7. Suppose the consumer’s utility function is given by U(x,y) = xy + y where

The equation for this consumer’s demand curve for x when I ＞
(A)
(B)
(C)
(D)

8. Consider a production function of the form Q = K 2 L2 with marginal products and . What is the marginal rate of technical substitution of labor for capital at the point where K = 5 and L = 5? (A) 5 (B) 25 (C) 50 (D) 1 

9. Consider the CES production function . This production function exhibits (A) decreasing returns to scale. (B) constant returns to scale. (C) increasing returns to scale. (D) either decreasing or constant returns to scale, but more information is needed to determine which one.

10. In the following game, all payoffs are listed with the row player’s payoffs first and the column player’s payoffs second. In Game (*) above, (A) Player A has a dominant strategy. (B) Player B has a dominant strategy. (C) Both players have dominant strategies. (D) Neither player has a dominant strategy.

11. In Game (*) above, (A) Player A choosing A1 and Player B choosing B1 is a Nash equilibrium. (B) Player A choosing A2 and Player B choosing B1 is a Nash equilibrium. (C) Player A choosing A1 and Player B choosing B2 is a Nash equilibrium. (D) there are no Nash equilibria in pure strategies.

12. In Game (*) above, in the Nash equilibrium in mixed strategies (A) player A chooses A1 with a 2/9 probability. (B) player A chooses A1 with a 3/9 probability. (C) player A chooses A1 with a 4/9 probability. (D) player A chooses A1 with a 5/9 probability.

13. In Game (*) above, if the players move sequentially with Player B choosing first, the Nash equilibrium will be (A) Player A choosing A1 and Player B choosing B1. (B) Player A choosing A1 and Player B choosing B2. (C) Player A choosing A2 and Player B choosing B1. (D) Player A choosing A2 and Player B choosing B2.

14. Suppose a decision maker has a utility function U = √I and is faced with a lottery where there is a 30% chance of earning $30 and a 70% chance of earning $80. What is the expected utility of this lottery? (A) 7.6 (B) 7.9 (C) 8.2 (D) 8.5

15. A decision-maker is faced with a choice between a lottery with a 30% chance of a payoff of $30 and a 70% chance of a payoff of $80, and a guaranteed payoff of $65. If the decision maker’s utility function is U = √ I , what is the risk premium associated with this choice? (A) $1.59 (B) $2.52 (C) $0 (D) $3.95

複選題16. Suppose policy makers pass a budget that reduces the budget deficit. A deficit reduction package such as this has a greater chance of increasing current output when (A) the policy is front-loaded. (B) financial markets believe that taxes will not increase in the future. (C) financial markets believe the Fed will lower interest rates in the future. (D) all of the above e) none of the above

17. Which of the following will cause the LM curve to shift down? (A) a reduction in the expected future interest rate (B) a reduction in current income (C) a reduction in expected future taxes (D) all of the above e) none of the above

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