PracFinal - Name ID Economics 102 Fall 2006 M Doyle Practice Final Exam Score Part A Question 31 Question 32 Question 33 Question 34

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Name: _______________________ ID#: ________________________ Economics 102 Fall 2006 M. Doyle Practice Final Exam Score: Part A: _______/30 Question 31: _______/5 Question 32: _______/5 Question 33: _______/5 Question 34: _______/5 Total: _______/50 = _______ % Instructions: Put your name and ID number on the first and last pages. This exam consists of 2 parts, A and B, and x pages. You are to answer all of the questions. Each question in part A is worth 1 point and each question in part B is worth 5 points. Allocate your time accordingly. You may not refer to any books or notes during the exam. The use of calculators is also forbidden. In Part A please circle your answer on the examination sheet. Choose the best available answer. If you change your mind and cannot erase your original answer, it is your responsibility to make clear which answer you have selected. In Part B, you must explain your answers when asked. Yes or no answers without explanation will not be given credit. Furthermore, you should remember to clearly label any graphs and figures you may use. Good Luck! Page 1
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Name: _______________________ ID#: ________________________ Part A: Multiple Choice 1. An upward shift in the Fed's policy reaction function corresponds to a _____ the aggregate demand curve and an increase in exogenous spending corresponds to a _____ the aggregate demand curve. A) shift left of ; shift right of B) shift right of; shift left of C) movement up; shift right of D) shift left of; movement up E) movement up; movement down Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. The following graph shows the production possibility curve for the economy with only two members, Amy and Mike. 5 10 15 20 25 30 35 40 45 50 Cans (number/year) z y x 1000 3000 5000 7000 9000 10000 11000 Cheese (pounds/year) Page 2
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Name: _______________________ ID#: ________________________ 2. Mike's opportunity cost of producing one car is ______ pound of cheese. A) 250 B) 1/250 C) 500 D) 20 E) 1/20 3. If an economy produces 3 million oranges that sell for $0.25 each and 100,000 cars that sell for $25,000 each, then when the market value of total output is calculated: A) oranges receive a smaller weighting than cars. B) the market value of cars is excluded. C) oranges receive the same weighting as cars. D) oranges receive a greater weighting than cars. E) the market value of oranges is excluded. 4. When no output gap exists actual output _____ potential output and the rate of inflation will tend to ______. A) equals; remain the same B) exceeds; increase C) is less than; decrease D) exceeds; decrease E) is less than; increase Page 3
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Name: _______________________ ID#: ________________________ An economy has two workers, Paula and Ricardo. Everyday they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. 5. What is the opportunity cost for Paula to produce one shirt?
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This note was uploaded on 03/27/2008 for the course ECON 102 taught by Professor Singerman during the Fall '08 term at Iowa State.

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PracFinal - Name ID Economics 102 Fall 2006 M Doyle Practice Final Exam Score Part A Question 31 Question 32 Question 33 Question 34

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