2005APR_EC1301 - EC1301 NATIONAL UNIVERSITY OF SINGAPORE...

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Unformatted text preview: EC1301 NATIONAL UNIVERSITY OF SINGAPORE EC1301 PRINCIPLES OF ECONOMICS (SEMESTER II: AY2004-2005) Time Allowed: 2 Hours INSTRUCTIONS TO CANDIDATES 1. This examination paper consists of SEVENTY (70) multiple choice questions and comprises TWENTY-ONE (22) printed pages, including the cover page. 2. Candidates must attempt ALL questions. Each question is worth 6/7 mark. The total mark for this paper is 60. 3. All questions must be answered on the computer bubble form provided. 4. This is a CLOSED BOOK examination. _ 2 _ E31301 1. Suppose a consumer can spend $1,000 on food and clothing. The price of food is $5 per unit and the price of clothing is $20 per unit. Also, suppose the consumer was consuming 100 units of food and 25 units of clothing and the price of food rises to $10. Then, [A] the consumer will consume 50 units of clothing. [B] if the consumer does not reduce food consumption, clothing consumption can, at best, be 12.5 units. [C] the maximum amount of clothing the consumer can buy is 25 units. [D] the maximum amount of food the consumer can buy is 50 units. [E] the maximum amount of food the consumer can buy is 100 units. 2. When there are diminishing returns to fertilizer in the production of potatoes, [A] doubling fertilizer input will less than double output. [B] output will increase only if fertilizer input is increased. [C] additional fertilizer causes decreased production. [D] doubling fertilizer input will more than double output. [E] marginal cost decreases as more fertilizer is added. 3. If the price elasticity of demand is equal to 4, a 1 percent increase in price will cause the quantity demanded to by percent. [A] increase; 1/4 [B] decrease; 4 [C] decrease; 25 [D] increase; 4 [E] decrease; 1/4 4. A resource is not scarce if [A] people have enough money to pay for it. [B] it has a low opportunity cost. [C] its supply exceeds its demand. [D] it can be found in any store. [E] there is more of this resource than people want. ....... -W,_.Wm_wmw_flv”ww w_“w.,,_.,,,,_.m_._,,.‘______,,‘m_.,,.N_ _, ,. am...”...,,.....m_._m_~.,..mM - 3 - EXI1301 Figure 8.2 Refer to Figure 8.2. If the market price is $10, the firm’s profits are [A] $1,200. [B] $3,000. [C] $450. [D] —-$450. [E] —$1,200. 6. If an increase in the price of product X causes an increase in the demand for product Y, we can conclude that [A] they are inferior. [B] the quantity supplied for Y will decrease. [C] they are substitutes. [D] the price of Y will decrease. [E] they are complements. 7. Which of the following statements is false? [A] There needs to be a financial budget constraint for there to be an opportunity cost. [B] Opportunity costs occur because of scarce resources. [C] Because of scarcity, choices have to be made. [D] If there is a budget constraint there will be scarcity. [E] There is an opportunity cost associated with any choice made. 8. A market in which a single seller is required for efficient production is called a [A] regulated industry. [B] competitive market. [C] pure monopoly. [D] natural monopoly. [E] contestable market. _ 4 _ E21301 9. Suppose it is observed in a market that price has fallen but more product is being produced and sold. This could be caused by [A] a decrease in supply and demand. [B] an increase in demand. [C] an increase in supply. [D] a decrease in supply. [E] a decrease in demand. 10. Oligopoly is an industry characterized by [A] no product differentiation. [B] free entry. [C] independence of sellers. [D] a few sellers. [E] free competition. 1 1. A monopolistically competitive firm has a downward-sloping demand curve because [A] its product is differentiated from others. [B] competition is being eliminated in a monopolistic market. [C] there are so few firms producing in the market. [D] it is a monopoly in a small segment of the market. [E] market demand is downward sloping. 12. A base year is a year when [A] real and nominal GDP are equal to each other. [B] nominal GDP equals 100. [C] real GDP equals 100. [D] there is no growth in real GDP. [E] there is no growth in nominal GDP. may-" ...... .W ............................................ ,MW ,,,,,,,,,,,,,,,,,,,,,, s. »,MWW $1301 13. Figure 10.1 Refer to Figure 10.1. Total revenue at the profit-maximizing output level is [A] $170. [B] $100. [C] $240. [D] $192. [E] $220. 14. Given a production possibilities curve for defense goods and nondefense goods, which of the following statements is not true? [A] A production point outside the curve may be attained by acquiring new technology. [B] A production point outside the curve may be attained by shifting resources to defense goods. [C] A production point outside the curve may be attained if new resources are discovered. [D] A production point outside the curve may be attained by acquiring both new technology and greater resources. [E] A production point outside the curve cannot be attained with the current level of resources and technology. - 6 - ECI301 15. Table 3.2 . 2 In the market represented in Table 3.2, if price rises (perhaps due to government mandate) from $0.70 to $0.80, [A] a surplus of 30 units will occur. [B] producers will not be able to sell all they are willing to produce. [C] consumers would like to buy more than will be produced. [D] a new market equilibrium quantity of 25 units will result. [E] a shortage of 15 units will occur. 16. In which spending category would you enter the following transaction if you were trying to calculate U.S. GDP? “People in France flock to see the latest Brad Pitt movie that was produced in Hollywood.” [A] Government purchases [B] Investment [C] Consumption [D] None of these [E] Net exports 17. For a hypothetical economy in a given year, consumption equaled $372, investment equaled $126, government purchases equaled $184, goods exported equaled $75, and goods imported equaled $84. What was the value of GDP? [A] $673 [B] $691 [C] $682 [D] $841 [E] Not enough information is given. 18. From a US perspective, which of the following best explains what happens when a business firm purchases a drill press manufactured in Germany? [A] There will be an increase in import spending. [B] There will be an increase in exports. [C] There will be a decline in investment expenditures and an increase in import spending. [D] There will be an increase in investment expenditures. [E] There will be an increase in both investment expenditures and import spending. _ 7 _ E21301 19. Since World War II, the real wage has increased while the employment-to-population ratio increased. This is consistent with [A] both the labor demand and the labor supply curves shifting to the left. [B] a leftward shift of the labor demand curve and a movement along the labor supply curve. [C] a rightward shift of the labor demand curve and a movement along the labor supply curve. [D] a leftward shift of the labor supply curve and a movement along the labor demand curve. [B] a rightward shift of the labor supply curve and a movement along the labor demand curve. 20. The marginal revenue curve of a monopoly will [A] decrease at a faster rate than price because any reduction in price applies to all units sold. [B] lie above the demand curve. [C] increase at a faster rate than price because marginal revenue is always greater than price. [D] equal the demand curve. [B] decrease at a faster rate than price because any reduction in price applies to only the extra units sold. 21. Which of the following best explains how employment can increase at the same time as the real wage is decreasing? [A] The labor supply and demand curves both shift to the right; however, the shift in the labor supply curve is greater than the shift in the labor demand curve. [B] A rightward shift of the labor demand curve and a movement along the labor supply curve occur. [C] The labor supply and demand curves both shift to the left; however, the shift in the labor demand curve is greater than the shift in the labor supply curve. [D] The labor supply and demand curves both shift to the right; however, the shift in the labor demand curve is greater than the shift in the labor supply curve. [B] The labor supply and demand curves both shift to the left; however, the shift in the labor supply curve is greater than the shift in the labor demand curve. - 8 - E21301 22. If a worker is paid the efficiency wage, [A] the wage is below the equilibrium level. [B] the wage is equal to the equilibrium level. [C] there is an excess demand for labor. [D] unemployment is equal to the natural rate. [E] there is an excess supply of labor. 23. Suppose a labor union is able to effectively negotiate higher wages for its members and is able to prevent the firm from hiring new workers at a lower wage. The best explanation for this is [A] the job-search explanation. [B] the discouraged-worker explanation. [C] the insiders-versus-outsiders explanation. [D] the efficiency-wage explanation. [E] the minimum-wage explanation. 24. Suppose the nominal wage rate and the price level both fall by 10 percent. As a result, [A] the quantity of labor demanded increases. [B] the quantity of labor demanded does not change because there is no change in the real wage. [C] people are worse off and there is more unemployment. [D] people are better off and there is less unemployment. [E] the quantity of labor demanded decreases. 25. Which of the following explanations argues that laws requiring wages be kept above a given amount prevent unemployed workers from being hired? [A] The discouraged-worker explanation [B] The efficiency-wage explanation [C] The insiders-versus-outsiders explanation [D] The minimum-wage explanation [E] The job-search explanation 26. When there is inflation, the reliability of changes in GDP as an indicator of changes in production [A] is not affected. [B] is not affected, unless the change in prices is extreme. [C] improves. [D] declines. [E] none of these. _ g _ E1301 27. Which of the following statements is the only one that could possibly be true about the figure below? [A] Series X is the labor force participation rate, and series Y is the unemployment rate. [B] Series X is the unemployment rate, and series Y is the labor force participation rate. [C] Series X is the labor force participation rate, and series Y is the employment—to- population ratio. [D] Series X is the employment-to-population ratio, and series Y is the labor force participation rate. [E] Series X is the employment—to-population ratio, and series Y is the unemployment rate. 28. If the working-age population increases while the employed labor force stays constant, then aggregate hours are most likely to [A] increase. [B] Not enough information is given. [C] stay constant. [D] decline. Labor Force Working-Age Population Employed Labor Force Average Annual Hours per Employee 195 million 140 million 130 million 1.800 hours According to the above table, the unemployment rate is [A] 33 percent [B] 2.9 percent [C] 3.3 percent 29. [D] 29 percent [E] 7.1 percent - 10 — E13301 30. Which of the following would cause aggregate hours to increase? [A] An increase in the number of part—time workers [B] An increase in the employment-to-population ratio [C] A decrease in the employment-to-population ratio [D] A decrease in the number of hours worked per employed worker [E] A decrease in the working-age population 31. 10 20 30 40 5D 60 70 80 90 100 Laborlnput As more capital is added per worker, the production function [A] gets steeper. [B] shifts up in larger increments. [C] gets flatter. [D] shifts up in smaller increments. [E] shifts down in smaller increments. 32. The adjective real, in the term real GDP, is used to indicate that [A] this measure of output is adjusted for the general increase in prices over time. [B] it is the perfect measure of what is produced. [C] it measures only real goods and services, not the value of those that can’t be measured such as a home-cooked meal. [D] this measure of output is adjusted for the government’s economic involvement. [E] this measure of output is official as opposed to an unofficial measure. _ 11 _ E31301 33. Technology is [A] any type of invention. [B] another name for productivity. [C] anything that will enable a given amount of capital and labor to produce more output. [D] another name for capital. [E] the application of science to production. 34. Compared to the baseline, the long-run effect of a monetary policy change to reduce the rate of inflation is for there to be [A] an increase in consumption, a decrease in investment, and no change in net exports. [B] no change in consumption and investment, but a decrease in net exports. [C] no change in consumption, investment, and net exports. [D] an increase in consumption and net exports and a decrease in investment. [E] an increase in investment and net exports along with a decrease in consumption. 35. If more women decide to enter the labor market, [A] the labor force participation rate will immediately decrease. [B] the labor force participation rate will immediately increase. [C] the employment-to-population rate will immediately decrease. [D] the employment—to-population ratio will immediately increase. [E] the unemployment rate will immediately decrease. Labor Force Working-Age Population 36' Employed Average Annual Labor Force Hours per Employee 140 million 13 0 million 1.800 hours According to the above table, if economic conditions change such that the unemployment rate declines to 4.5 percent, what is the new value of aggregate hours? 195 million [A] 211 billion hours per year. [B] 241 billion hours per year. [C] 220 billion hours per year. [D] 205 billion hours per year. [E] Aggregate hours will be unaffected. - 12 - E31301 37. Suppose that the capital stock grows more slowly than the labor force and there is no technological growth. This would cause [A] an upward movement along the productivity curve. [B] a downward movement along the productivity curve. [C] an upward shift of the productivity curve. [D] a downward shift of the productivity curve. [B] a downward shift of the productivity curve and a downward movement along the productivity curve. 38. Which of the following will cause an increase in the money supply? [A] An increase in crime [B] Increased interest rates on credit cards [C] An increase in the required reserve ratio [D] A decrease in crime [E] A tax on credit card purchases 39. A shady bench on a hot day at a public park is an example of a good that is [A] rival and excludable. [B] neither rival nor nonrival. [C] nonrival and nonexcludable. [D] rival and nonexcludable. [E] nonrival and excludable. 40. Banks are referred to as intermediaries because [A] they charge interest on a loan. [B] they channel funds from depositors to borrowers. [C] they are part of the money—supply process. [D] they provide a way for people to save their money. [E] they earn a profit. 41. Suppose the required reserve ratio is 10 percent, and banks hold no excess reserves. If an individual withdraws $20 million from Bank Zip, then the amount of reserves held by Bank Zip will [A] decrease by $2 million. [B] not change. [C] increase by $20 million. [D] decrease by $20 million. [E] increase by $2 million. _ 13 _ Eelsol 42. Because technology exhibits nonrivalry and nonexcludability, there will likely be [A] specialization. [B] an overproduction of technology. [C] an underproduction of technology. [D] learning by doing. [E] human capital development. 43‘ Year Price Real GDP Money Velocity Level (billions of Supply 1987 dollars) . ~ _ - - _ According to the above table, the rate of inflation between 1988 and 1989 was [A] 11.2 percent. [B] 5.3 percent. [C] 4.7 percent. [D] — 11.1 percent. [E] 12.6 percent. 44' real GDP real GDP Potential GDP A la c f) E i= 6. ll 1' Time According to the graph, which of the following is true? [A] Potential GDP fell between year B and year D. [B] All recessions are of the same duration. [C] Unemployment rose between year D and year F. [D] In normal times, real GDP is above potential GDP. [E] Aggregate demand fell between year B and year D. _ 14 _ E31301 45. Before you buy your new car, you visit four local dealerships and collect information on the prices and features of the cars. In this case, you are using money as a [A] store of value. [B] store of value and medium of exchange. [C] medium of exchange. [D] unit of account. [E] store of value and unit of account. 46. Suppose the consumption function equaled C = 2+.7. If taxes and government purchases each decreased by $10 billion, what would happen to the expenditure line? [A] The expenditure line would shift up by $7 billion. [B] The expenditure line would shift up by $20 billion. [C] The expenditure line would not change. [D] The expenditure line would shift down by $3 billion. [E] The expenditure line would shift down by $20 billion. 47. Yeerl Year 2 Yeax3 In the figure above, line abd shows the path of potential GDP. Suppose that the Year 2 spending balance has the economy at point b where real GDP equals potential GDP. Which of the following would cause the economy to be at point c in Year 3? [A] There is an increase in wealth. [B] The marginal propensity to consume decreases. [C] Firms decrease their optimism about the state of the economy. [D] The quantity of imports increases. [E] The government increases taxes. -15- 3321.. 48. If the marginal propensity to consume declines, then [A] for any given change in income, there will be a smaller change in saving. [B] for any given change in income, there will be a smaller change in consumption. [C] for any given change in income, there will be a larger change in consumption. [D] nothing will happen to the consumption function. [E] for any given change in consumption, there will be a smaller change in income. 49. Which of the following statements is false? [A] The assumption that only consumption spending responds to income is a simplifying assumption. [B] The assumption that income is the only influence on consumption is a simplifying assumption. [C] Consumption responds to changes in other factors besides income. [D] The assumption that investment and net exports do not respond to changes in income is based on evidence from the US. economy. [E] Assuming consumption spending responds to income will improve a forecast. 50. If foreigners decide to increase their purchases of Singapore-made goods by $15 million, then in Singapore [A] real GDP will remain unchanged. [B] real GDP will decrease by more than $15 million. [C] real GDP will increase by more than $15 million. [D] real GDP will increase by $15 million. [E] real GDP will increase by less than $15 million. 51. A firm expects inflation to remain at 4 percent for the next year. If the firm has been losing sales to competitors, it is most likely to [A] increase prices and wages by more than 4 percent. [B] increase prices and wages by less than 4 percent. [C] increase wages by 4 percent and keep prices constant. [D] increase prices by 4 percent and keep wages constant. [E] increase prices and wages by 4 percent. -_ 16 _ 1521301 52' Billims of 1987 D 011 as 3,600.00 350030 ,2“ Potential GDP ,uji/ .I -~' 3,400.00 3,300.00 3,200.00 3.10000 3,000.00 2,900.00 4——+————+——-+—+———+—1 1971 1972 1973 197419751976 197? According to the above figure, what should have happened to the rate of inflation between 1975 and 1977? [A] Not enough information is given to answer this question. [ [C] It should have increased. [E] It should have decreased. B] It should have remained constant. [D] It should have been negative. 53. Suppose government purchases decreased, and the economy has reached a new long-run equilibrium. Which of the following best describes the new equilibrium? [A] The economy is growing more rapidly because investment is higher. [B] The economy is growing more slowly because consumption is higher. [C] The economy is better off because consumption is higher. [D] Consumers are better off because taxes are lower. [E] Nothing has changed because real GDP is again equal to potential GDP. 54. Sally has recently graduated from college and has bought a house that was built 50 years ago for $100,000. She used a real estate agent to help her find and purchase the house, and the real estate agent received 6 percent of the value of the sale, or $6,000, to be paid by the seller of the house. The value of GDP in this case would [A] increase by $106,000. [B] increase by $6,000. [C] increase by $100,000. '[D] not be affected because the house was not produced in the current time period. [E] increase by $94,000. - 17 - E21301 55. Suppose the expenditure line is given by the equation E = 800+.75Y, and output is equal to 3,000. Which of the following is true? [A] Spending is less than income. [B] There is too much output. [C] There is an incentive for firms to increase output. [D] The economy is in equilibrium. [E] Spending is equal to income. 56. During a recession, [A] the rate of inflation is decreasing while real GDP is falling relative to potential GDP. [B] the rate of inflation is increasing while real GDP is increasing relative to potential GDP. [C] the rate of inflation is constant while real GDP is falling relative to potential GDP. [D] the rate of inflation is decreasing while real GDP is increasing relative to potential GDP. [E] the rate of inflation is increasing while real GDP is falling relative to potential GDP. 57. If the central bank increases the target inflation rate, then [A] the monetary—policy-rule line will shift down. [B] the monetary-policy-rule line will shift up. [C] there will be movement along the monetary-policy-rule line. [D] the monetary-policy-rule line will become flatter. [E] the monetary-policy—rule line will become steeper. _ 18 _ $1301 58. Real GDP Potential GDP (billions of GDP Price 1987 (billions of Deflator dollars) 1987 (1987 = dollars) 100) 2.98592 3.10708 3.07015 3221.70 3347.57 49 20 55 90 3.248.13 3,256.84 44 90 3380.80 According to the above table, the percentage deviation of real GDP from potential GDP in 1976 was [A] —5.8 percent. [B] 1.7 percent. [C] 2.7 percent. [D] —4.9 percent. [E] ——l.7 percent. 59. Real interest rates and investment are [A] positively correlated because higher real interest rates make it more difficult for the firm to borrow funds. [B] positively correlated because higher real interest rates make it easier for the firm to borrow funds. [C] negatively correlated because higher real interest rates will reduce the firm’s profits. [D] negatively correlated because higher real interest rates make it more difficult for the firm to borrow funds. [E] negatively correlated because higher real interest rates make it easier for the firm to borrow funds. 60. If gold is being used for money, an increase in the supply of gold will cause [A] the price of all other goods to fall. [B] the price of gold to increase. [C] a decrease in the money supply. [D] an increase in the price of all other goods. [E] nothing to happen to inflation. - 19 - E31301 61. Suppose there is a large increase in the number of workers migrating to a particular country. This is likely to [A] cause an upward movement along the labor supply curve as more workers are available for work. [B] cause a rightward shift of the labor demand curve as the supply of workers increases and firms can pay lower wages. [C] cause a rightward shift of the labor supply curve as more workers are willing to work at any given wage. [D] cause a rightward shift of the labor demand and labor supply curves as more workers are willing to work and firms can pay lower wages. [E] cause a leftward shift of the labor demand curve as the supply of workers increases and firms can pay lower wages. 62. Which of the following statements concerning a change in government purchases is true? [A] The slope of the expenditure line and the magnitude of the AD curve’s shift are positively correlated. [B] The slope of the expenditure line does not affect the magnitude of the AD curve’s shift. [C] The slope of the expenditure line and the magnitude of the AD curve’s shift are negatively correlated. [D] The correlation between the slope of the expenditure line and the magnitude of the AD curve’s shift depends negatively on the rate of inflation. [E] The correlation between the slope of the expenditure line and the magnitude of the AD curve’s shift depends positively on the rate of inflation. 63. Suppose real and potential GDP are initially equal. If government purchases change, which of the following best explains what will happen first? [A] Potential GDP will change by the same amount as aggregate expenditure. [B] There will be movement along the AD curve. [C] Both the AD curve and the 1A line will shift. [D] The AD curve will shift. [E] The IA line will shift. — 20 - E31301 64. Suppose an economy existed where investment, net exports, and consumption were not sensitive to changes in interest rates. For this economy, the AD curve would [A] have a negative slope. [B] have a slope less than one but greater than zero. [C] be vertical. [D] be horizontal. [B] have a slope equal to one. 65. In the long run, a price shock results in [A] real GDP being less than potential GDP. [B] an inflation rate greater than the baseline. [C] an inflation rate lower than the baseline. [D] a permanent decline in potential GDP. [B] an inflation rate the same as the baseline. 66. Suppose, for a certain economy, real and potential GDP are initially equal. Then, government purchases permanently increase. Compared to the baseline, we would expect to see, in the long run, [A] an increase in consumption, a decrease in investment, and a decrease in net exports. [B] an increase in consumption, a decrease in net exports, and no change in investment. [C] no change in consumption, investment, or net exports. [D] no change in consumption and a decrease in both net exports and investment. [E] a decrease in the sum of consumption, investment, and net exports. ' 21 ‘ Eelaol 67. Income G") Which of the following is a valid explanation of the expenditure line shift from E l to E2 in the figure above? [A] A decline in the value of the domestic currency [B] An increase in the interest rate [C] An increase in taxes [D] A fall in world interest rates [E] A decline in government purchases 68. The person who figured out that it is best to keep the milk, bread, and eggs at the back of the grocery store and not at the front probably did not profit as much from this idea as the grocery industry as a whole did. This is because [A] the concept was highly nonexcludable. [B] the concept didn’t work. [C] that person’s idea was not an innovation. [D] the concept was nonrivalrous. [E] the concept was not a commodity. - 22 - - EC1301 69. Inflation P olennnl GDP Real GDP (percent deviation from potential) Suppose the economy is initially at point A in the figure above. If government purchases increase, which point best depicts where the economy will be in the medium run as a result of the change in spending? [A] E [B] C [C] B [D] F [E] D 70. Suppose k equals 0.4, and the amount of currency held by the public equals $324 billion. What does the money supply equal? [A] $324 billion [B] $454 billion [D] $648 billion [E] $810 billion [C] , $1,134 billion ...
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This note was uploaded on 02/27/2009 for the course ECONOMICS ec1301 taught by Professor Roland during the Spring '09 term at National University of Singapore.

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2005APR_EC1301 - EC1301 NATIONAL UNIVERSITY OF SINGAPORE...

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