Midterm 2 Spring 2007

Midterm 2 Spring 2007 - Economics 100 Midterm Exam #2...

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Economics 100 – Midterm Exam #2 (Multiple Choice) YOU KEEP THIS SHEET. Page 1 of 5 Instructions: This is a closed-book exam. You have 75 minutes to complete the exam. You must hand in the exam by 1:30. Use neither notes nor the text to assist in the preparation of your answers. The examination consists of two parts: 25 multiple-choice questions and two problems. You are to answer the multiple choice questions on the Scantron sheet. You are to answer the two problems in the space provided. Good Luck! Multiple Choice Questions 1. Since 1960, the fast-growing nations (the so-called growth “miracles”) are located in _______, while the slow-growing nations (the so-called growth “disasters”) are located in _________. a. Western Europe; Sub-Saharan Africa b. Western Europe; East Asia c. Sub-Saharan Africa; East Asia d. East Asia; Western Europe e. East Asia; Sub-Saharan Africa 2. The richest countries (with the highest level of real GDP per person) are mostly located in ________, while the poorest countries (with the lowest level of real GDP per person) are mostly located in _________. a. Western Europe; Sub-Saharan Africa b. Western Europe; East Asia c. Sub-Saharan Africa; East Asia d. East Asia; Western Europe e. East Asia; Sub-Saharan Africa 3. Suppose that you put $100 (the principle) in a savings account that earns an interest rate r of 10%. Using the compound interest formula, what will be your return after 2 years? a. $100. b. $110. c. $120. d. $121. e. $200. 4. According to the Rule of 72, an economy that raises its growth rate from 1 percent to 4 percent will a. increase the number of years to double its real GDP per capita from 4 to 72 years. b. increase the number of years to double its real GDP per capita from 18 to 36 years. c. decrease the number of years to double its real GDP per capita from 36 to 4 years. d. decrease the number of years to double its real GDP per capita from 72 to 18 years. e. decrease the number of years to double its real GDP per capita from 72 to 4 years.
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Economics 100 – Midterm Exam #2 (Multiple Choice) Spring 2006 Page 2 of 5 5. According to the aggregate production function, the level of real GDP ( Y ) is a positive function of all the following except a. capital ( K ).
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Midterm 2 Spring 2007 - Economics 100 Midterm Exam #2...

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