ECON 2210 Microeconomics
Exam 3–Spring 2015 Semester
Exam 3 covers chapters 14-17 and 19 in the McConnell/Blue textbook and the accompanying class lecture presentations and discussions. In exam 3, you will answer any 3 of the following questions in essay format. For each selected question your answer must be at least a page in length. Your answers must be in your own words in order to demonstrate understanding of the key concepts. Recall that plagiarized work will not be accepted and will result in a failing grade for the exam. Be sure that your exam is typed, doubled-spaced, and uses 12 point Times New Roman font. Your completed exam is due in class on Thursday, April 16th. Late exams will not be accepted.
1. List and describe the three major U.S. federal antitrust laws along with the basic elements of each law. Identify and describe one significant antitrust case from the United States.
2. How are interest rates determined in a market economy? In your answer, address how interest rates fluctuate in general and how (and why) individual interest rates will vary.
3. Go to www.federalreserve.gov (Economic Research and Data; Data Releases; Selected Interest rates) and www.bankrate.com to update the interest rates in Table 16.1 on page 365 of the textbook to their latest recorded values. In what direction, if any, have the interest rates changed? Find the current annual rate of inflation at www.bls.gov/cpi (Latest Numbers; CPI-U, U.S. City Average, All Items, 12-months ending with the last month). Subtract this annual rate of inflation from your updated interest rates in the table to determine the real interest rates in each category.
Select one of the real interest rates that you calculated and identify one industry or sector of the economy that you think is currently being impacted by that interest rate. What impact is your selected interest rate having on the industry or sector of the economy that you identified? Be specific in your answer.
4. Explain four specific reasons why wages for identical or different jobs will vary in the economy.
5. Explain three ways in which labor unions might attempt to increase wages in the labor market. Be specific in your answer.
6. Explain the effect that the minimum wage laws have on wages and labor markets. Be specific in your answer.
7. Select one of the commodities from the CNN Money website: http://money.cnn.com/data/commodities/
What has the price trend (in terms of a percentage change) for your selected commodity been for the past year? Explain 3 reasons why you think that this price trend over the past year has occurred.
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