2014FallECON1010CmidtermG (3) - C.U.H.K ECON1010C UGEC1511C...

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C.U.H.K. ECON1010C / UGEC1511C PERSPCTIVES IN ECONOMICS (Fall 2014 Midterm Test) 1 NAME: _____________________________(__________________)Student I.D.: s__________________ Part I: M.C. – Select the best answer and put the letter into corresponding box. (@ 2 points) 1. Roy rented a flat in 2013, paying $5,000 each month. The housing service he receives will be A. excluded in 2013 annual GDP at $60,000. B. included in 2013 annual GDP at $5,000. C. included in 2013 annual GDP at $60,000. D. excluded in 2013 annual GDP at $5,000. 2. In a market economy, economic activity is usually guided by ___. 3. The invisible hand works to promote general well-being in the economy primarily through ___. 4. A country’s consumption can be outside its production possibilities frontier ___. 5. The floating rate of the iBond series is calculated based on the ___ compiled and announced by the Census & Statistics Department in Hong Kong. A. GDP Deflator B. Misery Index. C. Composite Consumer Price Index D. Unemployment Rate 6. In the production possibilities frontier shown below, what is the opportunity cost to society of the movement from point C to point B? 7. The production possibilities frontier shown in Q.6 above is not linear because inputs are ___. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 C D C D C D C D A B C D A B C 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 D A B C D A B C D A B C D B B
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C.U.H.K. ECON1010C / UGEC1511C PERSPCTIVES IN ECONOMICS (Fall 2014 Midterm Test) 2 8. On a production possibilities frontier, production is efficient if the production point is ___ the frontier. 9. A British company owns a bank in Japan. The value of the goods and services produced in the bank is A. included in Japanese GDP, but not British GDP. B. included partly in Japanese GDP and partly in British GDP. C. included in British GDP, but not Japanese GDP. D.included in both Japanese GDP and British GDP. For MC-10 and MC-12, please refer to the graphs given: These figures illustrate the production possibilities frontiers for Robinson Crusoe and Friday with 12 hours of labour.
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