2006 makeup first prelim without answers

2006 makeup first prelim without answers - Name: Section...

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Name: First Prelim ECON 102 – 16 March 2006 Section Number: This exam has 5 pages: 20 multiple choice questions, 5 short answer questions and 3 essay questions Multiple Choice Questions One point per question. Write the answers on the separate sheet provided. 1. In the long-run demand for oil products is more ___ compared to the short-run where the demand for oil-products exhibits a rather ___ demand curve. a) elastic, flat b) elastic, steep c) inelastic, flat d) inelastic, steep 2. What would NOT be included in the GDP of the US? a) my lunch at Peace restaurant, owned by a Chinese family b) the locally brewed beer I had yesterday c) the cloth used to make the Cornell T-shirt I bought in the campus store d) the 100 dollars my bank has charged me to open a new account 3. The tomatoes picked by Mexican workers in California is part of ___. The salary of those workers, repatriated to Mexico is part of Mexican ___ but not Mexican ___. a) US GDP; GNP; GDP b) US GDP; GDP; GNP c) Mexican GDP; GNP; GDP d) Mexican GNP; GNP; GDP 4. The drug traffic between Colombia and the US is included in: a) Colombian GDP b) US GDP c) US GNP d) none of the above 5. Who are included in the number of unemployed people in the US? a) the inmates in the jail of San Francisco b) my neighbor, who was fired a few days ago and is trying to find a new job soon c) the 19 year old son of a farmer who helps his father on a farm but does not receive a wage d) my doctor since he has almost no patients left 6. The MPS refers to: a) the average amount of saving in a society. b) the fraction of an increase in income that is saved. c) the slope of the consumer function d) the fraction of a change in income that is consumed. 1
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Name: First Prelim ECON 102 – 16 March 2006 Section Number: 7. Decreasing interest rates are likely to ____ spending and increasing income is likely to ____ spending. a) increase, decrease b) decrease, increase c) increase, increase d) decrease, decrease 8. In a closed economy with no government, only when ___ equals ____ there will be equilibrium. a)
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This note was uploaded on 05/18/2008 for the course ECON 1120 taught by Professor Wissink during the Spring '05 term at Cornell University (Engineering School).

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2006 makeup first prelim without answers - Name: Section...

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