xm1a-f04 - Econ 340 Fall Term 2004 Page 1 of 15 (16) Alan...

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Econ 340 Alan Deardorff Fall Term 2004 First Midterm (with Answers) Page 1 of 15 (16) NAME: ____________________________________ Student ID No.: ____________________________ Economics 340 International Economics Prof. Alan Deardorff First Midterm Exam Answers October 14, 2004 INSTRUCTIONS: READ CAREFULLY!!! 1. Please do not open the exam until you are told to do so. 2. PLACE YOUR NAME AND STUDENT ID NO. (THE EIGHT DIGIT NUMBER FROM YOUR M-CARD) ON THE EXAM AND ON THE SCANTRON SHEET. 3. After you are told to open the exam, find the FORM NUMBER at the top of page 2 and copy it to the scantron sheet. 4. This exam has 100 points and you have approximately 80 minutes to complete it. Check that you have all ?? pages of the exam, including this cover sheet. 5. Part 1 consists of 25 multiple choice questions worth 2 points each. Answers to these should be marked on the scantron sheet using a #2 pencil. There are no penalties for guessing. 6. Part 2 consists of short-answer questions for which you must provide written answers on these sheets. Point values for questions in Part 2 are indicated in parentheses. 7. Good luck!
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Econ 340 Alan Deardorff Fall Term 2004 First Midterm (with Answers) Page 2 of 15 (16) FORM 0 Economics 340 First Midterm Exam Part 1: Multiple Choice (2 points each) Select the best answer of those given. Answers to this part should be marked on the scantron sheet using a #2 pencil. There is only one correct answer per question, and there is no penalty for guessing. 1. Developing countries tend to a. Export mostly to other developing countries in the same hemisphere as themselves. b. Export mostly to other developing countries in the other hemisphere than themselves. c. Export mostly to developed countries in the same hemisphere as themselves. d. Export mostly to developed countries in the other hemisphere than themselves. e. Export approximately equally to all types of countries. Ans: c or d (bad question) 2. Exports as a percentage of GDP a. Tends to be largest for large countries. b. May exceed 100% if a country uses imports as inputs to production for export. c. Is largest for poor countries, since they are unable to produce what they need themselves. d. Will be negative in a country that primarily exports services. e. Is larger in Japan than in any other developed country. Ans: b 3. If a good or service does not get used up as it is consumed, then it is said to be a. Nonexcludable b. Nonrival c. Nondiscriminatory d. Nonconsumable e. Nontraded
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Econ 340 Alan Deardorff Fall Term 2004 First Midterm (with Answers) Page 3 of 15 (16) Ans: b 4. Which of the following countries is not a member of the G-7? a. Canada b. China c. Germany d. Japan e. United Kingdom Ans: b 5. Suppose that Canadian workers are twice as productive as US workers in producing beer, and three times as productive as US workers in producing wine. If these are the only goods and countries in the world, and if trade is free, then a. The US has an absolute advantage in producing beer.
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This note was uploaded on 04/14/2008 for the course ECON 340 taught by Professor Deardorff during the Fall '07 term at University of Michigan.

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xm1a-f04 - Econ 340 Fall Term 2004 Page 1 of 15 (16) Alan...

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