2013MidtermExam中级微观经济学考卷.pdf

Midterm Exam Intermediate Microeconomics May 24, 2013 You have 1 hour and 40 minutes to solve the exam set. The whole exam set is worth 100 points: (1) Notice how many points each question is worth and allocate your time appropriately. (2) To get full credit on answers, you must be clear and rigorous: Define your variables, thoroughly label any graph, and interpret your graph or math in words. I. True-False (2 points each) 1. If there are two goods and the prices of both goods rise, then the budget line must becomes steeper. 2. If preferences are transitive, more is always preferred to less. 3. With quasilinear preferences, the slope of indifference curves is constant along all rays through the origin. 2 4. Charlies utility function is U (x, y ) xy . His marginal rate of substitution between x and y does not change if you double the amount of both goods. 5. It is possible to have decreasing marginal products for all inputs, and yet have increasing returns to scale. 6. If a good is an inferior good, then an increase in its price will increase the demand for it. 7. With quasilinear preferences, the equivalent variation and the compensating variation in income due to a tax are the same. 8. Other things being equal, a lump sum tax is at least as good for a consumer as a quantity sales tax that collects the same revenue from him. 9. If the average cost curve is U shaped, then the marginal cost curve must cross the average cost curve at the bottom of the U. 10. If consumers spend all of their income, it is impossible for all goods to be inferior goods. 11. If someone has the utility function U = 1000+2min{x,y} then x and y are perfect complements for