firstmidtermsummer2007version2 - Economics 302 First...

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Economics 302 Name ________________________________ First Midterm June 7, 2007 Student ID Number _____________________ Version 2 This midterm consists of 28 multiple choice questions (some with just two answers and some with up to five answers) worth 2 points each for a total of 56 points and 3 problems worth 10 points each for a total of 44 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 (12 Points) ______________________ Problem #3 (20 Points) ______________________ TOTAL _______________________ 1
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1. Real GDP in year 3 is calculated by a. Summing together the product of the base year’s prices times the year 3 quantities of production. b. Summing together the product of year 3’s prices times the year 3 quantities of production. c. Summing together the product of year 3’s prices times the base year quantities of production. 2. In the classical model, an increase in the level of the money supply I. Has no effect on nominal variables II. Has no effect on real variables III. Will result in an increase in the price level, holding everything else constant a. Statements I, II and III are true. b. Statements I and III are true. c. Statements II and III are true. d. Statement I is true. e. Statement III is true. 3. Economists build models and then use these models to test hypotheses. Variables explained by the models are called a. Endogenous variables. b. Exogenous variables. 4. Depreciation is an example of a a. Stock. b. Flow. 5. Positive increases in inventories cause a. GDP for that period to increase. b.
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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 Wisconsin.

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firstmidtermsummer2007version2 - Economics 302 First...

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