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100a_sample_short_answer_questions.pdf
short_answer_questions.pdf
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ARE 100A: Intermediate Microeconomics (Shenoy)
Sample Short Answer Questions
For each answer, you must explain your reasoning using the tools we have learned in class.
• PS 1, part (d)
• PS 2, part (f) [I would give you the MRS for each person.]
• PS 2, part (q)
• PS 3, part (h)
• PS 4, part (k) [I would give you the utilities.]
• The nations of Chile and Guatemala have roughly the same size population, but Chileans
on the whole consume five times more beef than Guatemalans. With this information, can
we conclude that the average Chilean has a stronger preference for beef than the average
Guatemalan?
• In the early 2000’s, the U.S. liberalized trade with much of Africa. These deals allowed African
countries to export co↵ee to the United States for the first time. Once trade began to take
place what do you expect happened to the U.S. domestic price of co↵ee? What about the
quantity consumed by American consumers? What do you think happened to the quantity
produced by American producers?
• The city of New York uses rent control to try to provide a↵ordable housing to low income
families. If an apartment is designated for rent control, the landlord is not allowed to charge
above a certain level of rent. Do you expect the market for rent control apartments to clear?
Explain what this means and give a reason for your answer.
• A couple sends a marriage announcement where they state that, in lieu of a wedding registry,
they would prefer to receive frequent flier airline miles to use on vacation. However, they
forget to mention which carrier they prefer miles on. Graphically depict what you expect
their indi↵erence curves to look like for miles on United versus miles on American (ignore
Delta) and explain why.
• Nike supplies all the gear available for purchase at the University of Oregon’s campus store
because of Nike co-founder Phil Knight’s close ties to the state of Oregon. Give two reasons
why the competitive equilibrium model would not be a suitable model for understanding
prices and sales of official University of Oregon gear.
1
ARE 100A: Intermediate Microeconomics (Shenoy)
Sample Short Answer Questions
For each answer, you must explain your reasoning using the tools we have learned in class.
• PS 1, part (d)
• PS 2, part (f) [I would give you the MRS for each person.]
• PS 2, part (q)
• PS 3, part (h)
• PS 4, part (k) [I would give you the utilities.]
• The nations of Chile and Guatemala have roughly the same size population, but Chileans
on the whole consume five times more beef than Guatemalans. With this information, can
we conclude that the average Chilean has a stronger preference for beef than the average
Guatemalan?
• In the early 2000’s, the U.S. liberalized trade with much of Africa. These deals allowed African
countries to export co↵ee to the United States for the first time. Once trade began to take
place what do you expect happened to the U.S. domestic price of co↵ee? What about the
quantity consumed by American consumers? What do you think happened to the quantity
produced by American producers?
• The city of New York uses rent control to try to provide a↵ordable housing to low income
families. If an apartment is designated for rent control, the landlord is not allowed to charge
above a certain level of rent. Do you expect the market for rent control apartments to clear?
Explain what this means and give a reason for your answer.
• A couple sends a marriage announcement where they state that, in lieu of a wedding registry,
they would prefer to receive frequent flier airline miles to use on vacation. However, they
forget to mention which carrier they prefer miles on. Graphically depict what you expect
their indi↵erence curves to look like for miles on United versus miles on American (ignore
Delta) and explain why.
• Nike supplies all the gear available for purchase at the University of Oregon’s campus store
because of Nike co-founder Phil Knight’s close ties to the state of Oregon. Give two reasons
why the competitive equilibrium model would not be a suitable model for understanding
prices and sales of official University of Oregon gear.
1
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