2006 First prelim (questions plus solutions 2 March version)

2006 First prelim (questions plus solutions 2 March...

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Name: First Prelim ECON 102 – 2 March 2006 Section Number: Part 1: Multiple Choice Questions This exam counts 7 pages: 20 multiple choice questions, 5 short answer questions and 3 essay questions (Total points: 40) Each question is 1 point. 1. Due to a demand curve which ____ , the prices of roses could be expected to go ____ the day before Valentine ’s Day a) shifts in and becomes more steep, down b) shifts in and becomes more steep, up c) shifts out and becomes more steep, up d) shifts out and becomes more flat, up Answer: c 2. In the short-run supply for agriculture products can be expected to be rather ____ , in the long run however, the supply curve can be expected to ____ . a) inelastic, become more steep b) inelastic, become more flat c) elastic, become more flat d) elastic, become more steep Answer: b 3. GDP, or Gross Domestic Product, is (most precisely) defined as a) value of all final goods and services produced for the marketplace over a period of time within domestic borders b) value of all final goods and services produced for the marketplace over a period of time by the citizens of that country c) value of all final goods and services produced within the country within one year d) the sum of the value-added produced over a period of time within the country Answer: a 4. What would not be included in the GDP of the US? a) the haircut I got this morning at the hairdressers on the commons b) the bag of wheat used by the bakery to make the bread I bought this morning c) the tomatoes which I ate at lunch today, picked by Mexican workers in California d) the wine of yesterday, produced in the Fingerlakes region Answer: b 5. The production output of Coca-Cola’s company in China is part of ____. The profits of the company which are repatriated to the US on the other hand are part of US ____ but not US ____ a) China’s GDP; GNP; GDP b) China’s GDP; GDP; GNP c) US GDP; GNP; GDP d) US GNP; GNP; GDP 1
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Name: First Prelim ECON 102 – 2 March 2006 Section Number: Answer: a 6. The vegetables grown and eaten by farmers on their farms in Kenya are included in: a) Kenyan GDP b) Kenyan GNP c) Nominal GDP d) None of the above Answer: d 7. Who are included in the number of unemployed people in the US? a) the wife of the neighbor, who is a housewife and takes care of the children b) the other neighbor, a junkie who gave up looking for a job long time ago c) a full-time student a Cornell d) your senior friend, who graduated from Cornell and has subscribed in the local job agency Answer: d 8. John, a car mechanic from Detroit is out of a job since he his company has been transplanted to China. Since then he has been frantically looking for a job, going to the agencies every single day. John is part of the ____ . a)
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2006 First prelim (questions plus solutions 2 March...

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