There are three kids: Alice, Bob and Clara. Their mother wants to split a cake of size 1 into three pieces and distribute them among the kids. Every kid wants to eat as much cake as possible. a) (10 rp) Consider the following mechanism. Alice cuts the cake in three pieces the way she likes; then Bob
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Fighting drugs
Chicago is one of the largest cities in the United States with an estimated population of 2.7 million. Located on the shores of freshwater Lake Michigan, Chicago is an international hub for finance, culture, commerce, industry, technology, and transportation. The University of Chicago boasts one of
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Connecting Short Run and Long Run
Fighting economic crises and recessions has become one of the well-recognized functions of government. But are the fluctuations around the trend really important? In most recessions, the fall in GDP is not more than 3-4 % and the return to the trend is relatively quick. Moreover, one may argue that
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Inequality of Opportunity
Economists often talk about two types of inequality – inequality of outcomes (such as income inequality) and inequality of opportunity. a) (15 rp) Give an example of inequality of opportunity. Explain why inequality of opportunity, as opposed to inequality of outcomes, is considered detrimental for
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AItomation
The economic growth of the last 150 years has been largely driven by automation – new technologies that allowed mechanization of routine tasks previously performed by labor. The steam engine, electricity, computer chips – all these technologies both contributed significantly to economic growth and d
The local grocery store offers a discount of 20% if a customer pays the 10 USD monthly fee. How much should a customer's monthly spending in this store be so that paying this fee makes sense for her?
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GDP of the country X grows by 1% per year every year. GDP of the country Y grows by 2% per year every year. If in the year 2019 countries have equal GDP, by what year will their GDP differ by two times? (Choose the nearest estimate).
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Firm S is a monopolist on the market for space tourism. The demand for its service is discrete: consumers are eager to pay 12M USD for the first trip, 11M USD for the second trip, etc., up to 1M USD for the 12th trip. To organize a trip, the firm must spend 4M USD. What is the difference between the
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Which of the following scholars represents the modern institutional theory of economic growth?
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Consider a perfectly competitive market where all firms have constant and equal average cost (a constant cost industry). How will an increase in demand affect the long run equilibrium price on such a market?
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You can often hear the success stories of investors who earn a lot of money at the stock market. At the same time, the stories of many failures remain untold. This can create a wrong impression that investing in the stock market is always profitable. This logical fallacy is called...
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Which of the following instruments is typically the riskiest one?
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Which of the following happened at the beginning on the 21st century?
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You are going to buy a laptop for 1,000 USD. You can either withdraw this money from your bank account (it pays 10% interest yearly) or do it using one of the following credit schemes. Pick the scheme in which you will spend the most amount of money overall.
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Which of the following statements best describes the concept of commitment device?
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Which of the following best describes natural monopoly?
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Choose the government policy that will by itself reduce short-run GDP (use the AD-AS model).
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Jane spends all her money on the ingredients of her favorite cocktail. To make a portion of the cocktail, she has to mix 200 ml of orange juice with 100 ml of apple juice and with 200 ml of watber. Any juice costs 3 USD per liter, water costs 0.5 USD per liter. If she has 20 USD, how many portions o
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A perfectly competitive market has 100 firms, each of which has constant MC=10. The demand function is given by Q=100-P. How much will the market price increase if all firms create a cartel and maximize joint profit?
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Countries A, B and C produce only watermelons (X) and grapefruits (Y). The production possibility frontiers are given by: XA+YA=100, 2XB+3YB=300, XC+2YC=600. What is the maximum amount of watermelons that they can produce together if
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Which of the following best describes the concept of liquidity trap?
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The demand for widgets is given by Q=100-2P, the supply is given by Q=-20+P. The government sets the price ceiling at P which results in the deficit 30. Find P P.
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Which of the following statements best describes the concept of network externality?
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Which of the following best describes the concept of negative trade balance?
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Which of the following policies will most likely reduce the Gini coefficient?
