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ECON1006: The Economics of Everything

Sample Mid Term Exam:

Some students have asked for the past mid-term paper. Since we are teaching different topics this    time and the exam structure is different, it would be irrelevant to provide the past mid-term papers  (plus I do not have past exam paper). Below I provide a few examples of short answer questions. The real exam questions could be a bit longer.

The best way to study for your exam is to make sure that you understand all the points in the lecture slides, do your required readings and able to do all tutorial questions.

Sample questions:

1.   Studies find that someone who has spent time in prison is much more likely to be re- incarcerated than someone who has not, even after controlling for age, gender and    years of schooling.  Briefly discuss whether this evidence suggests that time spent in prison increases the likelihood of future criminal activity using economic analyses.

2.

a.   Explain the concept of Nash equilibrium and a Prisoner Dilemma game. Why the Nash equilibrium in the Prisoner Dilemma is inefficient? Under what conditions can the players achieve the efficient outcome?

b.   Explain the concept of maximal product differentiation and why would firms adopt such strategy?

3.

a.   Use the demand and supply analysis, explain why expansion in trade and    technological change the main explanations for the rise in inequality among industrial economies.

b.   U.S President Obama in 2013 has called restoring economic opportunity “the        defining challenge of our time” . Explain the ideal of “equality of opportunity” and how it differs to “equality of outcomes” .