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Final Spring 2006 - Economics 100 Final Exam Spring 2006...

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Economics 100 – Final Exam Spring 2006 Page 1 of 7 Instructions: This is a closed-book exam. You have 2 hours to complete the exam. You must hand in the exam by 12:15. Use neither notes nor the text to assist in the preparation of your answers. The examination consists of three parts: 10 multiple-choice questions from sections II and III, 25 multiple- choice questions and two problems from sections IV and V. You are to answer the multiple choice questions on the Scantron sheet. You are to answer the problems in the space provided. Good Luck! Part 1: Multiple Choice Questions from Sections II and III 1. All of the following are macroeconomic goals EXCEPT a. long-run economic growth. b. zero unemployment. c. full employment. d. low inflation. e. all of the above are macroeconomic goals. 2. The goal of macroeconomic policymakers is to adopt policies that will eliminate 3. All of the following are true costs of inflation EXCEPT : 4. Countries with large amounts of physical capital per worker ( K / N ) tend to have ______ levels of real GDP per person ( Y / POP ) and _____ levels of average labor productivity ( Y / N ). 5. Over the twentieth century, real wages ( W ) increased in industrialized countries because the demand for labor: a. increased more rapidly than the supply of labor increased. b. increased more slowly than the supply of labor increased. c. increased, while the supply of labor decreased. d. decreased, while the supply of labor increased. e. decreased more slowly than the supply of labor increased.
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Economics 100 – Final Exam Spring 2006 Page 2 of 7 6. According to the globalization argument, increased international trade led to an increase in the wage gap between skilled and unskilled workers because the United States
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