D) unhappy with any combination. E) none of the above. Ans: a
15. The marginal rate of substitution is A) the slope of the utility curve. B) the slope of the contract curve.
C) the slope of the utility possibilities curve. D) none of the above. Ans: a
16. Data that is considered observational can be
A) cross-sectionalB) time seriesC) panelD) all of the aboveAns: d 17. A counterfactual is
A) what happens when there are no facts.
B) what would have happened if the treatment group had not received the treatment. c) a legal term describing the process of proving that a negative is the actual truth. D) none of the above. Ans: b Essay
18. Suppose that a competitive firm’s marginal cost of producing output q is given by MC=2+2q. Assume that the market price of the firm’s product is $13. A) What level of output will the firm produce? B) What is the firm’s producer surplus?
Ans: q = 11/2. Producer surplus = ½(11/2)11 = 121/4.
19. Use the following function for elasticity: = -(1/s)(P/X), where s is the slope of the
demand curve, P is the price, and X is the quantity demanded, to find elasticity when demand is Xd= 22-(1/4)P when the price of good X is 20. Ans: = -(1/-4)(20/17) = 5/17
20. Imagine that the demand for concert tickets can be characterized by the equation Xd = 7 – P/5. The supply of tickets can be written as Xd = -2 + P/5. Find the equilibrium price and quantity of concert tickets. Ans: X* = 2.5. P* = 22.5
21. Empirical analysis generally deals with theory and little data. A) True. B) False. C) Uncertain. Ans: b
22. Economists attempt, with moderate success, to perform controlled experiments making policy analysis helpful.
A) True.B) False.C) Uncertain. Ans: a
23. Regression coefficients are indicators of the impact of independent variables on dependent variables. A) True. B) False. C) Uncertain.
Ans: a24. Primary data sources include information gathered from interviews and experiments.
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