MID1econ3_sp08 - Elements of Economics 3 Spring Quarter,...

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Elements of Economics 3 NAME:_____________________________ Spring Quarter, 2008 Instructor: Radu Munteanu Student ID:_________________________ MIDTERM 1 Lecture B Please DO NOT OPEN your exam until you are instructed to do so! INSTRUCTIONS I) Make sure you have all the questions in your exam: 15 multiple choice and 3 short answer questions. The exam is worth 56 points. II) Answer all multiple choice questions in the space provided below. III)Answer the short answer question in the space provided under each question. IV)Please follow these general guidelines when writing your answers: -write neatly and organized; it is difficult to grade the exam if it is hard to read -show all your work; illustrate your answers with graphs when appropriate -label the axes and any curves clearly! - write something on every question; it is hard to give partial credit for blank space V) You may use a calculator. GOOD LUCK!! MULTIPLE CHOICE ANSWERS 1. _____ 6. _____ 11. _____ 2. _____ 7. _____ 12. _____ 3. _____ 8. _____ 13. _____ 4. _____ 9. _____ 14. _____ 5. _____ 10. _____ 15. _____ 1
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Elements of Economics 3, Midterm 1 Name: SECTION I – Multiple Choice Questions (2pts each, 20min) Please solve ALL of the following questions by choosing the alternative that provides the most accurate answer or best completes the statement. 1. The value of unpaid work by a homemaker ___ included in GDP and value of housekeeping services sold in the market ___ included in GDP. A) is; is not B) is; is C) is not; is not D) is not; is E) is sometimes; is 2. Economic growth is best defined as the: A) rate of growth of employment. B) long-run expansion of the nation’s production possibilities. C) rate of increase in economic productivity. D) increasing returns to capital.
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This note was uploaded on 07/30/2008 for the course ECON 3 taught by Professor Peters during the Spring '07 term at UCSD.

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MID1econ3_sp08 - Elements of Economics 3 Spring Quarter,...

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