Eastern Mediterranean University Department of Economics Spring Semester Econ 102 Midterm Exam. Duration: 90 minutes
|
|
- Brenda Goodman
- 5 years ago
- Views:
Transcription
1 Eastern Mediterranean University Department of Economics Spring Semester Econ 102 Midterm Exam EXAM BOOKLET: A 13th April 2017 Name: Student No: Group: Duration: 90 minutes Part I: Multiple Choice Questions (2 points each) 1. Economists use the term inflation to describe a situation in which a. some prices are rising faster than others. b. the economy's overall price level is rising. c. the economy's overall price level is high, but not necessarily rising. d. the economy's overall output of goods and services is rising faster than the economy's overall price level. 2. The CPI is a measure of the overall cost of a. inputs purchased by a typical producer. b. goods and services bought by a typical consumer. c. goods and services produced in the economy. d. stocks on the New York Stock Exchange. 3. The price index in the first year is 110, in the second year is 100, and in the third year is 96. The economy experienced a. 9.1% deflation between the first and second years, and 4% deflation between the second and third years. b. 10% inflation between the first and second years, and 4% inflation between the second and third years. c. 10% deflation between the first and second years, and 4% deflation between the second and third years. d. 10% deflation between the first and second years, and 8.7% deflation between the second and third years. 4. By far the largest category of goods and services in the CPI basket is a. housing b. transportation c. food and apparel d. food and beverages 5. Suppose that in 2006, the producer price index increases by 2 percent. As a result, economists most likely will predict that a. GDP will increase in b. the producer price index will increase by more than 2 percent in c. interest rates will fall in the near future. 1
2 d. the consumer price index will increase in the future. 6. Which of the following is NOT a widely acknowledged problem with the CPI as a measure of the cost of living? a. substitution bias b. introduction of new goods c. unmeasured quality change d. unmeasured price change 7. The natural rate of unemployment is the a. unemployment rate that would prevail with zero inflation. b. rate associated with the highest possible level of GDP. c. difference between the long-run and short-run unemployment rates. d. amount of unemployment that the economy normally experiences 8. The labor force equals the a. number of people who are employed. b. number of people who are unemployed. c. number of people employed plus the number of people unemployed. d. adult population. 9. A college student who is not working or looking for a job is counted as a. neither employed nor part of the labor force. b. unemployed and in the labor force. c. unemployed, but not in the labor force. d. employed and in the labor force. 10. The labor-force participation rate is defined as a. (Employed Adult Population) 100. b. (Employed Labor Force) 100. c. (Labor Force Adult Population) 100. d. (Adult Population Labor Force) For an economy as a whole, a. wages must equal profit. b. consumption must equal saving. c. income must equal expenditure. d. household spending on goods must equal household spending on services. 12. Gross domestic product is defined as a. the market value of all final goods and services produced within a country in a given period of time. b. the market value of all tangible goods produced within a country in a given period of time. c. the quantity of all final goods and services supplied within a country in a given period of time. d. the quantity of all final goods and services demanded within a country in a given period of time. 2
3 13. Which of the following is NOT included in GDP of USA? a. unpaid house-work b. services such as those provided by lawyers and hair stylists c. the estimated rental value of owner-occupied housing d. production of foreign citizens living in the United States 14. Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has a. reduced measured GDP. b. not affected measured GDP. c. increased measured GDP only to the extent that the value of the restaurant meals exceeded the value of meals previously cooked at home. d. increased measured GDP by the full value of the restaurant meals. 15. A steel company sells some steel to a bicycle company for $100. The bicycle company uses the steel to produce a bicycle, which it sells for $200. Taken together, these two transactions contribute a. $100 to GDP b. $200 to GDP c. $300 to GDP d. between $200 and $300 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle. 16. An Italian company operates a pasta restaurant in the U.S. The profits from this pasta restaurant are included in a. U.S. GNP and Italian GNP b. U.S. GDP and Italian GDP c. U.S. GDP and Italian GNP d. U.S. GNP and Italian GDP 17. A nation's standard of living is measured by its a. real GDP b. real GDP per person. c. nominal GDP d. nominal GDP per person. 18. The average amount of goods and services produced from each hour of a worker's time is called a. per capita GDP b. per capita GNP c. productivity d. human capital 19. Which of the following is a determinant of productivity? a. human capital per worker b. physical capital per worker c. natural resources per worker d. All of the above are correct 20. Human capital is the a. knowledge and skills that workers acquire through education, training, and experience. b. stock of equipment and structures that is used to produce goods and services. c. total number of hours worked in an economy. d. same thing as technological knowledge. 3
4 21. Other things equal, relatively poor countries tend to grow a. slower than relatively rich countries; this is called the poverty trap. b. slower than relatively rich countries; this is called the fall-behind effect. c. faster than relatively rich countries; this is called the catch-up effect. d. faster than relatively rich countries; this is called the constant-returns-to-scale effect. 22. For a profit-maximizing competitive firm, the value of marginal product curve is a. always rising. b. falling only when marginal product is rising. c. the labor supply curve. d. the labor demand curve. 23. Which of the following events can cause the labor-supply curve to shift? a. an increase in the wage rate b. an increase in the price of output c. an increase in the rate of immigration d. a technological advance 24. Other things the same, a higher interest rate induces people to a. save more, so the supply of loanable funds slopes upward. b. save less, so the supply of loanable funds slopes downward. c. invest more, so the supply of loanable funds slopes upward. d. invest less, so the supply of loanable funds slopes downward. 25. Suppose that the market for labor is initially in equilibrium. A decrease in the price of output will cause the equilibrium wage a. and the equilibrium quantity of labor to rise. b. and the equilibrium quantity of labor to fall. c. to rise and the equilibrium quantity of labor to fall. d. to fall and the equilibrium quantity of labor to rise. 26. Because of diminishing returns, a factor in abundant supply has a a. high marginal product and a high rental price. b. high marginal product and a low rental price. c. low marginal product and a high rental price. d. low marginal product and a low rental price. 27. The fact that borrowers sometimes default on their loans by declaring bankruptcy is directly related to the characteristic of a bond called a. interest risk b. term risk c. private risk d. credit risk. 28. We associate the term debt finance with a. the bond market, and we associate the term equity finance with the stock market. b. the stock market, and we associate the term equity finance with the bond market. c. financial intermediaries, and we associate the term equity finance with financial markets. 4
5 d. financial markets, and we associate the term equity finance with financial intermediaries. 29. A bond buyer is a a. saver. Bond buyers must hold their bonds until maturity. b. saver. Bond buyers may sell their bonds prior to maturity. c. borrower. Bond buyers must hold their bonds until maturity. d. borrower. Bond buyers may sell their bonds prior to maturity. 30. In a closed economy, what does (T - G) represent? a. national saving b. investment c. private saving d. public saving Part II: Essay Questions 1. Consider the following daily production data for Best Cupcakes, Inc. Best Cupcakes sells cupcakes for $2 each and pays the workers a wage of $325 per day. Labor (number Quantity (cupcakes Marginal Product of Value of the Marginal of workers) per day) Labor (cupcakes per day) Product of Labor a. Fill the table above. (4 pts) b. How many workers Best Cupcakes will hire? Explain. ( 4 pts) 5
6 2. Table below, gives the prices of Apples and Bread. Assume that CPI (Consumer Price Index) basket includes only 2 Apples and 4 Bread. Year Apples Bread 2002 $1.00 $ $1.00 $ $2.00 $2.00 a. Calculate the cost of the basket for the years 2002, 2003 and (6 pts) b. Using 2002 as the base year, calculate the CPI for (3 pts) c. Using 2002 as the base year, calculate the Inflation rate in (6 pts) 6
7 3. Table below, shows the data for people aged 16 and over in the imaginary country of Meditor. 1. Not in labor force: 80 million 2. Unemployed: 10 million 3. Employed: 150 million a. What is the adult population in Meditor? (3 pts) b. What is the labor force in Meditor? (3 pts) c. What is the unemployment rate in Meditor? (4 pts) d. What is the labor-force participation rate in Meditor? (4 pts) 7
8 4. Table below, presents the prices and quantities of Sandwiches and Magazines produced in a country. Use 2006 as the base year. Year Price of Sandwiches Quantity of Sandwiches Price of Magazines Quantity of Magazines 2006 $ $ $ $ $ $ a. Calculate the Nominal GDP in (3 pts) b. Calculate the Real GDP in (3 pts) c. Calculate the GDP-deflator in (3 pts) 8
Eastern 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 ECON102 - Introduction to Economics II Midterm Exam Duration: 90 minutes Name: Group No:
More informationEastern Mediterranean University Department of Economics Spring Semester Econ 102 Quiz 1. Name: St. No.
22nd March 2017 Eastern Mediterranean University Department of Economics 2016-2017 Spring Semester Econ 102 Quiz 1 Duration: 50 minutes Name: St. No. Group Number 1. GDP is defined as a. the market value
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 informationECO SP15. Chapter Review for MT3. Instructor Suabtrirat.
ECO2305--001 SP15 Chapter Review for MT3 Instructor Suabtrirat 1 The chapter review is an optional assignment Do it at the end of each chapter s lecture 2 Due to test bank randomization, some questions
More informationECON 1010 Principles of Macroeconomics Exam #2. Section A: Multiple Choice Questions. (30 points; 2 pts each)
ECON 1010 Principles of Macroeconomics Exam #2 Section A: Multiple Choice Questions. (30 points; 2 pts each) #1. If the price level in the economy and the nominal wages both doubled, then real wages would
More informationEcon 20B Spr 2008 Sample Final Exam
Econ 20B Spr 2008 Sample Final Exam Prof. Min Ouyang Please Do this sample final exam before looking at the answer key!!! Time limit: 120 minutes Instructions: 1) The exam is closed book. 2) Final exam
More informationHomework 2 of ETP Economics
Homework 2 of ETP Economics Winter Term 2014 Due: April 2 1. Which of the following is not included in GDP? a. unpaid cleaning and maintenance of houses b. services such as those provided by lawyers and
More informationECON 1000 D. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.
It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 2.5 hours. Work on your own. Keep your notes and textbook closed. Attempt every question.
More informationBPE_MAC1 Macroeconomics 1 Spring Semester 2011
Masaryk University - Brno Department of Economics Faculty of Economics and Administration BPE_MAC1 Macroeconomics 1 Spring Semester 2011 Midterm Exam - 08.04.2011, 10:30-11:30 Test B Guidelines and Rules:
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 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 informationECON 101 Exam 2 Fall 2015
Class: Date: ECON 101 Exam 2 Fall 2015 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Ch.12. An economy s production function has the constant-returns-to-scale
More informationMidterm 1 Practice Multiple Choice Questions
Midterm 1 Practice Multiple Choice Questions 1. To compute the value of GDP: A) goods and services are valued at market prices. B) the sale of used goods is included. C) production for inventory is not
More informationBEFORE YOU BEGIN Looking at the Chapter
Name Date Period MEASURING ECONOMIC PERFORMANCE Chapter 12 BEFORE YOU BEGIN Looking at the Chapter Fill in the blank spaces with the missing words. GDP is the total value of all goods and services produced
More informationNew Zealand Economics Competition
New Zealand Economics Competition Tuesday, 19 June 2012 Instructions: 1. Do not open this question booklet until instructed to do so. 2. You have fifty (50) minutes to answer all forty (40) questions.
More informationECON 1010 Principles of Macroeconomics. Midterm Exam #2. Professor: David Aadland. Spring Semester April 2 nd, 2019.
ECON 1010 Principles of Macroeconomics Midterm Exam #2 Professor: David Aadland Spring Semester 2019 April 2 nd, 2019 Your Name Section 1: Multiple Choice (50 pts). Circle the correct answer; each is worth
More informationDEPARTMENT OF ECONOMICS, UNIVERSITY OF VICTORIA
DEPARTMENT OF ECONOMICS, UNIVERSITY OF VICTORIA Midterm Exam I (October 09, 2012) ECON204 (A01), Fall 2012 Name (Last, First): UVIC ID#: Signature: THIS EXAM HAS TOTAL 7 PAGES INCLUDING THE COVER PAGE
More informationECON 101 Exam 2, Spring 2016
Class: Date: ECON 101 Exam 2, Spring 2016 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Ch. 10. When an American household purchases a bottle of Italian
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 informationECON 1002 B. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.
It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 1 hour(s). Work on your own. Keep your notes and textbook closed. Attempt every question.
More informationTOTAL SCORE EXE 1 EXE 2
TOTAL SCORE MC EXE 1 EXE 2 Econ 002 INTRO MACRO Prof. Luca Bossi September 28, 2015 MIDTERM #1 SOLUTIONS My signature below certifies that I have complied with the University of Pennsylvania's Code of
More informationECON 3010 Intermediate Macroeconomics Final Exam
ECON 3010 Intermediate Macroeconomics Final Exam Multiple Choice Questions. (60 points; 3 pts each) 1. The returns to scale in the production function YY = KK 0.5 LL 0.5 are: A) decreasing. B) constant.
More informationECON 3010 Intermediate Macroeconomics Final Exam
ECON 3010 Intermediate Macroeconomics Final Exam Multiple Choice Questions. (60 points; 3 pts each) #1. An economy s equals its. a. consumption; income b. consumption; expenditure on goods and services
More informationECON 3010 Intermediate Macroeconomics Solutions to the Final Exam
ECON 3010 Intermediate Macroeconomics Solutions to the Final Exam Multiple Choice Questions. (60 points; 2 pts each) #1. Which of the following is a stock variable? a) wealth b) consumption c) investment
More informationTOTAL SCORE EXE 1 EXE 2
TOTAL SCORE MC EXE 1 EXE 2 Econ 002 INTRO MACRO Prof. Luca Bossi February 12, 2015 MIDTERM #1 SOLUTIONS My signature below certifies that I have complied with the University of Pennsylvania's Code of Academic
More informationMacroeconomic Data. Two definitions: In this chapter, you will learn about how we define and measure: Gross Domestic Product
Topic 2: Macroeconomic Data (chapter 2) revised 9/15/09 CHAPTER 2 The Data of Macroeconomics slide 0 Learning objectives In this chapter, you will learn about how we define and measure: Gross Domestic
More informationECON 1010 Principles of Macroeconomics Exam #2
ECON 1010 Principles of Macroeconomics Exam #2 1. Employment is the total: Section A: Multiple Choice Questions. (40 points; 2 pts each) A) labor force. B) population of working age. C) number of people
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 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 informationFinance Macroeconomic Analysis Midterm #1 Summer 2013
Finance 30220 Macroeconomic Analysis Midterm #1 Summer 2013 Name Answer all questions. Note that only complete answers will be awarded full credit. Partial credit will be given for incomplete answers.
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 informationMidterm Exam 3 Econ Spring 2010 Instructor: Soojae Moon. Version A
Midterm Exam 3 Econ 2020-010 Spring 2010 Instructor: Soojae Moon Version A Instruction: On the scantron, fill out your name (both the bubbles and the write-in portion) and place your recitation section
More informationMidterm Exam 3 Econ Spring 2010 Instructor: Soojae Moon. Version B
Midterm Exam 3 Econ 2020-010 Spring 2010 Instructor: Soojae Moon Version B Instruction: On the scantron, fill out your name (both the bubbles and the write-in portion) and place your recitation section
More informationECON 3010 Intermediate Macroeconomics Solutions to Exam #1
ECON 3010 Intermediate Macroeconomics Solutions to Exam #1 Multiple Choice Questions. (25 points; 2.5 pts each) #1. The marginal propensity to consume is the: a. ratio of consumption to income. b. amount
More informationECON 1010 Principles of Macroeconomics. Solutions to Midterm Exam #2. Professor: David Aadland. Spring Semester 2017.
ECON 1010 Principles of Macroeconomics Solutions to Midterm Exam #2 Professor: David Aadland Spring Semester 2017 March 9 th, 2017 Section 1: Multiple Choice and T/F (60 pts). Circle the correct answer;
More informationBoğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II , Tuesday 13:00 Section 03 TYPE C
NAME: NO: SECTION: Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II 03.05.2016, Tuesday 13:00 Section 03 TYPE C Do not forget to write your full name,
More informationMacroeconomics 1 - Seminar Miroslava Federičová
Macroeconomics 1 - Seminar 8 07.04.2015 Miroslava Federičová 1) If the GDP of the CR is higher than the GNP of the CR then foreigners contribute to production in the CR more than the Czechs contribute
More informationECON 1000 B. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.
It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in hour(s). Work on your own. Keep your notes and textbook closed. Attempt every question.
More informationBoğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II , Tuesday 13:00 Section 03 TYPE B
NAME: NO: SECTION: Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II 03.05.2016, Tuesday 13:00 Section 03 TYPE B Do not forget to write your full name,
More informationUniversity of Ottawa ECO1102 B Midterm # 1 (October 21, 2011)
Instructions: Please fill in your name and student number on every page of the exam questionnaire and on the NCS sheet. Use the NCS sheet to answer the Multiple Choice questions. There are 43 questions
More informationKorea University Principles of Macroeconomics ECON203(04) Spring Mock Midterm Prof. Kuk Mo Jung
ECON203(04) Spring 2016 Mock Midterm Prof. Kuk Mo Jung PLEASE PUT YOUR NAME and ID# now There are 30 multiple-choice questions (Part I) worth 60 points and two multi-part written response problems worth
More informationTest 4 Economics 224 Chappell November 17, 2010
Test 4 Economics 224 Chappell November 17, 2010 First Name Last Name Last 5 Digits of Student Number (Social Security Number): Instructions: Read These! _ You have 50 minutes to complete this test. Please
More informationLearning objectives. Gross Domestic Product
Learning objectives In this chapter, you will learn about: Gross Domestic Product (GDP) the Consumer Price Index (CPI) the Unemployment Rate The Data of Macroeconomics slide 1 Gross Domestic Product Two
More informationECON 3010 Intermediate Macroeconomics. Chapter 2 The Data of Macroeconomics
ECON 3010 Intermediate Macroeconomics Chapter 2 The Data of Macroeconomics IN THIS CHAPTER, YOU WILL LEARN: the meaning and measurement of the most important macroeconomic statistics: gross domestic product
More informationEconomics. The last two weeks...
Economics The last two weeks... Final Exam (Thursday, December 14) Practice tests and review materials on Wednesday Extra Credit Stock Project (due on Thursday, December 14) Today: Measuring Economic Performance
More informationECON 1002 C. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.
It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 1.5 hour(s). Work on your own. Keep your notes and textbook closed. Attempt every question.
More informationECON Drexel University Summer 2008 Assignment 2. Due date: July 29, 2008
ECON 202-001 Drexel University Summer 2008 Assignment 2 Due date: July 29, 2008 Instructor: Yuan Yuan Name This homework has up to 10 points bonus. Question 1 (40 points, 2 points each): MULTIPLE CHOICE.
More informationPRINCIPLES OF ECONOMICS II MIDTERM EXAM
PRINCIPLES OF ECONOMICS II MIDTERM EXAM April 19, 2005 Professor Kyung-Hwan Kim INSTRUCTIONS: 1. THINK BEFORE YOU WRITE. 2. DO NOT WORRY TOO MUCH ABOUT YOUR ENGLISH. THIS IS AN ECONOMICS EXAM. FEEL FREE
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 informationEastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester. ECON 101 Mid term Exam
Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2014 15 Fall Semester ECON 101 Mid term Exam Suggested Solutions 28 November 2014 Duration: 90 minutes Name Surname:
More informationEconS 102: Mid Term 3 Date: July 14th, Name: WSU ID:
EconS 102: Mid Term 3 Date: July 14th, 2017 Instructions Write your name and WSU ID on the paper. All questions are worth 1 point. You have 40 minutes. This test is out of 15 points. There is a total of
More informationChapter 2 The Data of Macroeconomics
Chapter 2 The Data of Macroeconomics slide 0 Learning Objectives In this chapter, you will learn about: Gross Domestic Product (GDP) the Consumer Price Index (CPI) the Unemployment Rate slide 1 GROSS DOMESTIC
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In order to be defined as unemployed a person must: A) not have a job and must have looked
More information3. Suppose the following data represent the market demand for college education: a. If tuition is set at $5,000, how many students will enroll?
PS 4: 38 points Government Intervention: Chapter 9 problems 3. Suppose the following data represent the market demand for college education: a. If tuition is set at $5,000, how many students will enroll?
More informationOndřej Krčál Department of Economics
Macroeconomics II Ondřej Krčál Department of Economics Office 611 Consultation hours: Tuesday 16:30 18:00 E-mail: krcalo@mail.muni.cz slide 0 Literature MANKIW, G. (2010): Macroeconomics. 7th edition.
More informationPractice Test 1: Multiple Choice
Practice Test 1: Multiple Choice 1. If aggregate planned expenditure exceeds real GDP A. actual inventories decrease below their target. B. firms are not maximizing their profits. C. planned consumption
More informationEcon 633/733: Advanced Microeconomics Final Exam, Autumn 2004 Professor Kosteas
Econ 633/733: Advanced Microeconomics Final Exam, Autumn 004 Professor Kosteas Name: Instructions: You will be assigned a number. Write this number in the top right corner of every page. Do not write your
More informationEconomics Placement-2018
Economics Placement-2018 1 In the 2018-19 academic year, there will be two introductory economics courses. Economics 105 is our standard one semester introduction to economics. Economics 104 (offered in
More information7. a. i. Nominal GDP is the total value of goods and services measured at current prices. Therefore, ( ) ( Q burgers ) ( Q hotdogs ) + P burgers
Macroeconomics ECON 2204 Prof. Murphy Problem Set 1 Answers Chapter 2 #2, 4, 6, 7, 8, 9, and 11 (on pages 44-45) 2. Value added by each person is equal to the value of the good produced minus the amount
More informationAssignment 1: Hand in only Answer. Last Name. First Name. Chapter
Assignment 1: Hand in only Answer Last Name First Name Chapter 3 1 11 21 2 12 22 3 13 23 4 14 24 5 15 25 6 16 7 17 8 18 9 19 10 20 Chapter 4 1 8 15 2 9 16 3 10 17 4 11 18 5 12 19 6 13 7 14 Chapter 3: Page
More informationECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2014 Prof. Bill Even FORM 3. Directions
ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2014 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 informationChapters_20_17_18_19_ProblemSession
Chapters_20_17_18_19_ProblemSession Multiple Choice Identify the choice that best completes the statement or answers the question. Table 28-1 Labor Data for Wrexington Year 2004 2005 2006 Adult population
More informationReview Questions for Econ1101 Final, Part 1
Review Questions for Econ1101 Final, Part 1 SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Define opportunity cost. A student who has just graduated
More informationCh 2. National Income Accounting ECO 402
Ch 2. National Income Accounting ECO 402 Key Words The circular flow Three approaches to measuring national income Production Income Expenditure Value added Final goods and intermediate goods Gross domestic
More informationPart 1: Short answer, 60 points possible Part 2: Analytical problems, 40 points possible
Midterm #1 ECON 322, Prof. DeBacker September 25, 2018 INSTRUCTIONS: Please read each question below carefully and respond to the questions in the space provided (use the back of pages if necessary). You
More informationTOTAL SCORE EXE 1 EXE 2
TOTAL SCORE MC EXE 1 EXE 2 Econ 002 INTRO MACRO Prof. Luca Bossi February 11, 2016 MIDTERM #1 SOLUTIONS My signature below certifies that I have complied with the University of Pennsylvania's Code of Academic
More informationMacroeconomics, 7e (Blanchard) Chapter 2: A Tour of the Book. 2.1 Aggregate Output.
Macroeconomics, 7e (Blanchard) Chapter 2: A Tour of the Book 2.1 Aggregate Output. 1) Fill in the blank for the following: GDP is the value of all produced in a given period. A) final and intermediate
More informationmacroeconomics The Data of Macroeconomics N. Gregory Mankiw CHAPTER TWO PowerPoint Slides by Ron Cronovich fifth edition
CHAPTER TWO The Data of Macroeconomics macroeconomics fifth edition N. Gregory Mankiw PowerPoint Slides by Ron Cronovich 2002 Worth Publishers, all rights reserved Learning objectives In this chapter,
More informationMidterm Examination Number 1 February 19, 1996
Economics 200 Macroeconomic Theory Midterm Examination Number 1 February 19, 1996 You have 1 hour to complete this exam. Answer any four questions you wish. 1. Suppose that an increase in consumer confidence
More informationECON 1010 Principles of Macroeconomics. Solutions to the Final Exam. Professor: David Aadland. Spring Semester 2017.
ECON 1010 Principles of Macroeconomics Solutions to the Final Exam Professor: David Aadland Spring Semester 2017 May 11 th, 2017 Section 1: Multiple Choice and T/F (120 pts). Circle the correct answer;
More informationTHE COSTS OF PRODUCTION
13 THE COSTS OF PRODUCTION Problems and Applications 1. a. opportunity cost; b. average total cost; c. fixed cost; d. variable cost; e. total cost; f. marginal cost. 2. a. The opportunity cost of something
More informationCircle the letter of the best (only one) answer.
Macroeconomics (Fall 2016) Quiz #2 Study Guide Note: Below is a list of study questions for the upcoming Quiz #2 (Tue., Nov 1). The quiz covers Chapter 5, Chapter 6, and Chapter 8 and supplementary handouts/materials
More informationEcon 3 Practice Final Exam
Econ 3 Winter 2010 Econ 3 Practice Final Exam No books or notes of any kind are allowed. On problems requiring calculations, you will only get credit if you show your work. Part I: Longer Answers. Please
More informationQuantity of Photocopy Machines(Q 3 )
1) Suppose in the economy of Wesleyania the following three goods are produced: Pizza, Red Bull and Photocopy machines. The following table summarizes the prices and the produced quantities of these goods
More informationYour name (please print) ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM Summer 2017 Prof. Bill Even
Your name (please print) ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM Summer 2017 Prof. Bill Even 1. You may have access to a pen or pencil and a calculator. Cell phones, watches, notes, and
More informationSUMMER EXAMINATIONS 2014
SUMMER EXAMINATIONS 2014 MODULE TITLE LEVEL TIME ALLOWED Introduction to Macroeconomics Four Two hours Instructions to students: Enter your student number not your name on all answer booklets. SECTION
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 informationECON 3010 Intermediate Macroeconomics Final Exam
ECON 3010 Intermediate Macroeconomics Final Exam Multiple Choice Questions. (60 points; 2 pts each) #1. Which of the following is a stock variable? a) wealth b) consumption c) investment d) income #2.
More informationTest Review. Question 1. Answer 1. Question 2. Answer 2. Question 3. Econ 719 Test Review Test 1 Chapters 1,2,8,3,4,7,9. Nominal GDP.
Question 1 Test Review Econ 719 Test Review Test 1 Chapters 1,2,8,3,4,7,9 All of the following variables have trended upwards over the last 40 years: Real GDP The price level The rate of inflation The
More informationTest 1 Econ322 Section 002 Chappell February 16, 2009
Test 1 Econ322 Section 002 Chappell February 16, 2009 Name Last 5 Digits Instructions Fill in your name and last five digits of your student number on this test sheet. Multiple Choice questions must be
More informationI did not use any unauthorized aid on this exam. Name: (PRINT) UM ID #: Signature:
Econ 102 Lecture 100 Exam I Form 1 ECON 102/100 February 10, 2005 Section Day Time Location GSI 101 F 2:30-4 205 DENN Jooyong 102 F 11:30-1 373 Lorch Sue 103 F 1-2:30 373 Lorch Jooyong 104 M 4-5:30 351
More informationIntermediate Macroeconomics Instructed by: Ming Yi Midterm Exam I (Open-Book) Undergraduate Economics Program, HUST Wednesday, October/19/2016
Intermediate Macroeconomics Instructed by: Ming Yi Midterm Exam I (Open-Book) Undergraduate Economics Program, HUST Wednesday, October/19/2016 Name: Student ID: 1. (5 5 =25 points) Consider a closed economy,
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 ECON101 Introduction to Economics I Second Midterm Exam Duration: 90 minutes Type A 23
More informationTopic 2: Macroeconomic Data. (chapter 2) revised 9/15/09. CHAPTER 2 The Data of Macroeconomics slide 0
Topic 2: Macroeconomic Data (chapter 2) revised 9/15/09 CHAPTER 2 The Data of Macroeconomics slide 0 Learning objectives In this chapter, you will learn about how we define and measure: Gross Domestic
More information2015 Spring ECON 101 Exam 2
Class: Date: 2015 Spring ECON 101 Exam 2 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Ch. 10. When an American household purchases a bottle of Italian
More information2015 Spring ECON 101 Exam 2
Class: Date: 2015 Spring ECON 101 Exam 2 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Ch. 10. In 2012, GDP per person in the United States was almost
More informationEXPENDITURE APPROACH: The expenditures on all final goods and services made by all sectors of the economy are added to calculate GDP. Expenditures are
Chapter 1 MEASURING GDP AND PRICE LEVEL MEASURING EONOMIC ACTIVITY Macroeconomics studies the aggregate (or total) concept of economic activity. Its focus is on the aggregate output, the aggregate income,
More informationMidterm Answer Sheet
Econ 102 Intermediate Macroeconomics Instructor: Chao Wei Midterm Answer Sheet Instructions: The exam is made up of two parts: Part I (30 points): Multiple Choice Questions. One point for each question.
More informationExam 2. (Questions 1-3) Figure 1 shows the market demand, marginal revenue, marginal cost, and average total cost for a monopolist.
ECONOMICS 10-007 Dr. John Stewart April 6, 2000 Exam 2 Instructions: Mark the letter for the best answer for each question on the computer readable answer sheet. Please note that some questions have four
More informationFoundations of Economics for International Business Selected Solutions to Assignment 1
Foundations of Economics for International Business Selected Solutions to Assignment 1 INSTRUCTOR: XIN TANG Department of World Economics Economics and Management School Wuhan University Fall 2015 1 MULTIPLE
More informationMACROECONOMICS. The Data of Macroeconomics MANKIW. In this chapter, you will learn. Gross Domestic Product: Expenditure and Income.
C H A P T E R 2 The Data of Macroeconomics MACROECONOMICS N. GREGORY MANKIW 2008 Worth Publishers, all rights reserved SIXTH EDITION PowerPoint Slides by Ron Cronovich In this chapter, you will learn the
More informationECON2010 test 2 study guide
ECON2010 test 2 study guide 1) In a closed economy public saving plus private saving is equal to a The budget deficit b The budget surplus c Taxes minus transfers d Investment 2) Which of the following
More informationBoğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II , Tuesday 11:00 Section 06 TYPE B
NAME: NO: SECTION: Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II 03.05.2016, Tuesday 11:00 Section 06 TYPE B Do not forget to write your full name,
More informationEC201 Intermediate Macroeconomics Problem Set 1 Solution
EC201 Intermediate Macroeconomics 2009/2010 EC201 Intermediate Macroeconomics Problem Set 1 Solution 1) Given the difference between Gross Domestic Product and Gross National Product for a given economy:
More informationECON 101 Exam 2 Vesselinov
Class: Date: ECON 101 Exam 2 Vesselinov Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Compared to bondholders, stockholders a. face higher risk and have
More informationBoğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II , Tuesday 11:00 Section 06 TYPE C
NAME: NO: SECTION: Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II 03.05.2016, Tuesday 11:00 Section 06 TYPE C Do not forget to write your full name,
More informationBoğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II , Tuesday 11:00 Section 06 TYPE A
NAME: NO: SECTION: Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM II 03.05.2016, Tuesday 11:00 Section 06 TYPE A Do not forget to write your full name,
More informationEcon 522: Intermediate Macroeconomics, Spring Chapter 2 Practice Problems - Solutions
Econ 522: Intermediate Macroeconomics, Spring 2018 Chapter 2 Practice Problems - Solutions 1. Production, Value Added, and Income Based GDP. The following activities occur during a given year: 1. A mining
More information