9. Most of the world's diamond supply comes from South Africa and Russia. Suppose the marginal cost of mining diamonds is constant at $1,000 per diamond (i.e., $1 million per thousand diamonds), and the market demand schedule is given below.

If the two countries form a cartel and split the market equally, what is South Africa's profit?
(A) $14 million.
(B) $16 million.
(C) $18 million.
(D) $20 million.

10. Continuing from the previous question, what is South Africa's profit in the Nash equilibrium? (A) $14 million. (B) $16 million. (C) $18 million. (D) $20 million.

11. The market demand and supply for a good are: Demand: Q = 100 5P Supply: Q = 5P where Q is quantity of the good and P is price. Suppose each unit of the good produced generates 4 units of pollution. Let pollution be measured in pollution units. Each pollution unit imposes a social cost of $1. If the government limits total pollution to 100 pollution units, what is the total surplus? (A) 225. (B) 275. (C) 325. (D) 375.

12. An airport recently began offering free WiFi. Initially, only a few people use the service. At that point, what type of good is free WiFi? Later, as more people use it, connection speed slows down. At that point, what type of good is free WiFi? (A) Initially a club good; later a public good. (B) Initially a common resource; later a public good. (C) Initially a public good; later a club good. (D) Initially a public good; later a common resource.

13. Which of the following is a government transfer payment? (A) Distributing consumption vouchers. (B) Producing consumption vouchers. (C) Spending consumption vouchers. (D) All of the above.

14. When Toyota expands its production capacity in the United States, the United States will experience (A) an increase in GDP and a decrease in GNP. (B) an increase in GNP and a decrease in GDP. (C) an increase in both GDP and GNP, with GDP increasing more than GNP. (D) an increase in both GDP and GNP, with GNP increasing more than GDP.

15. In a closed economy, GDP is $1,000, government purchases are $200, taxes are $150, and investment is $150. Private saving is (A) $100. (B) $200. (C) $300. (D) $400.

16. If you believe that stock prices follow a random walk, then (A) You agree with the efficient markets hypothesis. (B) You believe that the stock market is irrational. (C) You would spend time studying individual stocks. (D) All of the above.

17. Which of the following events would decrease both the unemployment rate and the laborforce participation rate? (A) Laura finally finds a job after a long search. (B) Lisa finds a job immediately after graduating from college. (C) Alice searches for a long time and eventually gives up job search. (D) Tom quits his job to become a fulltime stayathome father.

18. The news often states that the Federal Reserve raises or lowers interest rates, referring to changes in the federal funds rate. The federal funds rate is (A) The interest rate banks charge households and firms on loans. (B) The interest rate at which banks borrow directly from the Federal Reserve. (C) The interest rate on overnight loans of bank reserves between banks. (D) None of the above.

19. Which of the following policies would increase the money supply? (A) The Federal Reserve raises the target federal funds rate. (B) The Federal Reserve raises the interest rate paid on bank reserves. (C) The Federal Reserve conducts an openmarket sale of bonds. (D) The Federal Reserve lowers reserve requirements for banks.

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