ECQuiz2Spring07

ECQuiz2Spring07 - EC102 Quiz 2 Elena Quercioli Iwo Jima...

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EC102 Quiz 2 Elena Quercioli Iwo Jima Day , February 23, 2007 Clearly indicate a first choice and a second choice. If your first choice is right, you get 7 points. If your second choice is right, you get 2 points. If both are wrong, you get 0. Note that if you are unsure, guessing is your best option. 0) Some students come to Tulane primarily for the awesome education experience. Others come for that cool credential to show their future bosses. Yet others come for the amazing network of friends they acquire. Respectively, the forms of capital acquired are: a. financial, human, social b. social, name, financial c. human, name, financial d. human, financial, social
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e. human, name, social 1) Suppose that Germany’s GDP deflator was 100 in 2005 and 105 in 2006. Assume that Germany’s real GDP did not grow from 2005 to 2006. If nominal GDP measured in Euros began at 3 trillion in 2005, what was it 2006 in trillions of Euros? a. 3 b. 3.05 c. 3.10 d. 3.15 e. 3.2 2) Consider the Solow Growth Model. Assume a capital-poor country A and a capital-rich country B, sharing the same production technology and labor force quality, but which both have less capital than they will eventually have. Then over time: a. A’s capital level rises faster than B’s, and both become more productive b. A’s capital level rises slower than B’s, and both become less productive c. A’s capital level rises faster than B’s, and both become less productive d. A’s capital level rises slower than B’s, and both become more productive e. A’s capital level rises just as fast as B’s, and their productivity rises 3) Imagine two scenarios in Solow Growth Model. In scenario A, the savings rate rises. In scenario B, the depreciation rate rises. Then a. The capital level rises in A and falls in B b. The capital level falls in A and falls in B c. The capital level rises in A and rises in B d. The capital level falls in A and rises in B e. The capital level is constant in both cases. 4) The American GDP is about $12 trillion, spread over about 300 million people. On a per capita basis, the Italian GDP is about 70% as high (hence, I am here ). If Italy has about 60 million people, then its dollar-denominated GDP is about
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a. 8.4 trillion a) b. 2.4 trillion c. 1.7 trillion d. 1.2 trillion e. 2 trillion 5) Demi Moore shaved her head bald for a scene in the 1997 movie “G.I. Jane”. Britney Spears shaved her head to be free of some locks. Demi’s hair sold for $200,000. Britney’s hair is being auction for $1M now on eBay. Earlier, in 1812, Rapunzel sold her hair for $300. Assume that the CPI in
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ECQuiz2Spring07 - EC102 Quiz 2 Elena Quercioli Iwo Jima...

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