05 Jun Question Economics 103 Final Exam Summer 2015 7/05/2015
Question
Economics 103 Final Exam Summer 2015 7/05/2015
Name__ _________
Grade:
1. Please explain the concept of “The Tragedy of Commons”. What happens to the resources that are commonly held by everybody? What other example, besides public pastures, is used to explain “The Tragedy of Commons”? (10 points)
2. Please explain each of the different measures of unemployment and their causes:
(4 points each)
a. Frictional Unemployment
b. Structural Unemployment
c. Cyclical Unemployment
3. Please define the following measures of unemployment used by the BLS. In Addition, please provide the statistic for June 2015 for each measure. (3 points each-2 points for the definition and 1 point for the statistic.)
a. U1
b. U2
c. U3
d. U4
e. U5
f. U6
4. Why do some people believe that the current measure of unemployment is inaccurate?
(5 points)
5. What are the four sectors in the Circular Flow of Economic Activity Diagram? What does the government, households, and firms sell (this can mean provide) and buy (this can mean provide) in each sector? How does the government finance itself in excess of taxes?(10 points)
6. Jim, Cathy, and Roger each has the following demand for candy. Jim, Cathy and Roger make up the total market of people who want to buy candy.
Jim
Cathy
Roger
Price
Quantity Demanded
Price
Quantity Demanded
Price
Quantity Demanded
$1.00
14
$1.00
8
$1.00
11
$2.00
12
$2.00
7
$2.00
10
$3.00
10
$3.00
6
$3.00
9
$4.00
8
$4.00
5
$4.00
8
$5.00
6
$5.00
4
$5.00
7
$6.00
4
$6.00
3
$6.00
6
$7.00
2
$7.00
2
$7.00
5
a.) Please construct the market demand curve and draw the demand curve?
Market Demand Curve
Price
Total Quantity Demanded
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
7. Now suppose that Nestle, Smuckers, and Toll House all want to sell candy to Jim, Cathy, and Roger. Each individual company’s supply curve is shown in the tables below.
Smuckers
Nestle
Toll House
Price
Quantity Supplied
Price
Quantity Supplied
Price
Quantity Supplied
$1.00
0
$1.00
3
$1.00
0
$2.00
2
$2.00
4
$2.00
3
$3.00
4
$3.00
5
$3.00
6
$4.00
6
$4.00
6
$4.00
9
$5.00
8
$5.00
7
$5.00
12
$6.00
10
$6.00
8
$6.00
15
$7.00
12
$7.00
9
$7.00
18
b.) Please construct the market supply curve and draw the market supply curve?
Supply Curve
Price
Total Quantity Supplied
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
8. What is the equilibrium quantity demanded and supplied? What is the equilibrium price? How much do Jim, Cathy, and Roger each buy? How much do Smuckers, Nestle and Toll House each sell? (5 points)
9. Please explain the concept of Demand-pull inflation? How does Demand-pull inflation persist? What can Demand-pull inflation become if the government finances its spending by printing money? (10 points)
10. Please explain the concept of Cost-push inflation? What is the brighter side of Cost-push inflation? What would happen if the government responded in the wrong manner to this type of inflation? Have we ever faced this type of inflation as a nation? (10 points)
11. For each question please provide a short answer: (5 points each)
a. What is the difference between expansionary monetary policy and expansionary fiscal policy? How does each operate on the economy
b. What is the difference between contractionary monetary policy and contractionary fiscal policy? How does each operate on the economy?
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.