ECON 2105 MT 2 Exam Questions with Verified
100% Correct Answers
Which of the following statements regarding substantive judgements of fairness is
correct? - ✔✔Fairness may depend on the individual's freedom to choose without
socially imposed limits.
Bruno is a landowner and Angela is a farmer - ✔✔Angela can be indifferent between
G and H
G and/or E can be Angela's choice
If Bruno is totally selfish
Bruno is a landowner and Angela is a farmer - ✔✔A new grain production technology
would allow Angela to work 22 hours in 1 minute and still survive.
The figure depict the efficiency wage equilibrium of a worker and a firm - ✔✔The
firm would maximise its profits by paying an hourly wage that is $6 above the worker's
reservation wage.
Consider a worker's best response curve in the labour discipline model. - ✔✔The
firm's new wage offer that minimises the cost effort will be higher than GBP 12.
Which of the following statements regarding employment rents are correct? -
✔✔Employers can use high employment rents to exert power over employees.
, Thomas earns GBP 12 per hour in his current job and works 36 hours a week. He loves
his job and puts in his maximum effort with no disutility. - ✔✔If Thomas chooses the
self-employment option then his loss of employment rent is GBP 8,640.
The figure shows a demand curve for Cheerios. - ✔✔There is no demand if the price
is set above $7.20.
The figure depicts the demand curve of a firm producing cars - ✔✔The slope of the
isoprofit is zero at D.
The firm makes the same profit at B and D.
The figure depicts the demand curve of a firm producing cars, together with its marginal
cost - ✔✔The total cost of producing 32 cars is $110,720.
The figure depicts isoprofits of firms selling - ✔✔Isoprofit curve C goes through the
point (Q,P) = (2,000, 9).
Which of the following statements regarding the marginal rate of substitution -
✔✔The MRS is how much in price the firm manager is willing to give up
The following game represents the interaction between two software engineers, Astrid
and Bettina - ✔✔There are two Nash equilibria: (Java, Java) and (C++, C++).
If Astrid can choose the format and commit to it, then (Java, Java) will be chosen
100% Correct Answers
Which of the following statements regarding substantive judgements of fairness is
correct? - ✔✔Fairness may depend on the individual's freedom to choose without
socially imposed limits.
Bruno is a landowner and Angela is a farmer - ✔✔Angela can be indifferent between
G and H
G and/or E can be Angela's choice
If Bruno is totally selfish
Bruno is a landowner and Angela is a farmer - ✔✔A new grain production technology
would allow Angela to work 22 hours in 1 minute and still survive.
The figure depict the efficiency wage equilibrium of a worker and a firm - ✔✔The
firm would maximise its profits by paying an hourly wage that is $6 above the worker's
reservation wage.
Consider a worker's best response curve in the labour discipline model. - ✔✔The
firm's new wage offer that minimises the cost effort will be higher than GBP 12.
Which of the following statements regarding employment rents are correct? -
✔✔Employers can use high employment rents to exert power over employees.
, Thomas earns GBP 12 per hour in his current job and works 36 hours a week. He loves
his job and puts in his maximum effort with no disutility. - ✔✔If Thomas chooses the
self-employment option then his loss of employment rent is GBP 8,640.
The figure shows a demand curve for Cheerios. - ✔✔There is no demand if the price
is set above $7.20.
The figure depicts the demand curve of a firm producing cars - ✔✔The slope of the
isoprofit is zero at D.
The firm makes the same profit at B and D.
The figure depicts the demand curve of a firm producing cars, together with its marginal
cost - ✔✔The total cost of producing 32 cars is $110,720.
The figure depicts isoprofits of firms selling - ✔✔Isoprofit curve C goes through the
point (Q,P) = (2,000, 9).
Which of the following statements regarding the marginal rate of substitution -
✔✔The MRS is how much in price the firm manager is willing to give up
The following game represents the interaction between two software engineers, Astrid
and Bettina - ✔✔There are two Nash equilibria: (Java, Java) and (C++, C++).
If Astrid can choose the format and commit to it, then (Java, Java) will be chosen
