Quiz 1-
1. Solve the following sets of equations for the equilibrium values of X and Y. Show your work: answers without supporting work will not receive full credit.
a. (1/2 point) Y = 2X + 10 and Y = -5X + 24
b. (1/2 point) X = Y and X = 200 - .2Y
2. Simplify the following expressions.
a. X2Y3X-1 =
b. X2Y3X4Y1 =
c. (X2Y3)/(X3Y1) =
d. (X1/2Y1/2)/(X) =
3. Calculate a value for the following expressions. Show your work: answers without supporting work will not receive full credit.
a. 23/22 =
b. 2332/3 =
c. 2333 + 2232 =
4. Complete the following table. In the space below show your work for each missing cell.
|
Year
|
Value of Y
|
Annual % Rate of Change
|
|
1999
|
100
|
-----
|
|
2000
|
110
|
(a) =
|
|
2001
|
121
|
(b) =
|
|
2002
|
127.05
|
(c) =
|
a. Work area for cell (a)
b. Work area for cell (b)
c. Work area for cell (c)
5. Suppose the domestic demand curve for good X in Micronesia, a small closed economy, is given by the equation P = 100 - 2Q while the domestic supply for good X is given by P = 2Q.
a. Calculate the equilibrium price and quantity for good X in Micronesia.
b. Suppose the world price for good X is $40 per unit. If Micronesia opens its economy to trade what will happen in the market for good X? In your answer identify the specific quantity of imports or exports you would expect in Micronesia from this change in policy.
c. Suppose Micronesia opens its economy to trade while simultaneously adopting an import quota of 5 units of good X. What will the new price for good X be in Micronesia given this policy?
6. Who is currently Chairman of the Federal Reserve?