Test three multiple choice

Test three multiple choice - EBGN 201 MULTIPLE CHOICE...

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EBGN 201 MULTIPLE CHOICE EXAM #3 VERSION A FALL 2007 Name ________KEY_________________________ TA _______________________________________ Recitation Time ________________________

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1. If the nominal wage is \$20 per hour in 1995 and the CPI is 145 in 1995, then the real wage in 1982-1984 dollars a. is \$13.79 b. is \$45.18 c. is \$20 d. cannot be calculated without the past year’s wage rate 2. The functions of money are a. medium of exchange, unit of account, and store of value b. medium of exchange, the ability to buy goods and services, and the ability to pay off debts c. medium of exchange, the ability to buy goods and services, and checking accounts d. credit cards, checking accounts, currency, and coins 3. The work “fiat” is a. Used to describe today’s money because it is money set by law b. Used to describe money from when Kings ruled by decree or fiat c. The term used to define the concept of barter d. Another word to mean the “double coincidence of wants” 4. The MPC is 0.90 and there are no income taxes or imports. If government purchases of goods and services increase by \$2.0 billion, aggregate expenditure increases by a. \$1.8 billion b. \$2.22 billion c. \$10 billion d. \$20 billion 5. Discretionary fiscal policy is defined as fiscal policy
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This note was uploaded on 04/14/2008 for the course ECON 101 taught by Professor Thompson during the Spring '06 term at Mines.

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Test three multiple choice - EBGN 201 MULTIPLE CHOICE...

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