《初级宏观经济学》试卷.docxVIP

武汉大学2011—2012学年第一学期期末考试 经济与管理学院 2010级 数理经济与金融专业 《初级宏观经济学》A卷 1.(16 points)Explain the following concepts production possibilities frontier opportunity cost equilibrium price elasticity of demand consumer surplus deadweight loss free-rider discrimination 2. (10 points) List and briefly explain the ten principles of economics. 3. (10 points) Greater consumption of alcohol leads to more motor vehicle accidents and , thus, imposes costs on people who do not drink and drive. a. Illustrate the market for alcohol, labeling the demand curve, the social-value curve, the supply curve, the social-cost curve, the market equilibrium level of output, and the efficient level of output. b. on your graph, shade the area corresponding to the deadweight loss of the market equilibrium.(Hint: the deadweight loss occurs because some units of alcohol are consumed for which the social cost exceeds the social value.) Explain. 4. (12 points) A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: a. What is the marginal product of each hour spent fishing? b. Use these data to graph the fisherman’s production function. Explain its shape. c. The fisherman has a fixed cost of $10 (his pole). The opportunity cost of his time is $5 per hour. Graph the fisherman’s total-cost curve. Explain its shape. 5. (12 points) In recent years some policy makers have proposed requiring firms to give workers certain fringe benefits. For example, in 1993 President Clinton proposed requiring firms to provide health insurance to their workers. Let’s consider the effects of such a policy on the labor market. a. Suppose that a law required firms to give each worker $3 of fringe benefits for every hour that the worker is employed by the firm. How does this law affect the marginal profit that a firm earns from each worker? How does the law affect the demand curve for labor? Draw your answer on a gra