econ 2100 study guide questions chapters 1 2 3 14 15 for midterm I
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econ 2100 study guide questions chapters 1 2 3 14 15 for midterm I

Course Number: ECON 2100, Spring 2010

College/University: Georgia Tech

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ECON 2100 Study Guide for Midterm 1 Exam Chapters 1-3, 14-15 Exam date: Wed, February 12th Name: __________________________ Date: _____________ 1. The tradeoff between equity and efficiency occurs because: A) efficient allocation of resources may lead to an outcome that most people consider unfair. B) allocating resources fairly may cause inefficiency. C) to ensure equity someone will be made worse off. D) of all...

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2100 ECON Study Guide for Midterm 1 Exam Chapters 1-3, 14-15 Exam date: Wed, February 12th Name: __________________________ Date: _____________ 1. The tradeoff between equity and efficiency occurs because: A) efficient allocation of resources may lead to an outcome that most people consider unfair. B) allocating resources fairly may cause inefficiency. C) to ensure equity someone will be made worse off. D) of all of the above. 2. A choice made _______ is a choice whether to do a little more or a little less of something. A) at the front end B) in the beginning C) at the margin D) after the fact 3. Marginal analysis studies how individuals decide: A) whether to live on the margin of society. B) to do a bit more activity versus a bit less activity. C) to analyze marginal businesses. D) none of the above. 4. Marla will make $10 by tutoring for an additional hour but she will lose an hour of studying for her own economics test. Marla decides to study rather than tutor. Marla's choice indicates that she: A) values an additional hour of studying more than the $10 she would earn tutoring. B) values an hour of studying less than the $10 she would earn tutoring. Page 1 C) does not understand that there is no benefit from studying. D) none of the above 5. Corner offices in high-rise office buildings usually cost more to rent than other offices. This best illustrates the economic principle of: A) marginal analysis. B) scarce resources. C) resources to be used as efficiently as possible to achieve society's goals. D) opportunity costs. 6. Economists use the term equilibrium to describe: A) when individuals are equal. B) when no individual would be better off taking a different action. C) when no individual has an incentive to change his/her behavior. D) both b and c. 7. Market failure occurs when: A) prices of essential goods such as gas become very high. B) individual actions have side-effects that are not properly taken into account. C) mutually beneficial trades take place. D) all of the above occurs. 8. The cost of going to college is: A) tuition and the cost of housing. B) tuition, the cost of housing, and the cost of books. C) tuition, the cost of housing, the cost of books, and forgone income. D) forgone income only. Page 2 9. Scarcity in economics means: A) not having sufficient resources to produce all the goods and services we want. B) the wants of people are limited. C) there must be poor people in rich countries. D) economists are clearly not doing their jobs. 10. Which of the following is NOT one of the four basic principles for understanding individual choice? A) Resources are scarce. B) The real cost of something is the money that you must pay to get it. C) "How much?" is a decision at the margin. D) People usually take advantage of opportunities to make themselves better off. 11. Economists usually make the assumption that production is subject to increasing opportunity costs because A) higher production usually results in more inflation. B) all resources are not equally suited to producing every good. C) individuals desire constantly increasing opportunities to make themselves better off. D) if production is efficient, it is not possible to increase the production of all goods simultaneously. Page 3 Use the following to answer question 12: Eastland and Westland produce only two goods, peaches and oranges, and this figure shows each nation's production possibilities curve for the two goods. Figure: Comparative Advantage 2 12. (Figure: Comparative Advantage 2) Westland has a comparative advantage in producing: A) oranges only. B) peaches only. C) both oranges and peaches. D) none of the above. Page 4 Use the following to answer question 13: Figure: Strawberries and Submarines 13. (Figure: Strawberries and Submarines) Suppose the economy is now operating at point C. Achieving production at point F would require that the economy: A) achieve full employment and an efficient allocation of resources. B) reduce its production of strawberries. C) reduce its production of submarines. D) improve its technology or increase the quantities of factors of production it has. 14. Which of the following would be a positive economic statement? A) Government has grown too large and should be reduced. B) There has been an increase in the rate of inflation. C) Government should be subject to the same rules as all other institutions. D) Women should be paid as much as men for the same work. Page 5 Use the following to answer question 15: Coffee and Salmon Production Possibilities Brazil Alaska Coffee 40 10 Salmon 20 10 15. (Table: Coffee and Salmon Production Possibilities) This table shows the maximum amounts of coffee and salmon that Brazil and Alaska can produce if they just produce one good. The opportunity cost of producing 1 unit of salmon for Alaska is: A) 2 coffees. B) 1/4 coffee. C) 1 coffee. D) 1/2 coffee. Use the following to answer question 16: Figure: Guns and Butter 16. (Figure: Guns and Butter) If the economy were operating at point B, producing 16 units of guns and 12 units of butter per period, a decision to move to point E and produce 18 units of butter: A) indicates you can have more butter and guns simultaneously. B) makes it clear that this economy experiences decreasing opportunity costs. Page 6 C) involves a loss of 8 units of guns per period. D) involves a loss of 4 units of guns per period. 17. Roommates Sarah and Zoe are hosting a Halloween party and have to make food for their guests and costumes for themselves. To finish both tasks as quickly as possible, Sarah and Zoe know that each of them should focus on just one task, but they don't know who should do what. To decide which roommate should do the cooking, Sarah and Zoe should determine which roommate: A) has the absolute advantage in cooking. B) has the comparative advantage in cooking. C) has the largest production possibilities frontier in cooking. D) can complete the cooking in the least amount of time 18. The production possibilities curve illustrates that: A) the economy will automatically end up at full employment. B) an economy's productive capacity increases proportionally with its population. C) if all resources of an economy are being used, more of one good can be produced only if less of another good is produced. D) economic production possibilities have no limit. 19. In one hour, the United States can produce 25 tons of steel or 250 automobiles. In one hour, Japan can produce 30 tons of steel or 275 automobiles. This information implies that: A) Japan has a comparative advantage in the production of automobiles. B) the United States has an absolute advantage in the production of steel. C) Japan has a comparative advantage in the production of both goods. D) the United States has a comparative advantage in the production of automobiles. 20. If they spend all night writing computer programs, Laurence can write 10 programs while Carrie Anne can write 5. If they spend all night making sunglasses, Laurence can make 6 while Carrie Anne can make 4. We know that: A) Laurence has a comparative advantage in programs. Page 7 B) Laurence has a comparative advantage in both programs and sunglasses. C) Carrie Anne has a comparative advantage in programs. D) Carrie Anne has a comparative advantage in both programs and sunglasses. Use the following to answer question 21: Table: Comparative Advantage 1 Sweden and Finland produce only two goods, herring and cell phones, and this table shows the maximum amount that each nation can produce of the two goods. Herring Cell phones Sweden 100,000 10,000 Finland 50,000 10,000 21. (Table: Comparative Advantage 1) Sweden has an absolute advantage in producing: A) cell phones only. B) herring only. C) both cell phones and herring. D) none of the above. Use the following to answer question 22: Figure: Tom's Production Possibilities Page 8 22. (Figure: Tom's Production Possibilities) In the accompanying figure, which point or points represent a combination of coconuts and fish which is not feasible for Tom to produce at this time? A) A only B) A and B C) B and C D) D only 23. Abe starts exercising regularly, and after a few months discovers he can now do twice as much of everything--in a single day Abe can now make 10 hamburgers or 8 milkshakes, rather than the 5 hamburgers and 4 milkshakes in the past. We now know that: A) Abe's production possibilities frontier has shifted right, but his opportunity costs of making milkshakes are unchanged. B) Abe's production possibilities frontier has shifted right, but his opportunity costs of making milkshakes have decreased. C) Abe's production possibilities frontier has not changed, but his opportunity cost of making milkshakes have increased. D) Abe's production possibilities frontier has not changed, but his opportunity cost of making milkshakes have decreased. 24. In terms of the production possibilities frontier, inefficient use of available resources is shown by: A) an increase in the labor force growth rate. B) a movement from one point to another along the production possibilities frontier. C) an inward shift of the production possibilities frontier due to the lack of opportunity. D) a point located inside the production possibilities frontier. Page 9 Use the following to answer question 25: Figure: Production Possibilities Curve for Tealand 25. (Figure: Production Possibilities Curve for Tealand) In the accompanying figure, Tealand can only produce at point E if the government: A) eliminates unemployment. B) raises taxes. C) raises the age for mandatory retirement. D) lowers the cost of production. 26. It is certain that the equilibrium quantity will rise when: A) the supply curve and the demand curve both shift to the right. B) the supply curve shifts to the right and the demand curve shifts to the left. C) supply and demand both decrease. D) supply decreases and demand stays the same. 27. A change in the demand for Luis's Pizza would not be caused by a change in the: A) buyers' income. B) price of Luis's Pizza. C) price of Humberto's Pizza. D) popularity of Luis's Pizza. Page 10 28. Over the past several years, consumer tastes for tattoos have increased. This means that the __________ for tattoos has ___________. A) quantity demanded; increased B) demand; decreased C) demand; increased D) quantity demanded; decreased 29. If people demand more of product A when the price of B falls, then A and B are: A) not related. B) substitutes. C) complements. D) inferior. 30. The primary difference between a change in supply and a change in the quantity supplied is: A) a change in quantity supplied is a movement along the supply curve, while a change in supply is a shift in the supply curve. B) both a change in quantity supplied and a change in supply are movements along the supply curve, only in different directions. C) a change in supply is related to the supply curve, while a change in quantity supplied is related to shifts in the demand curve that elicit a change in supply. D) a change in supply is a movement along the supply curve, while a change in quantity supplied is a shift in the supply curve. Page 11 Use the following to answer question 31: Figure: Demand and Supply of Wheat 31. (Figure: Demand and Supply of Wheat) A price of ________ will result in a ________, and a price of ________ will result in a ________. A) $6; shortage; $8; surplus B) $8; surplus; $4; shortage C) $8; shortage; $6; surplus D) $4; surplus; $8; shortage Page 12 Use the following to answer question 32: Figure: Supply of Coconuts 32. (Figure: Supply of Coconuts) The accompanying figure shows the supply of coconuts. If the price of coconuts decreases, then the movement that would take place in the model could be: A) A to B. B) B to A. C) C to A. D) E to B. Use the following to answer question 33: Table: The Demand for Chocolate-Covered Peanuts Price (per bag) $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 Quantity demanded (bags per month) George Barbara 10 0 15 10 20 20 25 30 30 40 35 50 40 60 Dan 60 80 100 120 140 160 180 Page 13 33. (Table: The Demand for Chocolate-Covered Peanuts) If George, Barbara, and Dan are the only three buyers in the market, and the price of a bag of chocolate-covered peanuts is $0.80, the total market demand is ________ bags per month. A) 70 B) 80 C) 105 D) 280 Use the following to answer question 34: Figure: The Supply of Videotapes 34. (Figure: The Supply of Videotapes) A decrease in the fee charged for videotape rentals would result in a change illustrated by the move from: A) n to o in Panel A B) p to q in Panel B. C) s to t in Panel C. D) u to v in Panel D. Page 14 35. An increase in supply is caused by: A) an increase in input prices. B) suppliers' expectations of higher prices in the future. C) an increase in the price of the good. D) none of the above. 36. A good is inferior if: A) when income increases, demand remains unchanged. B) when income increases, demand decreases. C) when income increases, demand increases. D) none of the above. 37. A recent news story reported that OPEC is expected to decrease the supply of oil next summer. Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. What would be the combined effect of these two events on the summer market for gasoline? A) an increase in the price and the quantity B) an increase in the price and an unpredictable change in the quantity C) an unpredictable change in both the price and the quantity D) an unpredictable change in the price and a decrease in the quantity 38. An ambiguous change in price and a decrease in quantity is most likely caused by: A) no shift in supply and a shift to the left in demand. B) a shift to the left in supply and a shift to the left in demand. C) a shift to the right in supply and a shift to the left in demand. D) a shift to the left in supply and a shift to the right in demand. Page 15 39. Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150 units. If the price of good Y is $12: A) the quantity demanded will be greater than 150 units. B) the quantity supplied will be less than 150 units. C) there will be an excess demand for good Y. D) there will be an excess supply of good Y. 40. If the price of hamburger increases, it would probably result in ________ in the demand for hamburger buns. A) a decrease B) an increase C) no change D) random fluctuations 41. If a country has a working-age population of 200 million, 135 million people with jobs, 10 million people who were looking for a job but have given up, and 5 million people unemployed and seeking employment, then its number of discouraged workers is: A) 25 million. B) 15 million. C) 10 million. D) 5 million. Page 16 Use the following to answer question 42: Figures: The Unemployment Rate and Aggregate Output 42. (Figures: The Unemployment Rate and Aggregate Output) Between 1933 and 1937, the economy was in a state of: A) stagflation. B) expansion. C) hyperinflation. D) no growth. Page 17 43. Fiscal policy involves: A) changes in interest rates. B) changes in government spending. C) changes in the quantity of money. D) all of the above. 44. As the value of the Canadian dollar falls against the U.S. dollar: A) it is unequivocally bad for Canadians. B) its is unequivocally good for Canadians. C) Canadian producers experience a cost advantage over U.S. competitors. D) Canadian consumers can buy American goods cheaper. 45. The most painful consequence of a recession is: A) rising unemployment. B) increasing inflation. C) increasing aggregate output. D) all of the above. 46. According to official statistics for the United States, between 1948 and 2004, unemployment: A) peaked during the 2001 recession. B) averaged 5.6 percent. C) was zero only during the years of the Korean War. D) never reached 4 percent, even during the longest expansions. 47. The widely held view that the government should take an active role in the macroeconomy dates back to: A) the Civil War. Page 18 B) World War I. C) the Great Depression. D) the Vietnam War. 48. If during a period of several months we observe the economy to be simultaneously increasing its level of output and employment, we could assume that the economy is in: A) a depression. B) an expansion. C) a recession. D) a turning point between a recovery and a downturn. 49. The actual numerical measure of aggregate output typically used by economists is called: A) aggregate output. B) nominal gross domestic product. C) net domestic product. D) real gross domestic product. 50. According to official statistics for the United States, between 1948 and 2004, real GDP grew: A) at its fastest rate during the expansion that spanned 1950. B) at an average of 5.6 percent a year. C) at a low, but positive rate, during the recession that spanned 1982. D) at a surprisingly constant rate of 3.3 percent a year. 51. If between 2005 and 2006, the aggregate price level rises: A) real wages will rise faster than nominal wages. B) and nominal wages rise at the same rate as prices, real wages will rise. C) and nominal wages remains constant, real wages will fall. Page 19 D) nominal wages will rise faster than real wages. 52. Economic theory in 1936 changed dramatically with the publication of: A) The General Theory of Employment, Interest and Money by John Maynard Keynes. B) The Wealth of Nations by Adam Smith. C) The Road to Serfdom by F.A. Hayek. D) Principles of Economics by Paul Samuelson. 53. Fiscal policy attempts to stabilize the economy during the business cycle through: A) changes in the inflation rate. B) changes in the quantity of money or the interest rate. C) changes in tax policy or government spending. D) discretionary regulation of profits and wages. 54. Controlling interest rates is an example of: A) fiscal policy. B) tax policy. C) monetary policy. D) exchange rate policy. 55. Real gross domestic product or real GDP: A) is aggregate output. B) is the total production of final goods and services. C) grows during an expansion. D) is all of the above. 56. When the U.S. dollar price of the British pound A) decreases: British goods become cheaper for Americans. Page 20 B) British goods become more expensive for Americans. C) American goods become more expensive for the British. D) Both a and c are correct. Use the following to answer question 57: Table: Economy of Graceland Aggregate output at beginning of 2005 Population at beginning of 2005 Output increased 3% during 2005 Population increased 2.0% during 2005 Aggregate price level remained constant during 2005 $5 billion 1 million 57. (Table: Economy of Graceland) Aggregate output per capita in Graceland at the beginning of 2005 was: A) $5,000. B) $10,000. C) $20,000. D) not possible to calculate. 58. Deflation is when there is: A) a decrease in unemployment. B) a decreasing aggregate price level. C) a decline in wages. D) a recession. 59. What do a "rubber necking" traffic jam and the "paradox of thrift" have in common? A) In both cases, individual behavior has large negative consequences for the whole of society. B) In both cases, seemingly bad behavior ends up harming everyone. C) In both cases, seemingly careless behavior leads to good times for all. Page 21 D) In both cases, government intervention can only make matters worse. 60. Monetary policy attempts to stabilize the economy by changes in: A) taxes. B) taxes and spending. C) taxes and interest rates. D) interest rates and the quantity of money. 61. As opposed to a closed economy, in an open economy: A) the exchange rate is determined by the government. B) specialization in activities with a comparative advantage is not possible. C) trade is only beneficial to the relatively larger economy. D) there is trade in goods, services, or assets with other countries. 62. The basic difference between an economic recession and economic depression is that: A) the latter is a shorter economic downturn than the former. B) during recessions output falls faster than during depressions. C) during depressions employment falls faster than during recessions. D) the former is a longer economic downturn than the latter. 63. If workers nominal wages have risen by 50% over a ten-year period and prices have increased by 40% in that same period, then we can safely conclude that the real wages of the workers have: A) fallen. B) increased. C) not changed. D) It is impossible to determine whether real wages have changed and in what direction. Page 22 64. Macroeconomics focuses on: A) the economy as a whole. B) individual decisions. C) wages. D) the allocation of scarce resources. 65. In contrast to the conclusions drawn from microeconomics, many economists would argue that in macroeconomics, government: A) control of rent prices increases overall economic activity. B) intervention in markets usually leaves society as a whole worse off. C) taxation of goods and services does not create a deadweight loss of economic welfare. D) intervention in markets can prevent or reduce the effects of adverse events on the macroeconomy. Use the following to answer question 66: Figure: Circular Flow Model 1 66. (Figure: Circular Flow Model 1) What is disposable income in this economy? A) $0 B) $100 C) $400 Page 23 D) $500 67. Which of the following is true concerning the Producer Price Index? A) The Producer Price Index is just another term for the GDP deflator. B) Changes in the Producer Price Index generally follow changes in the Consumer Price Index. C) The Producer Price Index measures the cost of a basket of goods typically purchased by producers. D) All of the above are true. 68. Nominal GDP may be used to compare: A) the dollar amount of final goods produced in different time periods. B) the price of final goods times the number of goods produced in one year. C) output if prices are held constant. D) none of the above. 69. If during 2005, the country of Sildavia recorded a value added of $78 billion, wages of $40 billion, profits of $8 billion, and total sales of $90 billion, the value of intermediate goods purchased during 2005 in Sildavia was: A) $42 billion. B) $30 billion. C) $12 billion. D) $4 billion. 70. Real GDP is nominal GDP adjusted for: A) double counting. B) changes in prices. C) population. D) imports. Page 24 71. If nominal GDP decreased from one year to the next, we can conclude that: A) prices fell from one year to the next. B) real GDP fell from one year to the next. C) prices and real GDP fell from one year to the next. D) none of the above is correct. Use the following to answer question 72: Table: Pizza Economy II Value of sales Cost of intermediate goods Gino's pizza Bruno's dough Carlo's tomatoes Aldo's pepperoni $25,000 $7,000 $8,000 $5,000 $20,000 $5,000 $1,000 $3,000 72. (Table: Pizza Economy II) Based on the accompanying table, GDP in this economy is: A) $74,000. B) $45,000. C) $29,000. D) $16,000. 73. In a market basket of goods: A) the quantities stay constant and the prices change. B) the quantities change and the prices are held constant. C) both the prices and the quantities are held constant. D) both the prices and the quantities change. 74. In the United States, consumer spending accounts for approximately what percentage of GDP? A) 50% B) 60% Page 25 C) 70% D) 80% 75. An example of a government transfer is a(n): A) expenditure on an interstate highway. B) bequest from a deceased relative. C) Social Security payment. D) salary for members of the armed forces. 76. Discouraged workers are those individuals: A) who are getting paid too little. B) who do not like their jobs. C) who are working part time but are looking for a full-time job. D) who have given up looking for a job. 77. Households receive income in the form of all the following EXCEPT: A) wages. B) dividends. C) interest and rent. D) investment spending. Page 26 Use the following to answer question 78: Figure: Circular Flow Model 1 78. (Figure: Circular Flow Model 1) What are net exports in this economy? A) $0 B) $30 C) $60 D) They are none of the above. 79. During the decade from 19291939, nominal output decreased and real output increased because: A) prices decreased, but the physical output of goods and services increased. B) prices increased, but the physical output of goods and services decreased. C) there were measurement problems in the national accounts. D) of none of the above, because nominal output did not decrease and real output did not increase during this time. 80. A laptop computer purchased by a private individual is considered to be: A) consumption spending. B) investment spending. C) private saving. Page 27 D) a transfer of income. 81. An example of investment spending is: A) the amount of funds raised by the government in the financial markets. B) the purchase of government bonds by a private household. C) the purchase of a freezer by an ice-cream parlor. D) the purchase of stock shares by a mutual fund. 82. If during 2005, the country of Sildavia recorded investment spending for $3 billion, government purchases for $3 billion, consumer spending for $7 billion, imports for $5 billion, government transfers for $1 billion, and exports for $3 billion. Sildavia's GDP in 2005 was: A) $11 billion. B) $12 billion. C) $13 billion. D) $14 billion. 83. A price index: A) always includes a base year. B) measures the cost of purchasing a market basket of output across different years. C) is normalized to 100 for the base year. D) is all of the above. 84. During a recession: A) unemployment and the growth rate of real GDP both decrease. B) unemployment decreases and the growth rate of real GDP increases. C) unemployment increases and the growth rate of real GDP decreases. D) there is no relationship between unemployment and the growth rate of real GDP. Page 28 Use the following to answer questions 85-86: Figure: Circular Flow Model 1 85. (Figure: Circular Flow Model 1) How does the government finance its purchases of goods and services? A) by printing money B) by taxes C) by borrowing D) by both b and c 86. (Figure: Circular Flow Model 2) If the circular flow model is in equilibrium (the sum of money flows into each box is equal to the sum of the money flows out of that box), which of the following is likely to happen if there is an increase in investment spending? A) a decrease in the nominal GDP B) an increase in the nominal GDP C) an increase in the unemployment rate D) an increase in the inflation rate Page 29 Use the following to answer question 87: Table: Measuring GDP (billions of dollars) Personal consumption expenditures Gross private domestic investment Net exports State and local government purchases of goods and services Federal government purchases of goods and services Imports $500 200 -5 200 100 15 87. (Table: Measuring GDP) Total expenditures on GDP by the household sector are: A) $100 billion. B) $150 billion. C) $200 billion. D) $500 billion. 88. The PPI is often regarded as a warning sign of inflation: A) because commodity producers are relatively quick to raise prices. B) because producers are more likely to have monopoly control over prices. C) because consumers have to pay the prices charged. D) because commodity producers can sell whatever they want higher prices. 89. In the circular flow model, households: A) receive transfer payments from the government. B) buy resources in the factor markets. C) sell products in the market for goods and services. D) issue stocks and bonds to raise capital. 90. If nominal GDP increased from one year to the next, we can conclude that: A) prices rose from one year to the next. Page 30 B) real GDP rose from one year to the next. C) prices and real GDP rose from one year to the next. D) none of the above is correct. 91. The trade balance is the difference between the value of the: A) trade deficit and the budget deficit. B) goods and services that one country sells to other countries and the value of the goods and services it buys in return. C) exchange rates of two countries that are engaged in international trade. D) national debt and the foreign debt. 92. The U.S. sells approximately ____ of what it produces to other countries, while Canada sells almost _____ of what it produces to other countries A) 12%; 50% B) 12%; 20% C) 20%; 50% D) 20%; 12% 93. Fiscal policy attempts to stabilize the economy by changes in: A) the interest rate. B) the money supply. C) banking regulations. D) taxes and spending. 94. After correcting for higher prices of goods and services, the pay package of an average U.S. worker in 2002 was worth about _______ as much the pay of an average worker in 1948. A) half B) the same C) twice Page 31 D) three times 95. Secular long-run growth is: A) the sustained upward trend in aggregate output per person over several decades. B) the expansion phase of business cycles. C) the downturn phase of business cycles. D) the sustained downward trend in the employment rate over several decades. 96. If a country has a working-age population of 200 million, 135 million people with jobs, 10 million people who were looking for a job but have given up, and 5 million people unemployed and seeking employment, then its labor force is: A) 150 million. B) 145 million. C) 140 million. D) 135 million. 97. Real wages: A) have not been adjusted for change in prices over time. B) have been adjusted for changes in prices over time. C) are after-tax wages. D) are wages as a ratio of the minimum wage. Page 32 Use the following to answer question 98: Figure: Inflation and Deflation Since 1929 98. (Figure: Inflation and Deflation Since 1929) Between 1934 and 1937, the economy experienced a period of: A) rising prices. B) falling prices. C) stable prices. D) none of the above. 99. Recessions are periods when: A) output rises. B) the aggregate price level rises. C) the unemployment rate is falling. D) output and employment are falling. 100. If a Japanese car costs 5,000,000 and the exchange rate is 100 Japanese yen per U.S. dollar, other things being equal, the car would cost an American: A) $50,000. Page 33 B) $25,000. C) $10,000. D) $5,000. 101. The exchange rate is: A) the rate at which goods are sold in a country. B) the interest rate differential between two countries. C) the value of one currency in terms of another. D) the growth rate differential between two countries. 102. Which of the following most accurately describes how to calculate the unemployment rate? A) (unemployed/population) 100% B) (unemployed/employed) 100% C) (unemployed/labor force) 100% D) [(unemployed employed)/labor force] 100% 103. According to official statistics for the United States, after the experience of the Great Depression: A) economists are confident in that the business cycle has been tamed. B) the economy has constantly experienced positive real GDP growth rates. C) the economy only experienced longer recessions than expansions during the 1960s and 1990s. D) the economy did not experience another severe and prolonged economic downturn comparable to it. Page 34 Use the following to answer question 104: Table: Unemployment and Employment Data Unemployment and Employment Data Population 170 Employed 95 Unemployed and looking for work 5 Discouraged workers 3 Retired 60 All figures are in the millions 104. (Table: Unemployment and Employment Data) According to the accompanying table, the unemployment rate for this economy is: A) 2.9%. B) 4.8%. C) 5.0%. D) 5.3%. 105. All of the following are examples of economic aggregates EXCEPT: A) the unemployment rate. B) the average price of a single family house in the U.S. real estate market. C) the addition to the economy's supply of productive physical capital. D) investment spending. 106. A stock in a company is: A) a share of ownership of a company held by a shareholder. B) an IOU that pays interest. C) a portion of a firms profits paid to stock owners. D) part of private savings. Page 35 107. Inventory investment is counted as investment because: A) inventory is used for future production. B) inventory is a source of future sales. C) inventory has no opportunity cost. D) inventory is tax deductible. 108. Which of the following is considered to be an IOU? A) stock B) bond C) interest D) dividend 109. Which of the following would NOT be considered a government transfer? A) unemployment compensation B) food stamps C) payments by the Defense Department for a new weapons system D) Medicare benefits paid to someone who is indigent 110. The largest component of U.S. GDP involves value added in: A) goods production. B) services production. C) government production. D) production of goods sold overseas. 111. A laptop computer purchased by an accounting firm is considered to be: A) consumption spending. B) investment spending. C) private saving. Page 36 D) a pre-tax dividend. 112. Gross domestic product or GDP is: A) the total dollar value intermediate goods and services produced in the economy in a given time period. B) the total dollar value of wages paid to producing workers in a given time period. C) the total dollar value of final goods and services produced in the economy in a given time period. D) the total dollar value of government production in a given time period. Use the following to answer question 113: Figure: Circular Flow Model 1 113. (Figure: Circular Flow Model 2) If the circular flow model is in equilibrium (the sum of money flows into each box is equal to the sum of the money flows out of that box), which of the following is likely to happen if there is an increase in imports? A) an increase in the nominal GDP B) a decrease in the nominal GDP C) a decrease in the unemployment rate D) all of the above Page 37 Use the following to answer question 114: Figure: Circular Flow 1 114. (Figure: Circular Flow Model 1) What is GDP in this economy? A) $100 B) $400 C) $500 D) $600 115. The value of all the following goods is included in the calculation of Gross Domestic Product EXCEPT: A) the value of Firestone tires sold at your local garage. B) the value of Bridgestone tires purchased by Ford Motor Co. C) the value of Goodyear tires purchased by the United States Secret Service. D) the value of Michelin tires purchased by Canadian car collectors. 116. Disposable income equals: A) income plus government transfers minus taxes. B) income plus government spending minus taxes. C) income minus taxes plus government spending. Page 38 D) income minus taxes minus government transfers. Use the following to answer question 117: Table: Furniture Production Schedule Stage of production Timber Milled wood Finished wood Assembled furniture Retail price to consumer Sales value of material 100 300 600 800 1200 117. (Table: Furniture Production Schedule) What is the value added at all stages of the production process of the furniture as described in the accompanying table? A) $800 B) $1,200 C) $1,800 D) $2,000 118. An example of a final good is: A) a new computer purchased by Federal Express for one of its corporate executives. B) a storage facility for a moving company. C) a new car purchased by an employee of a company for personal use. D) a dump truck purchased by a demolition company. 119. A share in the ownership of a company held by a shareholder is considered a(n): A) bond. B) stock. C) dividend. D) IOU. Page 39 120. Private savings is: A) disposable income less taxes. B) disposable income less consumption. C) wealth. D) wealth plus government transfer payments. Page 40 Answer Key 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. D C B A B D B C A B B B D B C C B C D A B D A D C A B C C A B A C D D B B B D A C B B C Page 41 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. A B C B D A C A C C D D A B A D D C B A D C C A C B D D A C C D D A A A C A D C B B D A A D Page 42 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. 101. 102. 103. 104. 105. 106. 107. 108. 109. 110. 111. 112. 113. 114. 115. 116. 117. 118. 119. 120. B A D D A C B A D A C C D C B A B B C B B C B C B A B C B B Page 43

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Albright College - ACC - 127A
MGMT 127A Fall 2006 Prof. Freixes RECOMMENDED CPA QUESTIONS FOR MIDTERM EXAM Regulation 1 Group 15 8 10 13 16 18 23 25 30 32 36 38 42 44 46 Regulation 2 Group 1 23 25 40 42 45 47 50 RECOMMENDED CPA QUESTIONS FOR THE FINAL EXAM Regulation 1 Group 7 9 17 37
Berkeley - ENGIN - 7
E7 Spring 2010: Lecture 1Raja Sengupta College of Engineering University of California, BerkeleyE7: Intro to Computer Programming bspace.berkeley.edu Log in and ensure you see E7 Spring 2010 If not email Head GSI: scottpayne@berkeley.edu Admin 2 hours
Berkeley - ENGIN - 7
E7 Spring 2010 :Lecture 2Raja Sengupta College of Engineering University of California, BerkeleyTextbook Sections 1.1, 1.2, 1.3, 1.5, 1.6 (relational operators only) 2.1, 2.2, 2.3, 2.4 3.1Topics What is a program? How do we compute an elementary func
Berkeley - ENGIN - 7
E7 Spring 2010: Lecture 3Raja Sengupta College of Engineering University of California, BerkeleyTextbook Sections 3.2Topics Programming functions in matlab The scope of a variableExample: Programming functions help function Write a program to compu
Berkeley - ENGIN - 7
E7 Spring 2010: Lecture 5Raja Sengupta College of Engineering University of California, BerkeleyWhat is the shape of BART's speed as it travels between stations? The train accelerates from rest at 1.5 m/s2 for 20 seconds, travels at steady speed for 2
Berkeley - ENGIN - 7
1st Lecture *Before class; name, email on board, outline 1. About me a. 1st year grad for CE b. Took E77 with Sengupta in Freshman year c. Taught 2 semester of physics as an undergraduate 2. General Course Layout a. Email Policy i. Email me for any questi
Berkeley - ENGIN - 7
Berkeley - ENGIN - 45
Engineering 45: The Structure and Properties of Materials Instructor:J. W. Morris Jr. 228 Hearst Mining Bldg. Tel: 642-3815 E-M: jwmorris@berkeley.edu Office hours: 2-3 pm Wed., 11-12 am Fri. Web site: htpps:/bspace.berkeley.edu TA Office: 350 Hearst M
Berkeley - ENGIN - 45
Bonding Bonding is primarily by valence electrons Bonding is electrostatic The "chemist's" model Chemical bonds are localized between atoms The "physicist's" model Electrons wander through the solid Electron states are gathered into "bands"Engineerin
Berkeley - ENGIN - 45
Bonding Solids are made of atoms or molecules These stick together "bonding" Understanding bonding is fundamental Microstructure Properties Some important properties are determined by the nature of bonding aloneEngineering 45 Spring, 2010 J.W. Morris
Berkeley - ENGIN - 45
The Essence of Materials Science The field can be summarized in two sentences: Properties <= composition + microstructure Microstructure <= composition + processing Composition = kind and fraction of atoms present Microstructure = How those atoms are a
Berkeley - ENGIN - 45
Microstructure Microstructure: Type and location of all atoms in solid All atom positions known in only two ideal cases Perfect order ("crystals" or "quasi-crystals") Perfect disorder ("amorphous solids" or "glasses") Almost all solids prefer the cry
Berkeley - ENGIN - 45
Crystal Structures of Interest Elemental solids: Face-centered cubic (fcc) Hexagonal close-packed (hcp) Body-centered cubic (bcc) Diamond cubic (dc) Binary compounds Fcc-based (Cu3Au,NaCl, -ZnS) Hcp-based (-ZnS) Bcc-based (CsCl, Nb3Sn)Engineering 45
Berkeley - ENGIN - 45
Defects in Crystals Imperfections are present in all real crystals Often, they are added to control properties Materials engineering is largely "defect" engineering Classify defects by dimension Point defects: solute atoms (strength, conductivity) Lin
Berkeley - ENGIN - 45
Berkeley - ENGIN - 10
Berkeley - ENGIN - 10
Berkeley - ENGIN - 10
Berkeley - ENGIN - 10
Berkeley - ENGIN - 10
Berkeley - ENGIN - 10
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Berkeley - ENGIN - 10
Berkeley - ENGIN - 10
I 10.52 10.52 10.52 10.52 10.52 10.52 r0 7.9375E01 7.9375E01 7.9375E01 7.9375E01 7.9375E01 7.9375E01 r 1 3 5 7 9 11 I (r) 6.936E+00 3.821E01 3.790E02 4.475E03 5.753E04 7.781E05 I_ave 6.900 4.878 2.942 2.103 1.636 1.338 absorption coefficient 9.0000E01 9.0
Berkeley - ENGIN - 10
As our goal is to design a system to keep the crew supplied with water in deep space, our first step is to analyze the amount of water needed for the crew of 150 for one day. Taking personal hygiene, cooking, drinking, and others, we have determined the f
Berkeley - ENGIN - 10
Our engineering team developed a hypothetical hourly water consumption diagram. For one astronaut: Hour 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Hourly Water Consumption (gal/hr/cap) 0 0 0 0 0 0 5 (Bathroom Uses and preparing food) 0
Berkeley - ENGIN - 10
Pump andTimewater (liters) Living Area (hours) system Living disinfection VolumeArea Civil and Environmental Engineering Team LivingArea of Office/Lab Clean tank Dirty tank 50 Lunar Base Water Purification Program 50people 50people people University of Ca
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Civil and Environmental Engineering Team Lunar Base Water Purification Program University of California, Berkeley Berkeley, California 94510December 2, 2009 Professor Slav W. Hermanowicz NASA Headquarters 300 East Street SW Washington DC 20024-3210 Subje
Berkeley - ENGIN - 10
IntroductionPump and Area Technical Report Living disinfection system Living Area Living Area Office/Lab Clean tank Dirty tank 50 people 50 people 50 peopleOn October 12, 2009, the National Aeronautics and Space Administration (NASA) secretly disclosed
Berkeley - ENGIN - 10
Civil and Environmental Engineering Team Lunar Base Water Purification Program University of California, Berkeley Berkeley, California 94510December 2, 2009 Professor Slav W. Hermanowicz NASA Headquarters 300 East Street SW Washington DC 20024-3210 Subje
Berkeley - ENGIN - 10
MZ#@# ! #L!This program cannot be run in DOS mode. $#PE#L#j K#8#v# #@#@#P# # #># #.text#|# #0`.data#@#0.rdata#$ $#&#@#`@.bss# #@.idata# #@#0.rsrc#>#@#@#0# # # # # #UVS
Berkeley - ENGIN - 10
HourCumulative Water Consumption 0 0 0 4000 6 1 319.89 5003.2 11 2 586.47 6006.4 125 6664.44 3 7009.6 128.5 6851.04 4 8012.8 131 6984.33 5 9016 133.5 7117.62 10019.2 6 140 7464.17 11022.4 7 145 7730.75 12025.6 8 150 7997.32 13028.8 9 156 8317.22 10 14032
Berkeley - ENGIN - 10
Pump and Area Living disinfection system Living Area Living Area Office/Lab Clean tank Dirty tank 50 people 50 people 50 people
Berkeley - ENGIN - 10
Elysia Liaw, Jin Woo Roh, Yang XiaIntroductionNational Aeronautics and Space On October 12, 2009, theAdministration (NASA) secretly disclosed an ambitious project to our Civil and Environmental Engineering Department located at University of California,
Berkeley - ENGIN - 10
Elysia Liaw, Jin Woo Roh, Yang Xia Engineering 10 CEE Module B Otcober 27, 2009 For one astronaut: The astronaut drinks 0.05 gallons of water for every hour he's awake. In addition, the astronauts use waterless toilets. Other water usages are indicated in
Berkeley - ENGIN - 10
#3 Assume the water in the pipe is at 20 C, as it usually is in the pipes on the Earth. At this temperature, the density is =998.2kgm3. The dynamic viscosity is =1.00310-3Nsm2. In order to find the friction factor from the Moody diagram, we first calculat
Berkeley - ENGIN - 10
For the commercially available UV lamp (Philips 4W, diameter 5/8', length 6', emitted UV output 0.8 W), the light intensity of the lamp is I0=P2r0L=0.82(582.5412)(62.54)=10.52mWcm2. We choose Poliovirus I in this analysis because Poliovirus is one of the
Berkeley - ENGIN - 10
For the commercially available UV lamp (Philips 4W, diameter 5/8', length 6', emitted UV output 0.8 W), the light intensity of the lamp is I0=P2r0L=0.82(582.5412)(62.54)=10.52mWcm2. We choose Poliovirus I in this analysis because Poliovirus is one of the
Berkeley - ENGIN - 10
University of California, Berkeley S.W. HermanowiczE10 Fall 2009 Module CEEE10 Engineering Design and Analysis Module B: CEE Assignment No. 1 Be sure to retain copies of your work for further use in the class.1.Individual assignment (submit through bS
Berkeley - ENGIN - 10
University of California, Berkeley S.W. HermanowiczE10 Fall 2009 Module CEEE10 Engineering Design and Analysis Module B CEE Assignment No. 4 Assignments #1 and #2 are due in the week 11/16 during your discussion sections. You will have an opportunity to
Berkeley - ENGIN - 10
E10 CEE Module Fall 2009 Tuesday section (Rabia Chaudhry)Flowrate Piezometer 1 Piezometer 2 (gpm) average (cm) average (cm) 1.28 152.2 99.6 0.35 170.1 156 1.65 143.3 73.4 0.9 161.2 125.4 1.4 150.5 92.9 Temperature (not needed for calculation) 24 deg C 0
Berkeley - ENGIN - 10
Engineering 10 CEE Module B Group assignment #4 Elysia Liaw, Jin Woo Roh and Yang Xia 1. The light intensity of the lamp 13.26 . = =. ( . ) ( . )= 0.01326=2. Choose Poliovirus I, whose 4-log UV dose is about 60 . According to the equation ln( / 0) = -
Berkeley - ENGIN - 10
Engineering 10 CEE Module B Individual Assignment #4 We name the seven test tubes to be 1 to 7 and the test results are as following. Test tube # 1 2 3 4 5 6 7 Volume (100mL) 0.1 0.1 0.1 0.1 0.1 0.01 0.001 Results + + + + +Yang Xia 20851683Since the con
Berkeley - ENGIN - 10
Engineering 10 CEE Module B Individual Assignment #4 We name the seven test tubes to be 1 to 7 and the test results are as following. Test tube # Volume (100mL) Results 1 0.1 + 2 0.1 + 3 0.1 + 4 0.1 + 5 0.1 6 0.01 -Yang Xia 208516837 0.001 +Since the c
Berkeley - ENGIN - 10
Engineering 10 CEE Module B Individual Assignment #4Yang Xia 20851683We name the seven test tubes to be 1 to 7 and the test results are as following. Test tube # Volume (100mL) Results 1 0.1 + 2 0.1 + 3 0.1 + 4 0.1 + 5 0.1 6 0.01 7 0.001 +Since the con
Berkeley - ENGIN - 10
Test tubes 1 Results + + Volume (100mL) 10 10 10 10 10 010 010 10 0 10 010 P_total 01002 + 10 10 10 10 10 10 10 10 10 10 103 + 10 10 10 10 10 10 10 10 10 10 104 10 10 10 10 10 10 10 10 10 10 105 10 10 10 10 10 10 10 10 10 10 1067P_total vs. Concen
Berkeley - ENGIN - 10
Berkeley - ENGIN - 10
Elysia Liaw, Jin Woo Roh, Yang XiaIntroductionNational Aeronautics and Space On October 12, 2009, theAdministration (NASA) secretly disclosed an ambitious project to our Civil and Environmental Engineering Department located at University of California,
Berkeley - ENGIN - 10
Elysia Liaw, Jin Woo Roh, Yang XiaIntroduction On October 12, 2009, the National Aeronautics and Space Administration(NASA) secretly disclosed an ambitious project to our Civil and Environmental Engineering Department located at University of Californi
Berkeley - ENGIN - 10
Lunar Base Water Supply SystemElysia Liaw, Master Roh, Yang Xia Click to edit Jin Woo subtitle style2/10/10IntroductionOn October 12, 2009, the NationalAeronautics and Space Administration (NASA) secretly disclosed an ambitious project to our Civil a
Berkeley - ENGIN - 10
Elysia Liaw, Jin Woo Roh, Yang XiaIntroductionNational Aeronautics and Space On October 12, 2009, theAdministration (NASA) secretly disclosed an ambitious project to our Civil and Environmental Engineering Department located at University of California,
Berkeley - ENGIN - 10
Table of Design CriteriaDaily Water Consumption Initial Water Needed for a year Cost of lifting water to the moon Supply rate Tank size Pipe length Pipe diameter Pipe material Temperature of water in the pipe Friction factor Head loss Power of the pump G
Berkeley - ENGIN - 10
Engineering 10 CEE Module B Individual Assignment #3Yang Xia 20851683For the data from Tuesday, Wednesday and Thursday lab sections, we name the pipes to be Pipe #1, Pipe #2 and Pipe #3, respectively. From the given data, we find the cross section area
Berkeley - ENGIN - 10
Engineering 10 CEE Module B Individual Assignment #3Yang Xia 20851683For the data from Tuesday, Wednesday and Thursday lab sections, we name the pipes to be Pipe #1, Pipe #2 and Pipe #3, respectively. From the given data, we find the cross section area
Berkeley - ENGIN - 10
Module CEEwww.ce.berkeley.edu/~hermanowiczTu 2-5P, 55 EVANS GSI: Rabia ChaudhryW 2-5P, 35 EVANS GSI: Kayla PattenTh 2-5P, 51 EVANS GSI: Annie ChinDesign Example deep-space mission: water supplywww.celestiamotherlode.netDesign Example water supply
Berkeley - ENGIN - 10
Fundamentals mass balance force balance kineticshttp:/www.pub.gov.sg/annualreport2005/images/Features_mr_NEWater_img.jpg http:/www.twanetwerk.nl/upl_images/water.JPGHow Much Water?atmosphere 0.05% ground ice & permafrost 0.85% soil moisture 0.05%sali
Berkeley - ENGIN - 10
How Fast Does Water Moves?12,900 km3Atmosphere 449,000 km3/yr 416,000 km3/yr 1,338,000,000 km3 Ocean 191,110 km3 Land 72,000 km3/yr105,000 km3/yr33,000 km3/yrHow Fast Does Water Moves?12,900 km3Atmosphere 449,000 km3/yr 416,000 km3/yr 72,000 km3/yr
Berkeley - ENGIN - 10
Need to Compare Questions: what is a "normal" body temperature? medical standard = 98.6 F is there a "gender gap"? when should you see a doctor? 130 subjects: 65 male, 65 female, temperature measured over two daysCumulative Distribution140 120100
Berkeley - ENGIN - 10
Fluid Intake (How much you drank)1.0 0.9 0.20 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 0 1000 2000 3000 0.04 0.04 0.20 0.24 0.24cumulative frequency0.160.16Frequency0.120.120.080.08male average median volume, mL mode stdevCV=S/Xavg4000female0.00
Berkeley - ENGIN - 10
Conservation of mass (volume if fluid incompressible) Conservation of energy potential energy ~ y energy of pressure ~ p kinematic energy ~ v (actually v2)1 p y g v 2 constant 2 density [M/L3 ]Bernoulli equationDaniel Bernoulli (1700 -1782)http:/ww
Berkeley - ENGIN - 10
"Practical" Bernoulli Equationhttp:/mysite.du.edu/~jcalvert/tech/fluids/bernoul.htm"Practical" Bernoulli Equationheadloss11 2 2 1 2 v constant p1 y gg v1 p2 y2 g v2 g h y1 22 2 density [M/L3 ]http:/mysite.du.edu/~jcalvert/tech/fluids/bernoul.htmHead