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. Y = X and Y = (1/2)X + 20
b. Y = -X + 10 and Y = 2X - 10
2. Simplify the following expressions.
a. X3Y4X-2 =
b. Y1/3X1/3X-3 =
3. Calculate a value for the following expressions. Show your work: answers without supporting work will not receive full credit.
a. 32/34 =
b. 52/351/35-1 =
4. Complete the following table. In the space below show your work for each missing cell.
|
Year
|
Value of Z
|
Annual % Rate of Change
|
|
2003
|
200
|
------
|
|
2004
|
220
|
10%
|
|
2005
|
264
|
(a) =
|
|
2006
|
277.2
|
(b) =
|
a. Work area for cell (a):
b. Work area for cell (b):
5. Who is currently Chairman of the Federal Reserve? _____________________
6. Suppose the domestic demand curve for bicycles in Small Land, a small closed economy, is given by the equation P = 50 - Q while the domestic supply curve for bicycles is given by P = Q.
a. Calculate the equilibrium price and quantity for bicycles in Small Land. The equilibrium price equals ________________ and the equilibrium quantity equals _____________________.
b. Suppose the world price for bicycles is $30 and Small Land opens their economy to trade.
i. How many bicycles will domestic producers in Small Land produce if the economy is now open to trade? ___________
ii. How many bicycles will domestic consumers in Small Land consume if the economy is now open to trade? ___________
iii. How many bicycles will Small Land import or export if Small Land opens its economy to trade? _______________________