xm2a-w04 - Econ 102 - Deardorff Winter Term 2004 Exam II...

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Econ 102 - Deardorff Exam II (with Answers) Winter Term 2004 Page 1 of 13 Form 0 ECON 102/100 March 23, 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, and showing up in the correct exam room are 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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Econ 102 - Deardorff Exam II (with Answers) Winter Term 2004 Page 2 of 13 Form 0 Multiple Choice: (26 questions, 3 pts each = 78 pts) Pick the best answer among the given choices. 1. Which of the following is not an effect of the rate of inflation being low , as opposed to high? a. Owners of capital benefit from paying lower capital gains taxes. b. Workers feel abused when their wages do not rise as fast as they feel they deserve. c. Consumers spend more time and effort managing their wealth, trying to keep it in forms that earn interest. d. Unemployment is increased because firms find it harder to reduce real wages when market conditions require it. e. For any given real rate of interest, the nominal interest rate is lower. 2. During the 1990s, US imports grew faster than US exports. How, according to either of the articles that you read about this from the web, was this related to employment in the US? a. Increased imports created jobs because it requires workers to bring goods into the country. b. Increased employment caused imports to rise because shortages forced firms to go abroad for inputs. c. Exports of goods required export of jobs, and caused recession in the US economy. d.
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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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xm2a-w04 - Econ 102 - Deardorff Winter Term 2004 Exam II...

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