. A) fallen, fallen B) fallen, risen C) risen, fallen D) risen, risen 199. Given the following, calculate the rate of increase in the price level from 2004 to 2005. 2004 NGDP $10,000 RGDP $9,500 2005 NGDP $12,000 RGDP $10,500 A) 8.6% B) -7.9% C) -8.6% D) 7.9% 1 Link to comment Share on other sites More sharing options...
Valhalla Posted March 6, 2008 Share Posted March 6, 2008 :eek: R u kidding? Are you an UG student? I hope you are not a PhD student who has problems with those questions?:crazy: Which university do you attend? .... Link to comment Share on other sites More sharing options...
archuleta7 Posted March 6, 2008 Author Share Posted March 6, 2008 I'm an UG student. Link to comment Share on other sites More sharing options...
Antonio Posted March 6, 2008 Share Posted March 6, 2008 197 -> B) 136 -> D) 121 -> D) 1 Link to comment Share on other sites More sharing options...
snappythecrab Posted March 6, 2008 Share Posted March 6, 2008 Not sure what's stupider - not being able to figure these questions out, or admitting that this is an exam and thinking that we'd actually help you cheat. :rolleyes: ...lock 'er up Link to comment Share on other sites More sharing options...
pevdoki1 Posted March 6, 2008 Share Posted March 6, 2008 197 -> B) 136 -> D) 121 -> D) What about the rest, Antonio? Too tough for you? j/k ;) Link to comment Share on other sites More sharing options...
Antonio Posted March 6, 2008 Share Posted March 6, 2008 honestly speaking, I had some english problems in understanding 110 and 118 (what is shortgage? is it different from scarcity?). For the last one, I think I got the answer but I am not sure and since I am gonna to berkeley, I do not want to make loser's figure.... Link to comment Share on other sites More sharing options...
archuleta7 Posted March 6, 2008 Author Share Posted March 6, 2008 Well, in this semester alone, we've had a change of professor three times, and we were given this test after three sub-par lectures. I'm sure this should be simple stuff, but keep in mind, you guys are probably way older than I am. I'm a freshman in college who isn't planning to enter Business, but has to take Economics anyway. And yes, I already admitted this is an exam, but it's a take home exam, and our "temporary professor" already told us we could work in groups on it, but the other 200 people in my class are as confused as I am, so I'm not cheating at all. Link to comment Share on other sites More sharing options...
Valhalla Posted March 6, 2008 Share Posted March 6, 2008 Not sure what's stupider - not being able to figure these questions out, or admitting that this is an exam and thinking that we'd actually help you cheat. :rolleyes: ...lock 'er up I suggest it's equally stupid--- Link to comment Share on other sites More sharing options...
archuleta7 Posted March 6, 2008 Author Share Posted March 6, 2008 197 -> B) 136 -> D) 121 -> D) Thank you, I really appreciate it :) Link to comment Share on other sites More sharing options...
italos Posted March 6, 2008 Share Posted March 6, 2008 Sorry I can not help you cheating even I understand your situation...... Link to comment Share on other sites More sharing options...
Antonio Posted March 6, 2008 Share Posted March 6, 2008 I suggest it's equally stupid--- c'mon man....helping people make you a better person!!! Link to comment Share on other sites More sharing options...
buckykatt Posted March 6, 2008 Share Posted March 6, 2008 Dear Antonio, Please don't feed the animals. Yours, Mr. Ranger 1 Link to comment Share on other sites More sharing options...
Zymm Posted March 6, 2008 Share Posted March 6, 2008 I feel like the answers to these should be in any decent textbook... Link to comment Share on other sites More sharing options...
archuleta7 Posted March 6, 2008 Author Share Posted March 6, 2008 I don't understand why I'm supposedly cheating. My professor gave it to us as a take home test, and suggested we work on it in groups since he even admitted that he didn't expect us to know the material (he gave it to us now for the sake of time)... so he was basically telling us that it would be best to get help from other people. It's not my fault the other kids in my class are just as confused as me. So, it kind of offends me that I'm getting all this backlash. I graduated fourth of my class at one of the top high schools in the United States. If you guys want your board to grow, you're not going to allow that if you just attack the "newbies", and assume I'm some sort of monster. Link to comment Share on other sites More sharing options...
asianeconomist Posted March 6, 2008 Share Posted March 6, 2008 honestly speaking, I had some english problems in understanding 110 and 118 (what is shortgage? is it different from scarcity?). For the last one, I think I got the answer but I am not sure and since I am gonna to berkeley, I do not want to make loser's figure.... He mistyped "Shortage" as "Shortgage". C'mon man, you're the one giong to Berkeley :p. To archuleta7: Since the other TM members are apprehensive of your veracity, why don't try to post your "hunches" about these questions and point out the reasons which made you arrive at the conclusion. Consequently, the TM members might be more willing to guide you to the right answer by pointing out the mistakes in your reasoning. That way, you learn and correct your mistakes; we also can live with a clear conscience. ;) 1 Link to comment Share on other sites More sharing options...
archuleta7 Posted March 6, 2008 Author Share Posted March 6, 2008 He mistyped "Shortage" as "Shortgage". C'mon man, you're the one giong to Berkeley :p. To archuleta7: Since the other TM members are apprehensive of your veracity, why don't try to post your "hunches" about these questions and point out the reasons which made you arrive at the conclusion. Consequently, the TM members might be more willing to guide you to the right answer by pointing out the mistakes in your reasoning. That way, you learn and correct your mistakes; we also can live with a clear conscience. ;) Thank you for your advice. I'll do that :) I'm basing this all off of my leftover knowledge of Economics from my sophomore year of high school, so here we go: 110. Assume that all studio apartments in Santa Monica are identical and that the equilibrium price for an apartment is $1,500. To make housing more affordable, the city enacts a price ceiling of $800 on monthly rent. Suppose you are in the market for a studio apartment and because of the shortage of apartments you are forced to spend far more time searching for housing. How is this inefficient? A) Resources are wasted as time spent in apartment search has increased B) Apartments are of inefficiently low quality C) The quantity demanded of apartments increases D) None For this one, I think it's between A and C. The choice for B isn't right because just because there's a price ceiling doesn't mean it's low quality. I think it may be A because the time spending searching for housing can be spent doing other things, like working, so there is that opportunity cost. But C also sounds right to me because since there's a price ceiling and it's now $800, the demand will go higher, since it's not so expensive. I'm leaning towards C though. 118. Which of the following is true? A) Shortages can be eliminated by allowing prices to rise but scarcity can never be eliminated. B) Scarcity means that shortages occur at the existing market price C) Price control creates scarcity D) If price controls were lifted and prices allowed to move freely, scarcity & surpluses will be eliminated. For this one, my gut answer is A because I think we can eliminate shortages created by price ceilings, but I don't think we can ever eliminate scarcity. 199. Given the following, calculate the rate of increase in the price level from 2004 to 2005. 2004 NGDP $10,000 RGDP $9,500 2005 NGDP $12,000 RGDP $10,500 A) 8.6% B) -7.9% C) -8.6% D) 7.9% For this one, I actually have no idea because to my knowledge, the formula for the GDP Deflator for 2005 is NGDP2005 / RGDP2005 x 100, and that would equal 114 in 2005, and 105 in 2004. The difference between 114 and 105 is 9, and 9/105 = .085% which isn't one of the answers, so I'm pretty much assuming that I have the wrong approach. And for some of the ones I didn't post yet: 52. Looking at supply and demand curves, what would happen in a market for bike helmets if there is a substantial increase in the price of bicycles? A) the supply curve will shift to the right B) the supply curve will shift to the left C) the demand curve will shift to the right D) the demand curve will shift to the left (Right now, I'm thinking D, since a higher price would mean less demand from the public.) 53. Looking at supply and demand curves, what would happen in the garment market if the wages of seamstresses rise? A) the supply curve will shift to the right B) the supply curve will shift to the left C) the demand curve will shift to the right D) the demand curve will shift to the left (My guess is probably B, since they would have to cut the amount of seamstresses and have less supply?) 54. Looking at supply and demand curves, what would happen in the leather goods market if the government lifts a ban on imported leather? A) the supply curve will shift to the right B) the supply curve will shift to the left C) the demand curve will shift to the right D) the demand curve will shift to the left (My guess is B since there will be less supply, since it's banned) 120. The govt proposes a tax on halogen bulbs in order to boost its revenue. Producers will bear the entire burden of the tax if the A) demand curve for bulbs is vertical B) demand curve for bulbs is horizontal C) demand curve is downward sloping & supply is upward sloping D) supply curve for bulbs is horizontal (Right now, I'm thinking D since a horizontal supply curve would mean that at the same quantity, the consumer would pay any price) Thanks again!:) Link to comment Share on other sites More sharing options...
jenizaro Posted March 6, 2008 Share Posted March 6, 2008 Of all those 200 questions it is only these six that give you problem? I find that incredibly difficult to believe. Sorry... The questions are really easy, just take the time to read the proper chapters in the assigned textbook. It is only supply and demand and basic macroeconomic data analysis. You could read that in less than an hour. Link to comment Share on other sites More sharing options...
econphilomath Posted March 6, 2008 Share Posted March 6, 2008 Paul Samuelson has a nice book... you might want to take a look at that. Link to comment Share on other sites More sharing options...
Valhalla Posted March 6, 2008 Share Posted March 6, 2008 c'mon man....helping people make you a better person!!! I don't consider cheating as something that helps anyone... I think it's the "easy" way out if people look up solutions or ask others to solve their problem sets... I guess the intention of your prof was actually to motivate you to look up material in relevant chapters of some underlying textbooks to solve those examples at home. I'm pretty sure that he didn't want you to put it in any forum so that others do your work... Link to comment Share on other sites More sharing options...
archuleta7 Posted March 6, 2008 Author Share Posted March 6, 2008 Of all those 200 questions it is only these six that give you problem? I find that incredibly difficult to believe. Sorry... The questions are really easy, just take the time to read the proper chapters in the assigned textbook. It is only supply and demand and basic macroeconomic data analysis. You could read that in less than an hour. We weren't assigned a textbook, we were just assigned a chapter/fiction book called "The Choice" which isn't an actual textbook with definitions and explanations, but rather a chapter book about economics. Well ~75 of the questions were definitions that were pretty easy (basic ones like supply, demand, etc), I remembered half of them, and googled the rest. 50 were just analyzing bar graphs and pie charts (ex. "what is the title?" "what is on the y-axis?"), 25 were about comparative advantage which I actually enjoyed doing in high school, so I got those, and 25 were on T-Checks/Assets/Liabilities, which I got some help with. So I mean, I already know I'm gonna get an A as I'm sure about 180 out of the 200, but I'm a perfectionist and would like to know the answers to the rest not just for the grade but for the heck of knowing it, because we'll be given a final exam as well. Link to comment Share on other sites More sharing options...
archuleta7 Posted March 6, 2008 Author Share Posted March 6, 2008 I don't consider cheating as something that helps anyone... I think it's the "easy" way out if people look up solutions or ask others to solve their problem sets... I guess the intention of your prof was actually to motivate you to look up material in relevant chapters of some underlying textbooks to solve those examples at home. I'm pretty sure that he didn't want you to put it in any forum so that others do your work... Yeah, I see what you mean, so in my post on the 2nd page, I put what I think the answer may be, and my reason for it. I didn't just post questions on this forum without spending a good time thinking about them, expecting people to do it for me. Link to comment Share on other sites More sharing options...
wasleys Posted March 6, 2008 Share Posted March 6, 2008 I'm going to suggest that if anyone wants to help archuleta7, they help. And if they don't want to help, they keep quiet. Michael 2 Link to comment Share on other sites More sharing options...
snappythecrab Posted March 6, 2008 Share Posted March 6, 2008 I'm going to suggest that if anyone wants to help archuleta7, they help. And if they don't want to help, they keep quiet. Michael And I'm going to suggest that you stick to moderating your own forum. This has no place here, and if you think it does, then you've got no business being a moderator. Period. 2 Link to comment Share on other sites More sharing options...
Valhalla Posted March 6, 2008 Share Posted March 6, 2008 I'm going to suggest that if anyone wants to help archuleta7, they help. And if they don't want to help, they keep quiet. Michael So I am actually not allowed to speak freely? I already accepted that asquare mentioned that there is no democracy at TM (of course not it's your business) but you guys seem to forget that the members of this forum keep this forum alive somehow. Your comment is really rude and actually unjustified. You force sometimes people in this forum to delete harmless comments but if someone who studies BUSINESS uses the PHD IN ECONOMICS forum to cheat for his exam you guys approve this? What kind of leadership in an undemocratic system is that? Link to comment Share on other sites More sharing options...
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