Deardorff_w07-1 - Econ 102, Section 100 NAME: (print) _ UM...

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Econ 102, Section 100 NAME: (print) _______________________________ Exam I, Form 2 UM ID # _____________________ Econ 102/100 First Midterm Exam - Answers February 8, 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 xx 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. Suppose GDP per worker is held constant. If demographic shifts result in a higher proportion of old people in the population, what is the effect on GDP per capita? (Assume old people do not work). a) No effect. b) Increase. c) Decrease. d) GDP per worker and GDP per capita refer to the same thing. e) Insufficient information. 2. Suppose the stocks of physical capital, human capital, natural resources, and the level of technology are all held constant. Which of the following is true? a) An increase in the labor force leads to an increase in total output and output per worker. b) An increase in the labor force leads to a decrease in total output and output per worker. c) An increase in the labor force leads to an increase in total output but a decrease in output per worker. d) An increase in the labor force leads to a decrease in total output but an increase in output per worker. e) An increase in the labor force has no effect on total output and output per worker. 3. Which of the following reasons could be put forth to argue that the Real Gross Domestic Product is not a perfect measure of the economic well-being of a country? i.
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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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Deardorff_w07-1 - Econ 102, Section 100 NAME: (print) _ UM...

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