xm1a-w04 - Econ 102 Exam I ECON 102/100 February 17, 2004...

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Econ 102 Lecture 100 Exam I Form 0 ECON 102/100 February 17, 2004 Section Day Time Location GSI 101 F 2:30-4 B239 EH Jan 102 W 11:30-1 373 Lorch Justin 103 W 1-2:30 B239 EH Naomi 104 W 4-5:30 B239 EH Mato 105 W 2:30-4 B239 EH Mato 106 W 4-5:30 1068 EH Naomi 107 F 1-2:30 1372 EH Nalin 108 W 8:30-10 330 DENN Justin 109 F 11:30-1 205 DENN Nalin · 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. Name : (PRINT) _______________________________ UM ID # : _______________________________ Signature : _______________________________
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Multiple Choice: (26 questions, 3 pts each = 78 pts) Pick the best answer among the given choices. YEAR 2000 2001 2002 2003 Quantity Price Quantity Price Quantity Price Quantity Price Coffee 180 $2 200 $3 250 $3.25 300 $3.25 Jelly Belly © Jelly Beans 95 $5 100 $5.50 150 $5.75 180 $6 Economics Textbooks 8 $30 8 $30 10 $32 10 $40 Wireless Internet Setup - - - - 1 $150 1 $120 The next 4 questions refer to the table above. The consumption basket for the CPI exactly mirrors the quantities produced in the year 2001. Take 2001 to be the base year. For Wireless Internet Setup, take its 2002 price as the base year price. All four goods are consumption goods and all four goods have been produced in the U.S. 1. What was the cost of the consumption basket in 2001? a) $1075 b) $1140 c) $1302.50 d) $1390 e) I do not have the necessary information to answer this question. 2. What is the CPI in 2002? a) 106.5 b) 145.7 c) 143.5 d) 117.3 e) None of the above 3. What is the GDP deflator in 2000? a) 77.3 b) 82.5 c) 100 d) 121.2 e) None of the above
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4. By how much did the cost of living increase between 2002 and 2003? a) 5.7 % b) 6.0 % c) 6.3 % d) The cost of living decreased due to the drop in price of Wireless Internet Setup. e)
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xm1a-w04 - Econ 102 Exam I ECON 102/100 February 17, 2004...

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