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1、Mid-termB6-5IntermediateMicroeconomicsMid-termTest2005(B)Name:StudentNo.:Class:No.12345678910AnswerNo.11121314151617181920AnswerNo.21222324252627282930AnswerSection1Trueorfalse.（20points,2pointseach）1.Alice'sutilityfunctionisU(x,y)=x2y.Steve'sutilityfunctionisU(x,y)=x2y+2x.A
2、liceandStevehavethesamepreferencessinceSteve'sutilityfunctionisamonotonictransformationofAlice's.2.Aconsumerwhocanborrowandlendatthesameinterestrateshouldpreferanendowmentwithahigherpresentvaluetoanendowmentwithalowerpresentvalue,nomatterhowheplanstoallocateconsumptionoverth
3、ecourseofhislife.3.Iftwoassetshavethesameexpectedrateofreturnbutdifferentvariances,arisk-averseinvestorshouldalwayschoosetheonewiththesmallervariance,nomatterwhatotherassetssheholds.4.FredhasaCobb-Douglasutilityfunctionwithexponentsthatsumto1.Sallyconsumesthesametwogoods,but
4、thetwogoodsareperfectsubstitutesforher.Despitethesedifferences,FredandSallyhavethesamepriceoffercurves.5.Ifallpricesdoubleandincometriples,thenthebudgetlinewillbecomesteeper.6.IfsomeonehasaCobb-Douglasutilityfunctionandnoincomefromanysourceotherthanlaborearnings,thenanincrea
5、seinwageswillnotchangetheamountthatpersonchoosestowork.7.Susanisanetborrowerwhentheinterestrateis10%andanetsaverwhentheinterestrateis20%.Adecreaseintheinterestratefrom20%to10%maymakeSusanworseoff.8.Withquasi-linearpreferences,theequivalentvariationandthecompensatingvariation
6、inincomeduetoapriceincreaseofonegoodarethesame.9.Foraconsumerwhohasanallowancetospendandnoendowmentofgoods,adecreaseinthepriceofaGiffengoodconsumedmakeshimbetteroff.10.Themarginalrateofsubstitutionmeasuresthedistancebetweenoneindifferencecurveandthenextone.forthequalityofrev
7、iewsandreview.Article26threview(a)theCCRAcompliance,whethercopiesofchecks;(B)whetherdoubleinvestigation;(C)submissionofprogramcompliance,investigationorexaminationofwhetherviewsareclear;(D)theborrower,guarantorloansMid-termB6-5Section2SingleChoice.(80points,4pointseach)11.Ja
8、netconsumestwocommoditiesxandy.Herutilityfunctionismin{x+2y,y+2x}.Shechoose
