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1、Mid-termA6-5IntermediateMicroeconomicsMid-termTest2005(A)Name:StudentNo.:Class:No.12345678910AnswerFNo.11121314151617181920AnswerNo.21222324252627282930AnswerSection1Trueorfalse.（20points,2pointseach）1.Withquasi-linearpreferences,theequivalentvariationandthecompensatingvariation
2、inincomeduetoapriceincreaseofonegoodarethesame.2.Ifallpricesdoubleandincometriples,thenthebudgetlinewillbecomesteeper.3.Aconsumerwhocanborrowandlendatthesameinterestrateshouldpreferanendowmentwithahigherpresentvaluetoanendowmentwithalowerpresentvalue,nomatterhowheplanstoallocate
3、consumptionoverthecourseofhislife.4.Themarginalrateofsubstitutionmeasuresthedistancebetweenoneindifferencecurveandthenextone.5.FredhasaCobb-Douglasutilityfunctionwithexponentsthatsumto1.Sallyconsumesthesametwogoods,butthetwogoodsareperfectsubstitutesforher.Despitethesedifference
4、s,FredandSallyhavethesamepriceoffercurves.6.Foraconsumerwhohasanallowancetospendandnoendowmentofgoods,adecreaseinthepriceofaGiffengoodconsumedmakeshimbetteroff.7.Alice'sutilityfunctionisU(x,y)=x2y.Steve'sutilityfunctionisU(x,y)=x2y+2x.AliceandStevehavethesamepreferencessinceStev
5、e'sutilityfunctionisamonotonictransformationofAlice's.8.Susanisanetborrowerwhentheinterestrateis10%andanetsaverwhentheinterestrateis20%.Adecreaseintheinterestratefrom20%to10%maymakeSusanworseoff.9.IfsomeonehasaCobb-Douglasutilityfunctionandnoincomefromanysourceotherthanlaborearn
6、ings,thenanincreaseinwageswillnotchangetheamountthatpersonchoosestowork.10.Iftwoassetshavethesameexpectedrateofreturnbutdifferentvariances,arisk-averseinvestorshouldalwayschoosetheonewiththesmallervariance,nomatterwhatotherassetssheholds.forthequalityofreviewsandreview.Article26
7、threview(a)theCCRAcompliance,whethercopiesofchecks;(B)whetherdoubleinvestigation;(C)submissionofprogramcompliance,investigationorexaminationofwhetherviewsareclear;(D)theborrower,guarantorloansMid-termA6-5Section2SingleChoice.(80points,4pointseach)11.Whenthepriceswere($5,$1),Vane
8、ssachosethebundle(x,y)=(6,3).Nowatthenewprices,
