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Economics

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Jun 26, 2024

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QUESTION 1.1 CHOOSE THE CORRECT ANSWER(S) What does UK GDP per capita measure? A. the total output of London’s economy B. the average disposable income of a UK resident C. the total output of the UK residents, divided by the number of the residents D. the total output of the UK’s economy, divided by the country’s population QUESTION 1.2 CHOOSE THE CORRECT ANSWER(S) The GDP per capita of Greece was $22,494 in 2012 and $21,966 in 2013. Based on these figures, the growth rate of GDP between 2012 and 2013 (to two decimal places) was: A. –2.40% B. 2.35% C. –2.35% D. –0.24% QUESTION 1.3 CHOOSE THE CORRECT ANSWER(S) Imagine that the GDP per capita of a country had doubled every 100 years. You are asked to draw both linear and ratio scale graphs that plot GDP on the vertical axis, and the year on the horizontal axis. What will be the shapes of the curves? Linear scale graph Ratio scale graph A. An upward-sloping curve with increasing slope (called convex shape) An upward-sloping straight line B. An upward-sloping straight line Astraight horizontal line C. An upward-sloping straight line An upward-sloping curve with decreasing slope (called concave shape) An upward-sloping convexcurve D. An upward-sloping convexcurve Note : Linear scale graphs are ‘normal’ graphs in which the difference in height between 1 and 2, and the difference between 2 and 3, would be the same on the vertical axis. QUESTION 1.4 CHOOSE THE CORRECT ANSWER(S) Which of the following variables have followed the so-called ‘hockey-stick’ trajectory—that is, little to no growth for most of history followed by a sudden and sharp change to a positive growth rate? A. GDP per capita B. labour productivity C. inequality D. atmospheric CO 2 QUESTION 1.5 CHOOSE THE CORRECT ANSWER(S) Which of the following are examples of private property? A. computers belonging to your college B. a farmer’s land in Soviet Russia C. shares in a company D. a worker’s skills QUESTION 1.6 CHOOSE THE CORRECT ANSWER(S) Which of the following are examples of markets? A. wartime food rationing B. auction websites such as eBay C. touts selling tickets outside concert halls D. sale of illegal arms

QUESTION 1.7 CHOOSE THE CORRECT ANSWER(S) Look again at Figure 1.10 , which shows a graph of GDP per capita for West and East Germany, Japan and Spain between 1950 and 1990. Which of the following statements is correct? A. Having a much lower starting point in 1950 was the main reason for East Germany’s poor performance compared to West Germany. B. The fact that Japan and West Germany have the highest GDP per capita in 1990 implies that they found the optimal economic system. C. Spain was able to grow at a higher growth rate than Germany between 1950 and 1990. D. The difference in East and West Germany’s performance proves that capitalism always promotes rapid economic growth while central planning is a recipe for stagnation. QUESTION 1.8 CHOOSE THE CORRECT ANSWER(S) Look again at Figure 1.11 . Which of these conclusions is suggested by the graph? A. The Communist Party rule in the former Soviet Union before 1990 was a complete failure. B. The contrasting performances of Botswana and Nigeria illustrate that rich natural resources alone do not guarantee higher economic growth, but that higher quality institutions (government, markets and firms) may also be necessary. C. The impressive performance of South Korea’s economy implies that other countries should copy their economic system. D. The evidence from the Russian Federation and the former Soviet Union after 1990 shows that the replacement of central planning by capitalism led to immediate economic growth.

QUESTION 2.1 CHOOSE THE CORRECT ANSWER(S) Figure 2.1 shows an index of average real wages of skilled workers in London between 1264 and 2001. What can we conclude from this graph? A. Skilled workers were paid about £100 in 1408. B. The average wage in 1850 was about the same as that in 1408 in nominal terms (pounds). C. The average real wage was more or less constant between 1264 and 1850. D. The average real wage increased by around 600% between 1850 and 2001. QUESTION 2.2 CHOOSE THE CORRECT ANSWER(S) Which of the following is an economic rent? A. The amount you pay your landlord for the use of an apartment. B. The amount you pay to hire a car for a weekend. C. The extra profit that a successful innovator makes on bringing a new product to the market before its competitors. D. The extra profit that a firm makes when it doubles in size and there are no changes to costs or the price for each unit of its output. QUESTION 2.3 CHOOSE THE CORRECT ANSWER(S) Figure 2.3 shows different technologies for producing 100 metres of cloth. From the graph, what can we conclude? A. Technology D is more energy-intensive than technology C. B. Technology B dominates technology D. C. Technology A is the cost-minimizing technology at all prices of coal and wages. D. Technology C can sometimes be a cheaper technology than A. QUESTION 2.4 CHOOSE THE CORRECT ANSWER(S) Look at the three isocost lines in Figure 2.8 . Based on this information, what can we conclude? A. When the wage is £10 and the price of coal is £5, the combination of inputs at point N is more costly than the inputs at point B. B. Isocosts MN and FG represent the same price ratio (wage/price of coal) but different total costs of production. C. Isocost HJ represents a higher (wage/price of coal) ratio than isocost FG.

D. Isocost HJ represents all points that can produce 100 metres of cloth at a particular price ratio. QUESTION 2.5 CHOOSE THE CORRECT ANSWER(S) Look again at Figure 2.12 which depicts isocost lines for the 1600s and the 1700s in Britain. Which of the following is true? A. The flatter isocost line HJ for 1600s Britain indicates higher wages relative to the price of coal. B. The increase in wages relative to the cost of energy in the 1700s is represented by the outward shift of the isocost line from HJ to the parallel isocost line going through A. C. Had the wage level fallen together with the falling energy costs (due for example to cheaper transportation), then 1700s Britain would definitely have stayed with technology B. D. The comparison between isocost line FG and the parallel isocost going through B suggests that an innovation rent was earned in 1700s Britain when firms moved from technology B to A. QUESTION 2.6 CHOOSE THE CORRECT ANSWER(S) Look again at Figure 2.14b which depicts the production function of grain for farmers under average growing conditions with the currently available technology. We can ascertain that: A. In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve above. B. A discovery of new high-yielding crop seeds would tilt the production function curve higher, pivoted anti-clockwise at the origin. C. In a year of bad drought, the production curve can slope downwards for large numbers of farmers. D. If there is an upper limit on the amount of grain that can be produced, then the curve will end up horizontal for large numbers of farmers. QUESTION 2.7 CHOOSE THE CORRECT ANSWER(S) Look again at Figure 2.1 and Figure 2.19 showing graphs of real wages in England between 1300 and 2000. You are also told the following facts: During the bubonic plague of 1348 and 1351, between one-quarter and one-third of Europe’s population died. In the seventeenth and eighteenth centuries, the wages of unskilled workers relative to the incomes of land owners were only one-fifth of what they had been in the sixteenth century. What can we conclude from this information? A. According to the Malthusian model, the fall in the population due to the bubonic plague would have led to an increase in the average productivity of workers, causing the observed rise in the real wage post-plague. B. The doubling and halving of the real wage index over 250 years from around 1350 is contrary to the Malthusian model. C. The fall in the unskilled workers’ share of total output in the seventeenth and eighteenth centuries was due to the fall in their average product of labour. D. The fall in the relative wages of the unskilled workers in the seventeenth and eighteenth centuries was one of the factors that led to the eventual shooting up of the real wage in the nineteenth century, seen in the graph.

QUESTION 2.8 CHOOSE THE CORRECT ANSWER(S) Look again at Figure 2.20 , which plots real wages against population in England from the 1280s to the 1860s. According to Malthus, with diminishing average product of labour in production and population growth in response to increases in real wages, an increase in productivity will result in a larger population but not higher real wages in the long run. Based on the information above, which of the following statements is correct? A. Between the 1800s and the 1860s, population grows as real wages rise. This is entirely in line with Malthus’s description of the economy’s growth. B. There is a clear evidence of a persistent and continuous Malthusian trap between the 1280s and the 1800s. C. The Malthusian traps seem to occur in a cycle of 60 years. D. The Malthusian model does not take into account the possibility of a persistent positive technology shock that may offset the diminishing average product of labour.

QUESTION 3.1 CHOOSE THE CORRECT ANSWER(S) Currently you work for 40 hours per week at the wage rate of £20 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours × 7 days − 40 hours = 128 hours per week. Suppose now that your wage rate has increased by 25%. If you are happy to keep your total weekly income constant, then: A. Your total number of working hours per week will fall by 25%. B. Your total number of working hours per week will be 30 hours. C. Your total number of free hours per week will increase by 25%. D. Your total number of free hours per week will increase by 6.25% QUESTION 3.2 CHOOSE THE CORRECT ANSWER(S) Look again at Figure 3.1 , which depicts the annual number of hours worked against GDP per capita in the US, France and the Netherlands, between 1870 and 2000. Which of the following is true? A. An increase in GDP per capita causes a reduction in the number of hours worked. B. The GDP per capita in the Netherlands is lower than that in the US because Dutch people work fewer hours. C. Between 1870 and 2000, French people have managed to increase their GDP per capita more than ten-fold while more than halving the number of hours worked. D. On the basis of the evidence in the graph, one day French people will be able to produce a GDP per capita of over $30,000 with less than 1,000 hours of work. QUESTION 3.3 CHOOSE THE CORRECT ANSWER(S) Figure 3.5 shows Alexei’s production function, with the final grade (the output) related to the number of hours spent studying (the input). Which of the following is true? A. The marginal product and average product are approximately the same for the initial hour. B. The marginal product and the average product are both constant beyond 15 hours. C. The horizontal production function beyond 15 hours means that studying for more than 15 hours is detrimental to Alexei’s performance. D. The marginal product and the average product at 20 hours are both 4.5. QUESTION 3.4 CHOOSE THE CORRECT ANSWER(S) Figure 3.6 shows Alexei’s indifference curves for free time and final grade. Which of the following is true? A. Alexei prefers C to B because at C he has more free time. B. Alexei is indifferent between the grade of 84 with 15 hours of free time, and the grade of 50 with 20 hours of free time. C. Alexei prefers D to C, because at D he has the same grade and more free time. D. At G, Alexei is willing to give up 2 hours of free time for 10 extra grade points. QUESTION 3.5 CHOOSE THE CORRECT ANSWER(S) What is the marginal rate of substitution (MRS)? A. The ratio of the amounts of the two goods at a point on the indifference curve. B. The amount of one good that the consumer is willing to trade for one unit of the other. C. The change in the consumer’s utility when one good is substituted for another. D. The slope of the indifference curve.

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