answerstosecondmidtermsummer2007 - Economics 302 Answers to...

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Economics 302 Name ________________________________ Answers to Second Midterm June 14, 2007 Student ID Number _____________________ Version 1 This midterm consists of 25 multiple choice questions (some with just two answers and some with up to five answers) worth 2 points each for a total of 50 points and 3 problems worth a total of 50 points. Please answer all multiple choice questions on the scantron provided. Pleases show all your work on the exam booklet: if any questions arise as to the integrity of your exam, we will NOT give full credit unless suitable work is shown in the exam booklet. For all questions please pick the BEST answer. SCANTRON DIRECTIONS Please fill out your scantron sheet carefully. You need to use a number 2 pencil and you need to bubble in your Name Student Identification Number (and NOT your social security number) Your exam version number in special codes column “A” PROBLEM DIRECTIONS: Please answer these questions on your test booklet. Please write legibly and please take some time to organize your answer before your write it. If you have questions about any question on the exam please make a note of that question on your exam booklet and then draw the proctor’s attention to this question at the end of the exam. Please do not ask the proctor any questions during the exam: no questions will be answered during the exam period. You have 75 minutes to complete the exam. Please use your exam booklet margins for any calculations you need to do. Calculators are fine to use. Problem #1 (12 points) _____________________ Problem #2 (22 Points) ______________________ Problem #3 (16 Points) ______________________ TOTAL _______________________
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Multiple Choice: 1. For a small, open economy when spending exceeds production then I. This country will run a trade deficit II. This country will be a net lender III. This country will export less than it imports a. Statements I, II and III are true b. Statements I and II are true c. Statements I and III are true d. Statements II and III are true. Answer: C. 2. The national accounts identity for a small open economy can be written as a. Y = C + I + G + X b. Y = C d + I d + G d + NX c. NX = NS – I d. All of the above answers accurately express the national accounts identity Answer: C. 3. For a small, open economy, if there is an increase in the level of national savings for a given level of investment, then the Classical Model suggests that this economy will a. Find that its net exports are diminished b. Find that its net exports are increased Answer: B. 4. In a model of a small, open economy the expression Y – C – G is equivalent to a. National Saving b. Private Saving c. Government Saving d. Investment Answer: A. 5.
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This note was uploaded on 08/08/2008 for the course ECON 302 taught by Professor Gold during the Spring '07 term at University of Wisconsin Colleges Online.

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answerstosecondmidtermsummer2007 - Economics 302 Answers to...

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