04 Jun Question CARLETON UNIVERSITY Department of Economics
Question
CARLETON UNIVERSITY
Department of Economics
ECON 1000 V – Introduction to Economics
2015 Summer
ASSIGNMENT 3: Covers Chapters 12-17. Topics: The design of the tax system, the costs of production, Firms in
competitive markets, Monopoly, Monopolistic competition, Oligopoly.
There are three sections: MCQs (section A), T-F (section B), and free response questions (Section C). TOTAL
MARKS: 100
The deadline to submit the answers online (through cuLearn) is June 15 at 11:55 pm. This deadline will be
strictly enforced.
PLEASE NOTE THE FOLLOWING
I assume that you have learnt by this time how the system works. So be very sure to adhere to the
deadline and also know how to post your work on the cuLearn. If you are not sure about how to
submit your work in one file and on the cuLearn, immediately seek help from the CCS or CUOL. Emailing
your work is not allowed.
SECTION A: Multiple Choice Answer any 20 of the following questions (40 marks). Do not attempt more than 20
questions as the extra ones answered will be crossed out.
Identify the choice that best completes the statement or answers the question.
____ 1. When government receipts exceed total government spending during a fiscal year, what is the difference?
a. a budget surplus
b. a budget deficit
c. the national debt
d. the federal debt
Scenario 12-1
Suppose Jim and Joan receive great satisfaction from their consumption of cheesecake. Joan would be willing
to purchase only one slice and would pay up to $6 for it. Jim would be willing to pay $9 for his first slice, $7
for his second slice, and $3 for his third slice. The current market price is $3 per slice.
___ 2. Refer to Scenario 12-1. If a tax of $4 is levied on each slice of cheesecake, how much tax revenue will be
generated from sales to Jim and Joan?
a. $0
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