Writ 2 Version1 Solution

Writ 2 Version1 Solution - Department of Social Sciences...

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Department of Social Sciences United States Military Academy West Point, New York 10996 SOLUTION SS201/SS251 Economics, Term 06-02 Cadet ID # _______________ Writ #2, Version 1 Section______ 50 Points You have a total of 40 minutes to complete this writ. Please ensure you have a complete writ. The writ consists of this cover sheet plus 6 pages of questions. Question Topic Points Score 1 Multiple Choice 10 2 Cost Of Living 15 3 Saving, Investment, and Financial System 15 4 Unemployment 10 Total 50 Grade __________% Letter Grade: __________
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Cadet ID #:________ Section_____ SS201/251 Principles of Economics Writ 2 (50 pts; 40 min) This page intentionally left blank 2
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Cadet ID #:________ Section_____ SS201/251 Principles of Economics Writ 2 (50 pts; 40 min) 1. Multiple Choice: 10 Questions (10 Points) Choose the single best response. 1) GDP can be best described as a. the market value of all goods produced within a country b. the market value of all final goods and services produced by the citizens of a country in a given period of time c. the market value of all final goods and services produced within a country in a given period of time d. All of the above are correct. 2) The GDP deflator is a measure a. of inputs purchased by a typical producer. b. of the overall costs of goods and services bought by a typical consumer. c. the price level of goods and services produced in the economy. d. stocks on the New York Stock Exchange. 3) Which of the following is not included in the calculation of GDP? a. the money spent to hire extra police when the crime rate increases. b. the cost of cleaning up after a hurricane destroys a town. c. the value of leisure time. d. military expenditures for fighting a war. 4) Which of the following is not considered an increase in investment in the calculation of GDP? a. Pepsi-Cola builds a new bottling plant in San Diego, CA. b. The Crawford family builds a new home outside of Boston, MA. c. Harley-Davidson purchases new machinery for its assembly lines. d.
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This test prep was uploaded on 04/17/2008 for the course ECON SS201 taught by Professor Evans during the Spring '08 term at West Point.

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Writ 2 Version1 Solution - Department of Social Sciences...

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