EC0100Y Test 2 MC Sample 1.doc

EC0100Y Test 2 MC Sample 1.doc - UNIVERSITY OF TORONTO...

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UNIVERSITY OF TORONTO Faculty of Arts and Science TEST #2: Sample 1 ECO 100Y1 Y Duration: 1 Hour Examination Aids allowed: Non-programmable calculators only THIS EXAM CONSISTS OF 31 MULTIPLE CHOICE QUESTIONS INSTRUCTIONS: Answer the Multiple Choice questions on the separate bubble form supplied. Each question is worth 1 mark. No deductions will be made for incorrect answers. Using an HB or “soft” pencil only , make dark solid marks that fill the bubble completely. Erase completely any marks you want to change. Crossing out a marked box is not acceptable and is incorrect. If more than one answer is selected then that question earns 0 points. ON THE BACK OF THE FORM: Print your LAST NAME and INITIAL in the boxes AND darken each letter in the corresponding bracket below each box. ON THE FRONT OF THE FORM: Print your 9 (or 10) digit STUDENT NUMBER in the boxes AND darken each number in the corresponding bracket below each box. Your FORM CODE is A. Write in the other requested information in the upper right region of the form. NAME: _______________________________________________________________ (Last Name) Print Clearly (First Name) STUDENT NUMBER: _________________________________________________ NOTE: USE THE BACK OF ANY PAGE FOR ROUGH WORK There are 5 pages to this exam - 1/5 -
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EC0100Y: Test #2, Sample 1 Part I: Place your answers (and work where necessary) in the space provided. 1. Which of the following is true for the Canadian labour force data for June, 2015, for  unemployment, Full-time (FT) employment, and Part-time (PT) employment? A) Unemployment fell because FT employment rose more than PT employment fell B) Unemployment fell because PT employment rose more than FT employment fell C) Unemployment rose because FT employment rose less than PT employment fell D)Unemployment rose because PT employment rose less than FT employment fell E) Unemployment rose because FT employment and PT employment fell 2. An economy has an adult population of 92 million, employment of 55 million, part-time  employment of 4 million, unemployment of 5 million, and 3 million discouraged workers.  What is the participation rate and the unemployment rate to one decimal percent? A) 65.2% and 8.3% B) 71% and 7.8% C) 68.5% and 7.9% D) 72.8% and 7.5% E) None of the above Questions 3 to 5 refer to the following data per month for the average family’s consumption of Beef and Chicken in June, 2002, and June, 2014. 2002 is the base year. June, 2002 June, 2014 Price/unit Quantity Price/unit Quantity Beef (500 grams) $3.00 16 $4.00 10 Chicken (500grams) $2.50 12 $2.00 25 3. What was the Consumer Price Index (CPI) in June, 2014 (to the nearest decimal)? A) 79.8 B) 88 C) 92.5 D) 97.3 E) 112.8 4. What was the GDP Deflator in June, 2014 (to the nearest decimal)? A) 79.8 B) 88 C) 92.5 D) 97.3 E) 112.8 5. What was Real Expenditure in June, 2014, according to the GDP Deflator (nearest cent)?
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