finalAK

finalAK - Economics 2 UCLA Professor Lee Ohanian Final...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Economics 2 UCLA Professor Lee Ohanian Final Examination Winter 2008 Instructions EXAM ROOM: Be sure you are in the right room s Haines 39: Last name A to L s Rolfe 1200: Last name M to Z BLUEBOOK : s You must bring 3 bluebooks s Don’t forget to write your name and your UCLA 9-digit ID on your bluebooks s On the UPPER RIGHT CORNER of the cover page write the number of bluebooks, #1 or #2 or #3 s Answer question 1-14 in bluebook #1 s Answer question 15-19 in bluebook #2 s Answer question 20-24 in bluebook #3 You must use PEN Calculators are not allowed Stop writing when time is over. Show your picture ID when turning in the exam. You should turn in all of your bluebooks and the exam.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 PART I: ANSWER QUESTION 1-14 IN BLUEBOOK #1 Q. 1-10 Multiple Choice (3 points each) 1. Suppose that the economy produces two goods – milk and bread. The opportunity cost of producing milk will tend to be the highest when: a. there is a lot of bread and not much milk b. there is a lot of milk and not much bread c. the economy is operating inside its PPF d. not a relevant question, because milk and bread are not close substitutes 2. Which of the following events would cause GDP for 2008 to increase: a. Mike sells Kathy his 2005 Ford Taurus b. Mike sells Kathy his 2008 Ford Taurus c. Mike buys a ticket to go to the zoo in 2008, but doesn’t use his ticket d. b and c e. None of the above 3. The quantity of goods and services produced from each unit of labor is called a. a standard of living b. productivity c. the knowledge base d. GDP e. none of the above 4. Taiwan’s average growth rate of real GDP per capita is about 4 percent per year over the last 18 years. During this time, real GDP per capita a. rose about 72 percent b. rose about 100 percent c. rose less than the US d. rose about 4 percent e. none of the above 5. Suppose that a new artificial sweetener was developed. We would expect a. The demand price elasticity of sugar to rise b. The demand price elasticity of sugar to fall. c. The supply price elasticity of sugar to rise d. The supply price elasticity of sugar to fall. 6. Which of the following will cause an increase in consumer surplus? a. A reduction in the number of sellers b. A reduction in production costs c. The imposition of a binding price floor d. The imposition of a non-binding price floor
Background image of page 2
3 7. Compared to stocks, bonds offer the holder a. lower risk and lower potential return b. lower risk and higher potential return c. higher risk and lower potential return d. higher risk and higher potential return 8. If the market for tennis balls is perfectly competitive, and one consumer of tennis balls leaves the market, then: a. the price rises b. the price falls c. the price stays the same d. can’t tell, because we need to know if the demand for tennis rackets changes 9. Frictional unemployment is a. is the result of minimum wage laws b. can be zero, if unemployment benefits were sufficiently high c. is inevitable d. is usually over 10 percent of the US labor force
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/01/2008 for the course ECON 2 taught by Professor Hou during the Winter '07 term at UCLA.

Page1 / 12

finalAK - Economics 2 UCLA Professor Lee Ohanian Final...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online