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Econ312 Midterm exam with complete solutions 2024_2025.
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Econ312 Midterm exam with complete solutions 2024_2025.
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Econ312 Midterm exam with completesolutions 2024/2025
According to Glaeser, low real wages in a city suggest that
A) land is overvalued.
B) workers are underpaid
C) land is undervalued.
D) the city is an undesirable place to live
E) none of the above. - ANSWER-E
Which of the following statements about a city's labour market is TRUE?
Consider the model of labour markets used in class. Assume that labour supply
slopes up and
labour demand slopes down.
A) An increase in labour supply along with a decrease in labour demand will
definitely decrease the wage.
B) An increase in labour supply along with an increase in labour demand will
definitely
increase the wage.
C) A decrease in labour supply along with an increase in labour demand will
definitely
increase employment.
D) A decrease in labour supply along with an increase in labour demand will
definitely
decrease employment.
E) A decrease in labour supply along with a decrease in labour demand will
definitely
lower the wage. - ANSWER-A
An agricultural surplus is necessary for the rise of towns (and eventually cities)
because:
, I. An agricultural surplus frees up labour for the production of non-agricultural
goods.
II. The presence of an agricultural surplus means farmers have excess income to
spend on
non-agricultural goods.
III. The first towns often had grain storage facilities.
A) I only
B) II only
C) III only
D) I and II only
E) I, II and III - ANSWER-D
If you are an urban policymaker, and you are interested in reducing population in
your
city but increasing wages for those who stay, which of the following policies
would you
prefer?
A) Increased enforcement of local environmental laws, to lower pollution.
B) Encouraging the Federal government to locate a new university in your city.
C) Reducing public services to residents (parks and festivals, for instance).
D) Raising taxes on firms.
E) Reducing public services to firms (roads and infrastructure, for instance). -
ANSWER-C
Which of the following policies would be most likely to promote urbanization
economies on the UVic campus (think on-campus face-to-face student-to-student
social/intellectual interactions and the benefits that arise from them)?
A) Charging for parking at night.
B) The provision of more services (food, etc.) dispersed outside the Ring.
C) Promoting downtown living by students.
D) Building a bar attached to the library, near the center of campus, where
students
could gather to take breaks from studying.
E) Promoting web-based learning. - ANSWER-D
For which of the following industries/businesses are agglomeration externalities
least
likely to play an important role?
A) Internet match/dating websites
B) Auto dealers
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