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20 iiiiS (d) clogged freeways at rush hour (e) all ofthe above. expensive in Beverly Hills (e) none of the aboxe 27. Suppose that the market for gasoline would lear ai SI .25 per gallon, but that the go\ernment sets a maximum price of SI.15. If buying gas now requires a half-hour wait in line and the average motorist buys 10 gallons per fillup, the time spent waiting in line will be rewarded at the rate of: (a) 15«: per hour (b) $1.00 per hour (c) $2.00 per hour (d) $1.15 per hour (e) none of the above. 28. In order to live in the University owned Santa Ynez apartments a student must win a random drawing. This suggests that: (a) lottery winners could resell their places to others if the Universit) permitted it (b) more University housing should be btnlt (c) excess demand for housing in Goleta exists (d) an excess supply of Santa Ynez housing exists (e) rents in lsla\ista are too high. 29. If the price of concert dckets is set below the equilibriimi le\el and dcket scalping is not allowed, then those who end up With dckets will: (a) suffer a deadweight loss (b) not be the ones who value the dckets the most in die sense of vdlhngness to pay (c) be relatively good at non-price compeddon of one kind or another (d) likely be people whose time is not very Aaluable in themarket placer (e) all of the above. .SO. A bus trip to San Diego costs $10 and takes eight hours. The same trip can be made by plane for S58 and takes two hours. If you can work for $5 per hour, your opportunit}- costs of making the trip by bus and b) plane are respecdvely: (a) $50 each (b) $10 and S58 (c) $40 and SIO (d) $50 and $68 (e) it depends upon whether you vvant to go to San Diego. 31. In the above question we would expect someone to lake the bus if his wage was just below: (a) $ 8 (b)S7 (OS 6 (d)S5 (e)$4. .32. h takes as much as twenty minutes to go ilirough the checkout lines at the Grocer)- Warehouse, a Los .\ngeles foodstore charging low prices and serving primarily poor people. One rarely waits more than a minute or two to pass through the Hughes Grocery checkout line in Be\-erly Hills, but the prices are higher. This is because: (a) poor people are exploited (b) rich people are exploited (c) relatively rich people have.betier alternatives for their dme than using ii as a means for redticing grocery bills (d) land is 1500 1000 500 0 2500 2000 1500 1000 5O0 33(H). A one-w-ay trip to downtown Los Angeles froj Santa Monica (home of AngloAnierican texts) on tl-city Rapid Transit system takes about two hours costs 50C, whereas the same trip can be made by car iu a half hour. If gas. wear and tear on the car, and ing come to $4 per round trip, wed expect a per.soi? who has a car to use it for commuting if his hcurlvj wage were just above: (a) $1 (b) $4 (c) $8 (d) (e) none ofthe above. 34. Price-taker-quantity-adjuster in the prodiK market implies individual firms face: (a) upward slo ing demand curves (b) downward sloping demaui curves (c) perfectly flat demand curves (d) vertic demand curves (e) none of the above. 35. Short people and tall people alike enjoy the 525", bul have different demand schedules asfollow Price $6 $8 $10 $12 Slfl Quantity Demanded by Short People Quantity Demanded bv Tall People If the Santa Barbara County Bowl has a capacit)j 2000 seau and all B-52 tickets go on sale for $6, die will be: (a) an excess demand of 4000 (b) an exc supply of 2000 (c) an excess supply of 2500 (d) j excess demand of 1000 (e) none of die above. 36. If a price floor above the equilibrium pricel imposed by the government, then compared to wl vvould otherwise happen: (a) demand will upward undl a new equilibrium is reached (b) excl demand will exist (c) the market price will be low (d) less will be sold (c) buyers vvill decrease their ] crimination against "unpopular" sellers. 37. During the 1973 Arab Oil Embargo, a pr ceiling was imposed on gasoline. Thereafter. 1 lines formed early in the morning in front of mS American gas stations. .Many states also restricted amount of gas a person coidd buy at one liniel between 5 and 10 gallons. These states: (a) increas the tra:isactioiis cost of buying ga.soliue (b) decreasi the supply of gasoline (c) increa.sed the quaniity plied of gasoline (d) reduced the amount ol i price competition (e) none of the above.
38 Recently, an enterprising student so.ld class die course left: (a) excess demand (b) excess supply cards into Economics 2. He u-as able lo do this because (c) both excess demand and excess supply (d) a hori-ihc IJuiversiivs allocaiion svsiem for emollniein inio /.ontal demand curve (e) a vertical demand curve.
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