MT1S24 Form A answer key

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University of Texas, Dallas *

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6303

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Economics

Date

Apr 27, 2024

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pdf

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1 ECO 371M: SOCIAL ECONOMICS: ECONOMICS OUTSIDE THE MARKET Unique # 33880 Spring 2024 Prof. Wiseman Midterm 1 Form A Answer Key Instructions: 1. The exam should include 5 pages (counting this cover sheet). If your exam is missing any pages, please raise your hand. 2. Write your name and UTEID on BOTH the bubble sheet AND the short answer sheet. Write your test form (A, B, or C, as shown above) on the bubble sheet. 3. For the multiple choice section, answer each question by choosing the single best answer. Mark your chosen answer on your bubble sheet with a #2 pencil. Press firmly and fill in the entire bubble. Light answers will be counted as wrong. Multiple answers will be counted as wrong. 4. For the short answer section, enter your responses on the short answer sheet. Write your answers inside the box provided for each question. Make sure that your responses are legible and dark enough to be scanned clearly. 5. Each question is equally weighted. 6. If a question or answer choice is unclear, please ask for clarification. 7. When you finish, turn in BOTH your bubble sheet AND the short answer sheet. You may keep the rest of the exam. All exams must be turned in by the end of the class period, at 3:15. Late exams will get a score of zero. 8. You are a good economist. Allocate your time accordingly – do the easy questions first. Do not cheat.

2 PART 1: MULTIPLE CHOICE – FILL IN ANSWERS ON BUBBLE SHEET THE NEXT FIVE QUESTIONS ARE BASED ON THE FOLLOWING SITUATION: We have 30 voters and four alternatives. The individual preference lists are as follows: Voters 1-10: Cat Giraffe Dog Elephant Voters 11-19: Elephant Cat Giraffe Dog Voters 20-27: Dog Giraffe Elephant Cat Voters 28-30: Dog Elephant Giraffe Cat What choice or choices result from each of the following social choice procedures? 1. The plurality voting procedure? a) Cat. b) Dog. c) Elephant. d) Giraffe. e) Cat, Dog, Elephant, and Giraffe. 2. The Hare (instant runoff) system? a) Cat. b) Dog. c) Elephant. d) Giraffe. e) Cat, Dog, and Elephant. 3. The Condorcet procedure? a) Cat. b) Dog. c) Elephant. d) Giraffe. e) No winner. 4. The Borda count procedure? a) Cat. b) Dog. c) Elephant. d) Giraffe. e) Cat and Giraffe. 5. Sequential pairwise voting with agenda Cat versus Dog, then winner versus Giraffe, then winner versus Elephant? a) Cat. b) Dog. c) Elephant. d) Giraffe. e) Dog and Giraffe.

3 THE NEXT THREE QUESTIONS ARE BASED ON THE FOLLOWING SITUATION: Irving, Muktuk, and Roy must divide a muffin, a fish, and a banana. They assign points to each item as follows: Irving: muffin 70, fish 20, banana 10 Muktuk: muffin 70, fish 20, banana 10 Roy: muffin 45, fish 10, banana 45 6. Which of the following splits is equitable? a) Irving gets ½ of the muffin and ½ of the fish, Muktuk gets ½ of the muffin and ½ of the fish, and Roy gets the banana. b) Irving gets ½ of the muffin, Muktuk gets the banana, and Roy gets ½ of the muffin and all of the fish. c) Irving gets 3/7 of the muffin, Muktuk gets the fish and the banana, and Roy gets 4/7 of the muffin. d) All of these splits are equitable. e) None of these splits are equitable. 7. Which of the following splits is envy free? a) Irving gets ½ of the muffin and ½ of the fish, Muktuk gets ½ of the muffin and ½ of the fish, and Roy gets the banana. b) Irving gets ½ of the muffin, Muktuk gets the banana, and Roy gets ½ of the muffin and all of the fish. c) Irving gets 3/7 of the muffin, Muktuk gets the fish and the banana, and Roy gets 4/7 of the muffin. d) All of these splits are envy free. e) None of these splits are envy free. 8. Which of the following splits is Pareto efficient? a) Irving gets the muffin, Muktuk gets the fish and the banana. b) Irving gets the muffin, Muktuk gets the fish, and Roy gets the banana. c) Irving gets the fish, Roy gets the muffin and the banana. d) All of these splits are Pareto efficient. e) None of these splits are Pareto efficient. 9. The host of a cable news program insists that we should use a social choice procedure that “reflects the will of the people.” That is, it must always satisfy the Always a Winner property, the monotonicity property, the Pareto property, the Condorcet property, and the Independence of Irrelevant Alternatives property. The host asks you for a recommendation. What do you suggest? a) Plurality voting. b) A hybrid of the Condorcet procedure and the Borda count. c) Any SCP that satisfies the Pareto property automatically satisfies the other properties. d) None – there is no SCP that satisfies all those properties. e) The Hare system.

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