AGEC 105 Test 3 Spring 2013
|
|
- Herbert Gilmore
- 6 years ago
- Views:
Transcription
1 AGEC 105 Test 3 Spring 2013 Name There is only ONE correct answer per multiple choice question. Please put your answer on the attached sheet. DO NOT RIP THE ANSWER SHEET FROM THE TEST. 1. Assume a producer raised 10,000 bushels of corn. What are the total deficiency payments to this farmer if the loan rate is $3.00, the target price is $4.00 and the market equilibrium price is $4.25? a. $0.00 b. $10,000 c. $2,500 d. $1.25 e. $ If the CPI in Timmyland is 80 in 1995 and 160 in 1996, what was the rate of inflation between 1995 and 1996? a. 80% b. 160% c. 200% d. 100% e. 10% 3. To pay for Obama Care, the plan includes a 10% tax on indoor tanning services (true why I don t know). This tax is expected to generate $X dollars to be used to pay for low income health insurance. By strict definition of GDP, because medical expenses are a component of GDP, the $X increase in tax revenues will increase GDP by a. $X amount b. 10% - the tax rate c. will lower GDP as people will have less money to pay for other goods and services d. zero this $X amount is a transfer payment e. medical is not part of GDP as it is not a good, but a service. 4. If U.S. exports are at $1.7 billion and imports are at $1.2 billion, a. the U.S is lending to the rest of the World b. U.S. national saving is too high c. the U.S. is borrowing from the rest of the World d. U.S. investment must decrease e. U.S. investment must increase
2 5. The change in consumption associated with a change in disposable personal income is known as the a. MPC marginal propensity to consume b. MPS marginal propensity to save c. MU marginal utility d. MIS marginal interest rate sensitivity e. elasticity of consumption 6. Assuming the economy experiences a small increase in aggregate demand, but a resulting relatively large inflation rate. This economy appears to be operating in the range of the supply curve. a. Keynesian b. Normal c. Classical d. Depends also on the demand curve but supply and demand are important e. Ricardian 7. The difference between the government s debt and deficit is a. debt is the difference between government revenues and spending for a year, whereas, deficit is the accumulated debt over all years b. deficit is the difference between government revenues and spending for a year, whereas, debt is the accumulated deficit over all years c. debt is the difference between government spending and revenues for a multi-year period year, whereas, deficit is the accumulated debt over all years d. the two terms are basically interchangeable e. debt deals with fiscal policy and deficit with monetary policy 8. For the following economy, fill in the table. Be sure to put the values on the answer sheet in the order listed.. R = 10% C = x DPI I = x R Capacity Y Govt. Expenditures Investment Taxes DPI Consumption AE
3 9. If a policy change causes a decrease in total reserves of $50,000 and the reserve requirement is 20%, what is the total change in money supply in this economy caused by this policy? a. $-100,000 b. $-50,000 c. $100,000 d. $-250,000 e. $250, Josephine Lowne has just quit her job at GE to take a job next month at LG Electronics. This is an example of what type of unemployment? a. frictional b. cyclical c. seasonal d. structural e. none as Josephine is employed 11. Fiat money is money that is a. U.S. dollar bills b. Fiduciary c. back by gold or silver d. money declared by a government to be legal tender e. non U.S. money 12. Joe Lowne plans on buying the entire class lunch today. This is an example of a. speculative demand for money b. transactions demand for money c. precautionary demand for money d. all of the above e. nice guy demand for money 13. The 2011 nominal price of coke is $1.25 per bottle, if the CPI is 5.00 (base ) what is the real price of coke in 2011 dollars? What is real price in dollars? a and 5.00 b and 1.25 c and 1.25 d and 0.25 e and 6.25
4 14. Coincident indicators tend to reach their peaks and troughs at about the same time as: a. GDP b. the budget deficit c. the stock market d. lagging indicators e. leading indicators 15. If the CPI is in 2011 with the base period being , this value of the CPI means a. nominal expenditures will increase b. real expenditures are increasing c. the CPI was 224.9% higher in 2011 than in the base year d. the CPI was 124.9% higher in 2011 than in the base year e. to get real values you need both expenditures and the deflator 16. Why do economists use weights in developing the consumer price index (CPI)? a. to allow the index to be compared across nations b. to balance supply and demand c. to reflect the fact that people spend different amounts on different goods d. to ensure the index grows at the appropriate rate e. to compensate for seasonal changes Use the following information for questions 17 and 18. Assume the total money supply is $500,000 and the reserve requirement is What is the money multiplier for this economy? a b. 5 c. 10 d. 15 e Assuming all loans have been made to create the money supply, what are the total reserves for this economy? a. 500,000 b. 1,000,000 c. 10,000,000 d. 25,000 e. 9,500,000
5 19. Consider the above figure; movement from M b to M c is brought about by the following policy (ies). a. Increased government spending b. The Fed buying securities c. The Fed selling securities d. The Fed increasing the reserve requirement e. both a and b 20. You are going on vacation to ski in Colorado. You figure out your total expenses are $1500. However, you carry $1800. This $300 difference can best be described as a. transaction demand for money b. precautionary demand for money c. speculative demand for money d. total demand for money e. effects of the money multiplier 21. Consider the figure to the right, this economy is experiencing a a. experiencing an inflationary gap of $3 trillion b. experiencing a recessionary gap of $3 trillion c. experiencing an inflationary gap of $5 trillion d. experiencing a recessionary gap of $5 trillion e. none of the above
6 22. The U.S. government provides approximately $300 million dollars in aid to Mexico. This aid can best be illustrated by Mexico s aggregate supply curve a. shifting outward b. becoming flatter c. shifting inward d. becoming more elastic e. should not affect aggregate supply but affects aggregate demand 23. In calculating the U.S. GDP, both the product market and the resource market must be considered because a. both supply and demand matter b. only one market should be considered to avoid double counting c. consumer represent the product market and producers the resource market d. if we considered only one market, GDP would be approximately one-half of what is should be. e. a, c, and d are correct 24. Which of the following is not a major sector of the U.S. economy? a. government b. households c. financial d. businesses e. none of the above 25. If the actual unemployment rate is below the natural or full rate of unemployment, it would be expected that a. inflation will not occur in the immediate future as there is little unemployment b. inflation may be in the future because to increase output you have to increase wages to entice more people to join the workforce c. inflation may be in the future because to increase output people will be working overtime which is at a higher wage rate d. deflation may occur as getting the unemployment rate this low was caused by supply side economics e. both b and c 26. President Obama is proposing an increase in the marginal tax rate. How would such a change influence the planned consumption function? a. will shift the curve to the right increase consumption b. will shift the curve to the left decrease consumption c. will not change the curve but will decrease disposal income decrease in consumption d. will not change the curve but will increase disposal income increase in consumption. e. b and c are correct
7 27. One stated reason for increasing the saving rate in the U.S. is to increase personal wealth in future periods. If the saving rate is increased this should influence future planned consumption function, in the following manner. a. will shift the curve to the right increase consumption b. will shift the curve to the left decrease consumption c. will not change the curve but will decrease disposal income decrease in consumption d. will not change the curve but will increase disposal income increase in consumption. e. b and c are correct 28. Cyclical unemployment a. is due mainly to people leaving their job b. may increase or decrease during an expansion c. occurs when technology improvements change job requirements d. fluctuates over the business cycle e. will increase during nonpeak vacation periods 29. Inflation is a. an increase in the prices of key items such as food and gasoline b. a sustained raise in the general level of prices in the economy c. an excessive growth in the quantity of money in the economy d. a change in the equilibrium level of aggregate demand and supply e. increasing the pressure in your tires 30. Total business inventories in 2012 increased by approximately $77 billion dollars. How does this inventory change appear in the GDP calculation when adding up all expenditures? a. it is added when measuring GDP, as it is an increase in goods produced during 2012 but not sold b. it is added when measuring GDP, as it is a decrease in goods produced during 2012 because of increased sales c. it is subtracted when measuring GDP, as it is a decrease in goods produced during 2012 because of increased sales d. it is subtracted when measuring GDP, as it is an increase in goods produced during 2012 but not sold e. inventories is not part of GDP 31. Which of the following is not an example of money in the M2 category? a. coins b. paper money c. checking accounts d. saving accounts e. all are in M2
8 32. The stock market has been increasing in 2013 because of expectations for higher corporate profits in 2013 and This should increase planned investments because a. the marginal interest sensitivity of investment (MIS) is a function of profit expectations, thus MIS is increasing b. the marginal interest sensitivity of investment (MIS) is a function of profit expectations, thus MIS is decreasing c. higher profit expectation shift the planned investment function to the right d. higher profit expectation shift the planned investment function to the left e. by increasing wealth (stock prices) the recessionary gap the U.S. economy has been experiencing is increasing The following is a list of policies the Fed and U.S. government can undertake. Use this list to answer questions 33 and 34. Item Number Policy 1 Raising the personal tax rate 2 Decreasing the personal tax rate 3 Buying securities on the open market 4 Selling securities on the open market 5 Increasing the discount rate 6 Decreasing the discount rate 7 Increased National Defense Spending 8 Decreased National Defense Spending 9 Increase the reserve requirement 10 Decrease the reserve requirement 11 Increased U.S. govt. R&D spending at TAMU 12 Decreased U.S. govt. R&D spending at TAMU 33. Which item numbers correspond to contractionary monetary policies? a. 1, 2, 5 b. 2, 5, 10 c. 4, 5, 9 d. 2, 7, 12 e. 3, 6, Which item numbers correspond to expansionary fiscal policies? a. 1, 8, 12 b. 2, 7, 11 c. 4, 6, 9 d. 2, 7, 6 e. 4, 6, 10
9 35. Supply-side policies emphasize increasing production. Assuming the economy is currently at point C, how would a successful supply policy be reflected on the above diagram? a. Move to A b. Move to B c. Stay at C d. Move to D e. More information is necessary as to the type of policy 36. The Mexican government has recently started providing subsidies to Mexican farmers who sell their products to the U.S. As such, U.S. consumers have started consuming more Mexican agricultural products and less U.S. grown products. Assuming the economy is currently at point C, how would this change be reflected in the above diagram. a. Move to A b. Move to B c. Stay at C d. Move to D e. More information is necessary as to the type of policy 37. In the financial markets are net borrowers while are net savers. a. businesses, households b. households, businesses c. government, businesses d. businesses, government e. households, government
10 38. Given the following information, assume the countries use equal amount of labor the only input. Country Product - Output Cashews Plywood Benin Bhutan Which of the following statements best describes these two countries? a. Neither country has a comparative advantage. b. Benin has a comparative advantage in cashews. c. Bhutan has a comparative advantage in plywood. d. Benin has a comparative advantage in plywood. e. Bhutan has a comparative advantage in both products. 39. According to the theory of competitive advantage, countries gain from trade because a. trade makes firms behave more competitively, reducing their market power. b. all firms can take advantage of cheap labor. c. output per worker increase in each firm. d. world output can rise when each country specializes in what it does relatively best. e. Every country will have an absolute advantage in producing something. 40. Use the following economy to answer the questions below. All numbers are in billions of dollars. C= (Y T); G = 240; I = 60: T = 240; Y FE = 960 a. What is the autonomous consumption? b. What is the marginal propensity to consume? c. What is the government deficit? 41. What is the unemployment rate for the following economy? Total People in the economy 100 Number of people in military service 10 Number of unemployed people 20 Number of discourage workers 10 a. 20 / 100 = 20% b. 10 / 100 = 15 % c. 20 / 90 = 22% d. 20 / 80 = 25% e. 20 / 120 = 17%
11 There are 41 questions, only 40 will be graded. Please pick the one question you do not want graded by placing XXX in the answer line. If you do not pick a question to not be graded, question 1 will not be graded on your exam. Test Version 1 Name Question Answer Question Answer a. b. c Grade
12
Introduction to Agricultural Economics Agricultural Economics 105 Spring 2018 Third Hour Exam
1 Name Introduction to Agricultural Economics Agricultural Economics 105 Spring 2018 Third Hour Exam There is only ONE best, correct answer per question. Place your answer on the attached sheet. DO NOT
More informationIntroduction to Agricultural Economics Agricultural Economics 105 Fall 2017 Third Hour Exam Version 1
Name Introduction to Agricultural Economics Agricultural Economics 105 Fall 2017 Third Hour Exam Version 1 There is only ONE best, correct answer per question. Place your answer on the attached sheet.
More informationIntroduction to Agricultural Economics Agricultural Economics 105 Spring Third Hour Exam Version 1
Name Introduction to Agricultural Economics Agricultural Economics 105 Spring 2011 Third Hour Exam Version 1 For the multiple choice questions, circle the most correct answer (only one answer per question).
More informationAGEC 105 Test 3 Spring 2012
AGEC 105 Test 3 Spring 2012 Name There is only ONE correct answer per multiple choice question. Please put your answer on the attached sheet. DO NOT RIP THE ANSWER SHEET FROM THE TEST. 1. are domestically
More informationIntroduction to Agricultural Economics Agricultural Economics 105 Spring 2015 Third Exam Version 1
Introduction to Agricultural Economics Agricultural Economics 105 Spring 2015 Third Exam Version 1 Name Section There is only ONE best, correct answer per question. Place your answer on the attached sheet.
More informationREAD CAREFULLY Failure to read has been a problem on the exams
Introduction to Agricultural Economics Agricultural Economics 105 Fall 2009 Third Hour Exam Version 1 READ CAREFULLY Failure to read has been a problem on the exams Name Section -3 points for wrong section
More informationIntroduction to Agricultural Economics Agricultural Economics 105 Spring 2014 Third Hour Exam Version 1
Introduction to Agricultural Economics Agricultural Economics 105 Spring 2014 Third Hour Exam Version 1 Name Section There is only ONE best, correct answer per question. Place your answer on the attached
More informationECON 1010 Principles of Macroeconomics Solutions to the Final Exam
ECON 1010 Principles of Macroeconomics Solutions to the Final Exam Section A: Multiple Choice Questions. (120 points; 3 pts each) #1. The opportunity cost of something is: a) greater during periods of
More informationPrinciples of Macroeconomics December 17th, 2005 name: Final Exam (100 points)
EC132.02 Serge Kasyanenko Principles of Macroeconomics December 17th, 2005 name: Final Exam (100 points) This is a closed-book exam - you may not use your notes and textbooks. Calculators are not allowed.
More information1. What was the unemployment rate in December 2001?
EC2105, Spring 2002 Weekly Quiz 1 (January 16, 2002) 1. What was the unemployment rate in December 2001? 2. When the Fed meets later this month and decides whether to lower interest rates, it is conducting:
More informationMidterm #2, version A, given Spring 2002 Note question #50 is from Chapter 11, which students are not responsible for on Exam 2 - Summer 02.
Midterm #2, version A, given Spring 2002 Note question #50 is from Chapter 11, which students are not responsible for on Exam 2 - Summer 02. Answers (if you think you see an error, please contact me ASAP.
More informationDEPARTMENT OF ECONOMICS. University of New Hampshire. ECON 401 Principles of Macroeconomics FINAL EXAM. O. Kozlova. Spring 2011
DEPARTMENT OF ECONOMICS University of New Hampshire ECON 401 Principles of Macroeconomics FINAL EXAM O. Kozlova Spring 2011 INSTRUCTIONS: 1. Before you begin, make sure you have all pages of examination
More informationName: Days/Times Class Meets: Today s Date:
Name: _ Days/Times Class Meets: Today s Date: Macroeconomics, Spring 2008 Exam 3, TTh classes, various versions Read these Instructions carefully! You must follow them exactly! I) On your Scantron card
More informationAGEC 105 Homework 11
1. Define the three main functions of money. AGEC 105 Homework 11 2. Define the three main reasons for the demand for money. 3. What is the main difference between fiat money and a gold standard for money?
More information1. When the Federal government uses taxation and spending actions to stimulate the economy it is conducting:
1. When the Federal government uses taxation and spending actions to stimulate the economy it is conducting: A. Fiscal policy B. Incomes policy C. Monetary policy D. Employment policy 2. When the Federal
More informationEconomics 1012A: Introduction to Macroeconomics FALL 2007 Dr. R. E. Mueller Third Midterm Examination November 15, 2007
Economics 1012A: Introduction to Macroeconomics FALL 2007 Dr. R. E. Mueller Third Midterm Examination November 15, 2007 Answer all of the following questions by selecting the most appropriate answer on
More informationMacroeconomics Study Sheet
Macroeconomics Study Sheet MACROECONOMICS Macroeconomics studies the determination of economic aggregates. Output tends to rise in the long run (longterm economic growth), but fluctuates in the short run
More informationINTI COLLEGE MALAYSIA UNIVERSITY FOUNDATION PROGRAMME ECO 183 : FOUNDATION ECONOMICS (MACROECONOMICS) RESIT EXAMINATION : AUGUST 2002 SESSION
ECO 183 (R) / Page 1 of 9 INTI COLLEGE MALAYSIA UNIVERSITY FOUNDATION PROGRAMME ECO 183 : FOUNDATION ECONOMICS (MACROECONOMICS) RESIT EXAMINATION : AUGUST 2002 SESSION Section A : Answer ALL questions.
More informationECON 1010 Principles of Macroeconomics Solutions to Exam #3. Section A: Multiple Choice Questions. (30 points; 2 pts each)
ECON 1010 Principles of Macroeconomics Solutions to Exam #3 Section A: Multiple Choice Questions. (30 points; 2 pts each) #1. In an open economy where government spending was $30 billion, consumption was
More informationAnswers and Explanations
Answers and Explanations 1. The correct answer is (E). A change in the composition of output causes a movement along the production possibilities curve. A shift in the curve is caused by changes in technology,
More informationAP Macroeconomics - Mega Macro Review Sheet Answers
AP Macroeconomics - Mega Macro Review Sheet Answers 1. The business cycle. 2. Aggregate supply curve (with breakdown of sections). 3. Expansionary ( easy ) monetary policy (Buy bonds, discount rate, reserve
More informationAP Macroeconomics Graphical Overview
AP Macroeconomics Graphical Overview 1. The business cycle. 2. Aggregate supply curve (with breakdown of sections). 3. Expansionary ( easy ) monetary policy (Buy bonds, discount rate, reserve requirement).
More informationLECTURE 18. AS/AD in demand-deficient Ireland: Unemployment and Deflation
LECTURE 18 AS/AD in demand-deficient Ireland: Unemployment and Deflation THE AGGREGATE SUPPLY CURVE Aggregate supply curve Each possible price level Quantity of goods & services All nation s businesses
More informationFinal Exam. ECON 010, Fall /19/12
Final Exam ECON 010, Fall 2012 12/19/12 Total Score NAME: Recitation Section/ Time: INSTRUCTIONS Please put your name on all pages. There are 4 parts. There are 100 total points. Plan your time accordingly.
More informationPractice Problems 30-32
Practice Problems 30-32 1. The budget balance is calculated as: A. T G TR B. T + G TR C. T G + TR D. T + G + TR E. TR T G 2. The government budget balance equals: A. Taxes + Government purchases + Government
More informationECNS Fall 2009 Practice Examination Opportunity
ECNS 202 -- Fall 2009 Practice Examination Opportunity Mark the answer on the provided scantron sheet using a #2 lead pencil. Erase completely. I am not responsible for poorly marked or poorly erased asnwers.
More informationPrinciple of Macroeconomics, Summer B Practice Exam
Principle of Macroeconomics, Summer B 2017 Practice Exam 1) If real GDP in a small country in 2015 is $8 billion and real GDP in the same country in 2016 is $8.3 billion, the growth rate of real GDP between
More informationECON 201: Introduction to Macroeconomics Professor Robert Gordon Final Exam: March 18, 2016
ECON 201: Introduction to Macroeconomics Professor Robert Gordon Final Exam: March 18, 2016 NAME Directions: This test is in two parts, a multiple choice question part and a short-answer part. Use this
More informationEcon 330 Final Exam Name ID Section Number
Econ 330 Final Exam Name ID Section Number MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A group of economists believe that the natural rate
More informationMACROECONOMICS. Section I Time 70 minutes 60 Questions
MACROECONOMICS Section I Time 70 minutes 60 Questions Directions: Each of the questions or incomplete statements below is followed by five suggested answers or completions. Select the one that is best
More informationGarden City High School Course: AP Macroeconomics
Garden City High School Course: AP Macroeconomics Instructional Philosophy The Advanced Placement Macroeconomics curriculum is a full year program designed to provide both an overview of economics. Economics
More information2.2 Aggregate demand and aggregate supply
The business cycle Short-term fluctuations and long-term trend Explain, using a business cycle diagram, that economies typically tend to go through a cyclical pattern characterized by the phases of the
More informationHCCS 2011 REVIEW FOR TEST II Covering chapters from Case, Fair, Oster text. GDP and the Standard of Living
HCCS 2011 REVIEW FOR TEST II Covering chapters 20 -- 24 from Case, Fair, Oster text GDP and the Standard of Living What is Gross Domestic Product and how is it measured? Expenditure Approach (C+I+G+NX)
More informationEC2105, Professor Laury EXAM 3, FORM A (4/10/02)
EC2105, Professor Laury EXAM 3, FORM A (4/10/02) Print Your Name: ID Number: Multiple Choice (32 questions, 2.5 points each; 80 points total). Clearly indicate (by circling) the ONE BEST response to each
More informationFINAL EXAM GROUP B. Instructions: EC and EC ID #: Spring May 26, 2015
EC102.03 and EC 102.05 NAME: ID #: Spring 2015 FINAL EXAM GROUP B May 26, 2015 Instructions: You have 100 minutes to complete the exam. There will be no extensions. The exam consists of 50 multiple choice
More information7. Refer to the above graph. It depicts an economy in the: A. Immediate short run B. Short run C. Immediate long run D. Long run
CHAPTER 29 1. When the price level decreases: A. The demand for money falls and the interest rate falls B. Holders of financial assets with fixed money values decrease their spending C. Holders of financial
More informationECO202: PRINCIPLES OF MACROECONOMICS SECOND MIDTERM EXAM SPRING 2009 Prof. Bill Even FORM 1. Directions
ECO202: PRINCIPLES OF MACROECONOMICS SECOND MIDTERM EXAM SPRING 2009 Prof. Bill Even FORM 1 Directions 1. Fill in your scantron with your unique id and form number. Doing this properly is worth the equivalent
More informationECO202: PRINCIPLES OF MACROECONOMICS SECOND MIDTERM EXAM SPRING 2009 Prof. Bill Even FORM 4. Directions
ECO202: PRINCIPLES OF MACROECONOMICS SECOND MIDTERM EXAM SPRING 2009 Prof. Bill Even FORM 4 Directions 1. Fill in your scantron with your unique id and form number. Doing this properly is worth the equivalent
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Questions of this SAMPLE exam were randomly chosen and may NOT be representative of the difficulty or focus of the actual examination. The professor did NOT review these questions. MULTIPLE CHOICE. Choose
More informationEC and MIDTERM EXAM I. March 26, 2015
EC102.03 and 102.05 Spring 2015 Instructions: MIDTERM EXAM I March 26, 2015 NAME: ID #: You have 80 minutes to complete the exam. There will be no extensions. The exam consists of 40 multiple choice questions.
More informationEconomics 1012 A : Introduction to Macroeconomics FALL 2007 Dr. R. E. Mueller Second Midterm Examination October 19, 2007
Economics 1012 A : Introduction to Macroeconomics FALL 2007 Dr. R. E. Mueller Second Midterm Examination October 19, 2007 ================================================================================
More information3 Macroeconomics SAMPLE QUESTIONS
MULTIPLE-CHOICE UNIT E07 Unit Summative Assessment Sample Multiple-Choice Questions Circle the letter of each correct answer. 1. Which of the following best describes aggregate supply? (A) The amount buyers
More informationBillions of dollars 7,500 1,300 1,
Exam Name You may not discuss this test in any way shape or form with anyone before 1200 (Noon) Thursday, Dec. 9, 2010. MULTIPLE CHOICE. Circle the letter of the one alternative that best completes the
More informationEconomic 100B Macroeconomic Analysis Professor Steven Wood. Exam #2 ANSWERS
Name: SID: Discussion Section: GSI: Economic 100B Macroeconomic Analysis Professor Steven Wood Fall 2008 Exam #2 ANSWERS Please sign the following oath: The answers on this test are entirely my own work.
More informationProduct Markets and National Output
Product Markets and National Output Chapters 11 and 12 Discussion Topics Circular flow of payments Composition and measurement of gross domestic product Consumption, saving, and investment Equilibrium
More informationAssumptions of the Classical Model
Meridian Notes By Tim Qi, Amy Young, Willy Zhang Economics AP Unit 4: Keynes, the Multiplier, and Fiscal Policy Covers Ch 11-13 Classical and Keynesian Macro Analysis The Classic Model the old economic
More informationTextbook Media Press. CH 27 Taylor: Principles of Economics 3e 1
CH 27 Taylor: Principles of Economics 3e 1 The Building Blocks of Keynesian Analysis Keynesian economics is based on two main ideas: a) aggregate demand is more likely than aggregate supply to be the primary
More information1) GDP is an accurate measure of the social well being of a country.
Macro Problem Set 2 WCC Fall 2017 Directions: The True/False and Multiple Choice questions do not have to be turned in for credit. It would be foolish, however, not to spend a great deal of time working
More informationEastern Mediterranean University Faculty of Business and Economics Department of Economics Spring Semester
Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2015-16 Spring Semester Duration: 90 minutes ECON102 - Introduction to Economics II Final Exam Type A 2 June 2016
More informationMoney. What is Money? 3 Uses of Money #1 Medium of Exchange #2 Unit of Account. #3 Store of Value. 6 Characteristics of. Money.
What is Money? Suppose a generous relative gave you a gift of $1000 for your high school graduation. In a short paragraph outline what you would do with the money and the reason behind your decision. Can
More informationAggregate Market Model. Aggregate Demand
Aggregate Market Model Aggregate Demand () is derived from Snarrian aggregate expenditure by imposing the AE equilibrium ( = AE ) and then solving for. AE = [W + e r mpc T + I + G + X ] + { mpc mpm } is
More informationMonetary Policy Tools?
EQ: What is the Federal Reserve System? In the U.S., the Federal Reserve System was established in 1913 to discharge the function of a central bank and provide a strengthened framework of regulatory control
More informationArchimedean Upper Conservatory Economics, October 2016
Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The marginal propensity to consume is equal to: A. the proportion of consumer spending as a function of
More informationMacroeconomics Unit 1: Basic Economics Concepts
Macroeconomics Unit 1: Basic Economics Concepts Key Terms- Define the following: 3 Economic Systems 1. Scarcity 1. Centrally Planned Economies Individuals, businesses, and governments have Economic system
More informationEcon 102 Exam 2 Name ID Section Number
Econ 102 Exam 2 Name ID Section Number 1. Suppose investment spending increases by $50 billion and as a result the equilibrium income increases by $200 billion. The investment multiplier is: A) 10. B)
More informationName (Please print) Assigned Seat. ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2010 Prof. Bill Even FORM 3.
Name (Please print) Assigned Seat ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2010 Prof. Bill Even FORM 3 Directions 1. Fill in your scantron with your unique id and form number. Doing
More informationDiscussion Handout 7 7/12/2016 TA: Anton Babkin
Aggregate Supply and Demand: Summary The Aggregate Demand Curve The aggregate demand curve (AD) shows the relationship between the aggregate price level and the quantity of aggregate output demanded by
More informationPart I: Matching (22 pts - 2 pts. each) 1. Investment
1 Part I: Matching (22 pts - 2 pts. each) 1. Investment 2. U.S. Net Exports 3. Gross National Income 4. Aggregate demand 5. The Simple Multiplier A. The sum of the incomes that all individuals in the economy
More informationAggregate Demand I, II March 22-31
March 22-31 The Keynesian Cross Y=C(Y-T)+I+G with I, T, and G fixed Government-purchases multiplier Y/ G (if interest rate is fixed) Tax multiplier Y/ T (if interest rate is fixed) Marginal propensity
More informationTable 9-2. Base Year (2006) 2013 Product Quantity Price Price Milk 50 $2 $3 Bread 100 $3 $3.50
1) The advice to "keep searching, there are plenty of jobs around here for which you are qualified," would be most appropriate for which of the following types of unemployment? A) frictional unemployment
More informationTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) MICRO-ECONOMICS QUESTION PAPER NOVEMBER 2014 SECTION A: (MICRO-ECONOMICS)
SECTION A: (MICRO-ECONOMICS) NB: answer only three (3) questions in this section QUESTION 1 The table below shows the various combinations of yam and maize that a hypothetical country can produce per farming
More informationFEEDBACK TUTORIAL LETTER
FEEDBACK TUTORIAL LETTER 2 ND SEMESTER 2018 ASSIGNMENT 1 INTERMEDIATE MACRO ECONOMICS IMA612S 1 Course Name: Course Code: Department: INTERMEDIATE MACROECONOMICS IMA612S ACCOUNTING, ECONOMICS AND FINANCE
More informationPart I (45 points; Mark your answers in a SCANTRON)
Final Examination Name: ECON 4020/ SPRING 2005 Instructor: Dr. M. Nirei 1:30 3:20 pm, April 28, 2005 Part I (45 points; Mark your answers in a SCANTRON) (1) The GDP deflator is equal to: a. the ratio of
More informationEconomics 207: Introduction to Macroeconomics Final Exam Instructions:
Economics 207: Introduction to Macroeconomics Final Exam Instructions: You have 120 minutes to complete the following exam. Be sure to write your anme and student id ON YOUR SCANTRON and BELOW. Failure
More informationECO 209Y L0101 MACROECONOMIC THEORY. Term Test #2
Department of Economics Prof. Gustavo Indart University of Toronto June 25, 2012 ECO 209Y L0101 MACROECONOMIC THEORY Term Test #2 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total time for
More informationECO 209Y MACROECONOMIC THEORY AND POLICY
Department of Economics Prof. Gustavo Indart University of Toronto October 30, 2015 ECO 209Y MACROECONOMIC THEORY AND POLICY Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER Indicate your section of the
More informationUniversity of Toronto June 17, 2002 ECO 208Y - L5101 MACROECONOMIC THEORY. Term Test #1 LAST NAME FIRST NAME
Department of Economics Prof. Gustavo Indart University of Toronto June 17, 2002 SOLUTION ECO 208Y - L5101 MACROECONOMIC THEORY Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total
More informationECO 2013: Macroeconomics Valencia Community College
ECO 2013: Macroeconomics Valencia Community College Final Exam Fall 2008 1. Fiscal policy is carried out primarily by: A. the Federal government. B. state and local governments working together. C. state
More informationButter Produced Price of Butter $5 40 $
1) Gross domestic product is calculated by summing up A) the total quantity of goods and services in the economy. B) the total quantity of goods and services produced in the economy during a period of
More informationExam. Name. E) indeterminable from the information provided.
Exam Name 1) Macroeconomics is mainly concerned with the study of A) large economic units such as General Motors or Molson Breweries B) individual households and how they deal with problems like inflation
More informationUNIVERSITY OF TORONTO Faculty of Arts and Science. August Examination 2006 ECO 209Y
UNIVERSITY OF TORONTO Faculty of Arts and Science August Examination 2006 ECO 209Y Duration: 2 hours Examination Aids allowed: Non-programmable calculators only INSTRUCTIONS: Students are required to answer
More informationECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2015 Prof. Bill Even FORM 4. Directions
ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2015 Prof. Bill Even FORM 4 Directions 1. Fill in your scantron with your unique id and form number. Doing this properly is worth the equivalent
More informationECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2015 Prof. Bill Even FORM 3. Directions
ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2015 Prof. Bill Even FORM 3 Directions 1. Fill in your scantron with your unique id and form number. Doing this properly is worth the equivalent
More informationECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2015 Prof. Bill Even FORM 1. Directions
ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2015 Prof. Bill Even FORM 1 Directions 1. Fill in your scantron with your unique id and form number. Doing this properly is worth the equivalent
More informationObjectives of Macroeconomics ECO403
Objectives of Macroeconomics ECO403 http//vustudents.ning.com Actual budget The amount spent by the Federal government (to purchase goods and services and for transfer payments) less the amount of tax
More informationMacroeconomics, Spring 2007, Final Exam, several versions, Early May
Name: _ Days/Times Class Meets: Today s Date: Macroeconomics, Spring 2007, Final Exam, several versions, Early May Read these Instructions carefully! You must follow them exactly! I) On your Scantron card
More informationECO 209Y MACROECONOMIC THEORY AND POLICY
Department of Economics Prof. Gustavo Indart University of Toronto December 3, 2014 ECO 209Y MACROECONOMIC THEORY AND POLICY Term Test #2 LAST NAME FIRST NAME STUDENT NUMBER Indicate your section of the
More informationGovernment Budget and Fiscal Policy CHAPTER
Government Budget and Fiscal Policy 11 CHAPTER The National Budget The national budget is the annual statement of the government s expenditures and tax revenues. Fiscal policy is the use of the national
More informationECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2007 Prof. Bill Even FORM 1. Directions
Assigned Seat ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2007 Prof. Bill Even FORM 1 Directions 1. Fill in your scantron with your unique id and form number. Doing this properly is
More informationECON 3312 Macroeconomics Exam 2 Spring 2017 Prof. Crowder
ECON 3312 Macroeconomics Exam 2 Spring 2017 Prof. Crowder Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Suppose the economy is currently
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Econ 330 Spring 2017: FINAL EXAM Name ID Section Number MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Tobin's q theory suggests that monetary
More informationEveryone Loves Econ Notes
Unit 1: Economic Fundamentals Everyone Loves Econ Notes Scarcity - the lack of resources for our unlimited wants. Ceteris Paribus Economists hold factors constant, except for what s being considered Goods
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
ECON 3312 Mcroeconomics Exam 2 Fall 2016 Prof. Crowder Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) If output is currently 1000 below full
More informationEXAMINATION : MACROECONOMICS (MAC) ECONOMICS 1 (ECO101)
Page 1 of 7 EXAMINATION : MACROECONOMICS (MAC) ECONOMICS 1 (ECO101) DATE : 23 OCTOBER 2013 TIME ALLOWED : 3 HOURS TOTAL MARKS : 100 MATERIAL SUPPLIED : ANSWER BOOK INSTRUCTIONS TO CANDIDATES 1. Please
More informationFINAL EXAM STUDY GUIDE
AP MACROECONOMICS-2018 Name: FINAL EXAM STUDY GUIDE Instructions: DUE: Day of FINAL EXAM => Friday 12/21 st (1 st & 2 nd Periods) Thursday 12/20 th (4 th period) Section 1: PRODUCTION POSSIBLITIES FRONTIER
More informationPre-Test Chapter 9 ed17
Pre-Test Chapter 9 ed17 Multiple Choice Questions 1. Which of the following statements is incorrect? A. Given the economy's MPS, a $15 billion reduction in government spending will reduce the equilibrium
More informationEconomic Performance Indicators - Unemployment, CPI, GDP
Supply and Demand law of demand income effect substitution effect change in quantity demanded vs. change in demand determinants of demand (TRIBE) normal vs. inferior goods supplied vs. change in supply
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Econ 330 Spring 2015: FINAL EXAM Name ID Section Number MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Suppose a report was released today that
More informationA. unchanged decrease B. surplus decrease C. unchanged no change D. surplus increase E. unchanged increase A. A B. B C. C D. D E. E.
AP Macroeconomics Test (Answers on last Page) 1. Which of the following correctly describes the components of Aggregate Demand? A. Consumption expenditures + Investment expenditures + Government expenditures
More informationPrinciples of Macroeconomics December 15th, 2005 name: Final Exam (100 points)
EC132.01 Serge Kasyanenko Principles of Macroeconomics December 15th, 2005 name: Final Exam (100 points) This is a closed-book exam - you may not use your notes and textbooks. Calculators are not allowed.
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
These 101 questions have been randomly selected (for the chapters eligible for examination) by the computer from the test bank that accompanies your text. Your prof. has not seen these questions, so as
More informationIntermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Midterm Exam (Answers)
Intermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Midterm Exam (Answers) Part A (15 points) State whether you think each of the following questions is true (T), false (F), or
More informationDisposable income (in billions)
Section 4 version 2 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. An increase in the MPC: A. increases the multiplier. B. shifts the autonomous investment
More informationEcon 98- Chiu Spring Midterm 2 Review: Macroeconomics
Disclaimer: The review may help you prepare for the exam. The review is not comprehensive and the selected topics may not be representative of the exam. In fact, we do not know what will be on the exam.
More informationINDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT Social Studies Curriculum - May 2009 AP Economics
Course Description: This full-year college-level course begins with basic economic concepts and proceeds to examine both microeconomics and macroeconomics in greater detail. There are five units which
More informationBoğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS FINAL , Saturday 10:00 TYPE A
NAME: NO: SECTION: Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS FINAL 21.05.2016, Saturday 10:00 TYPE A Turn off your cell phone and put it away. During
More informationChapter 7. Fiscal Policy. These slides supplement the textbook, but should not replace reading the textbook
Chapter 7 Fiscal Policy These slides supplement the textbook, but should not replace reading the textbook Who were the classical economists? A group of the 18 th and 19 th centuries, including Adam Smith
More informationSOLUTION ECO 202Y - L5101 MACROECONOMIC THEORY. Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER. University of Toronto June 18, 2002 INSTRUCTIONS:
Department of Economics Prof. Gustavo Indart University of Toronto June 18, 2002 SOLUTION ECO 202Y - L5101 MACROECONOMIC THEORY Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total
More informationECO 2013: Macroeconomics Valencia Community College
ECO 2013: Macroeconomics Valencia Community College Exam 3 Fall 2008 1. The most important determinant of consumer spending is: A. the level of household debt. B. consumer expectations. C. the stock of
More informationEQ: What happens to equilibrium price and quantity when there is a change in supply or demand?
EQ: What happens to equilibrium price and quantity when there is a change in supply or demand? The main thing that affects Supply is production costs. Costs of factors of production affect supply: Employee
More information