Dearforff_w07-2 - Econ 102 Section 100 NAME(print UM ID...

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Econ 102, Section 100 NAME: (print) _______________________________ Exam II, Form 1 UM ID # _____________________ Section #______________ Econ 102/100 Second Midterm Exam March 15, 2007 Section Day Time Location GSI 101 Friday 2:30-4 142 Lorch JB 102 Friday 11:30-1 269 Dennison Sue 103 Friday 1-2:30 430 Dennison Angus 104 Friday 10- 11:30 B239 EH Sue 105 Friday 2:30-4 B239 EH Angus 106 Friday 10- 11:30 B247 EH Omar 107 Friday 1-2:30 315 Dennison JB 108 Friday 11:30-1 455 Dennison Omar 109 Friday 11:30-1 130 Dennison Brian Instructions Do NOT open this exam booklet until instructed to do so! Please take a moment to complete the identification information on the scantron. Indicate your NAME, discussion SECTION number, FORM number, and UM ID number. THIS IS WORTH TWO POINTS ON THE EXAM! The exam has 100 points and is designed to take about 60 minutes to complete. However, you’ll have approximately 80 minutes. Check that you have all 10 pages of the exam. Read the questions and these instructions carefully! Use the space provided in this booklet and the back of the pages to work out the answers to the multiple choice problems. Use the space provided on the actual page for the short answer questions. You can use only NON-graphing calculators. For multiple choice questions, you get 3 points for a correct answer, 0 points for a blank, and 0 points for a wrong answer. There are NO penalties for guessing. Sign the honor code below! Honor Code: I did not use any unauthorized aid on this exam. Signature: _____________________________________
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Part I: Multiple Choice: (26 questions, 3 pts each = 78 pts) Pick the best answer among the given choices. 1) On March 7, 2007, the United States nominal exchange rate between U.S. dollars and Euros was 0.762€/$. Which of the following interpretations of this fact is CORRECT? a) The Mankiw textbook must be more expensive in terms of U.S. dollars in Europe than in the U.S. b) With 1 Euro you can purchase 0.762 U.S. dollars. c) The Mankiw textbook must be less expensive in terms of U.S. dollars in Europe than in the U.S. d) With 1 U.S. dollar you can purchase 0.762 Euros. e) The theory of PPP says this nominal exchange rate must move towards 1 in the long run. 2) Angus is planning a vacation to the city of Sao Paulo in Brazil to work on his suntan. He checks the WSJ and finds that you can buy 2.2 Brazilian Reals with a U.S. dollar. He also finds that in Sao Paulo he can buy a tube of suntan lotion for 4 Reals, while in Ann Arbor the suntan lotion costs $2.40 per tube. Which of the following statements is CORRECT? a) Angus can’t figure out where it is cheaper to buy the suntan lotion with this information. b)
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This test prep was uploaded on 04/02/2008 for the course ECON 102 taught by Professor Rossana during the Fall '08 term at University of Michigan.

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Dearforff_w07-2 - Econ 102 Section 100 NAME(print UM ID...

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