Prelim 1 2006

Prelim 1 2006 - Name Section Number First Prelim ECON 102 2...

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Name: First Prelim ECON 102 – 2 March 2006 Section Number: Part 1: Multiple Choice Questions This exams counts 7 pages: 20 multiple choice questions, 5 short answer questions and 3 essay questions (Total points: 40) Instructions: Circle the Correct Answer Each question is 1 point. 1. John, a car mechanic from Detroit is out of a job since he his company has been transplanted to China. Since then he has been frantically looking for a job, going to the agencies every single day. John is part of the ____ . a) cyclical unemployment figures b) frictional unemployment figures c) structural unemployment figures d) discouraged workers figures Answer: c 2. In the short-run supply for agriculture products can be expected to be rather ____ , in the long run however, the supply curve can be expected to ____ . a) inelastic, become more steep b) inelastic, become more flat c) elastic, become more flat d) elastic, become more steep Answer: b 3. What would not be included in the GDP of the US? a) the haircut I got this morning at the hairdressers on the commons b) the bag of wheat used by the bakery to make the bread I bought this morning c) the tomatoes which I ate at lunch today, picked by Mexican workers in California d) the wine of yesterday, produced in the Fingerlakes region Answer: b 4. Who are included in the number of unemployed people in the US? a)
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This note was uploaded on 11/17/2007 for the course ECON 1120 taught by Professor Wissink during the Spring '05 term at Cornell.

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Prelim 1 2006 - Name Section Number First Prelim ECON 102 2...

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