MID1s2004 - ECN 101 Intermediate Macroeconomics Spring 2004 Professor scar Jord MIDTERM 1 Name_Student ID Instructions The exam consists of three

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ECN 101 – Intermediate Macroeconomics Spring 2004 Professor Òscar Jordà April 23, 2004 Page 1 MIDTERM 1 Name ________________________________________Student ID ______________ Instructions: The exam consists of three parts: (1) 10 multiple choice questions; (2) two problems; and (3) one graphical question. Please answer all questions in the space provided in this exam. You may use scratch paper but do not turn it in as it will not be graded. Please budget your time appropriately. Good Luck! Multiple Choice Place your multiple-choice answers here 1. B 2. C 3. B 4. B 5. C 6. B 7. C 8. C 9. A 10. C 1. All of the following are a stock except : A) a consumer's wealth. B) the government budget deficit. C) the number of unemployed people. D) the amount of capital in the economy. 2. Assume that a rancher sells McDonald's a quarter-pound of meat for $1 and that McDonald's sells you a hamburger made from that meat for $2. In this case, the value included in GDP should be: A) $0.50. B) $1. C) $2. D) $3. 3. Imputed values included in GDP are the: A) market prices of goods and services. B) estimated value of goods and services that are not sold in the marketplace. C) price of goods and services measured in constant prices. D) price of goods and services measured in current prices. 4. The production function feature called "constant returns to scale" means that if we: A) multiply capital by z 1 and labor by z 2 , we multiply output by z 3 . B) increase capital and labor by 10 percent each, we increase output by 10 percent. C)
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This note was uploaded on 10/08/2009 for the course ECON ECN101 taught by Professor Pontusrendahl during the Spring '09 term at UC Davis.

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MID1s2004 - ECN 101 Intermediate Macroeconomics Spring 2004 Professor scar Jord MIDTERM 1 Name_Student ID Instructions The exam consists of three

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