Writ 2 Version2 Solution

Writ 2 Version2 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 2 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 final goods and services produced within a country in a given period of time 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 goods produced within a country 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 goods should be included in the CPI? a. all the goods, but not the services, in the consumption component of the GDP accounts. b. all goods and services produced in the economy. c. all goods and services that typical consumers buy. d. all goods and services in the consumption component of the GDP accounts. 4) A nation’s standard of living is best determined by a. its Consumer Price Index. b. its national income. c. its productivity. d. how much it has relative to others. 5)
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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 Version2 Solution - Department of Social Sciences...

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