exam two fall 08 b

exam two fall 08 b - Economics 100 Second Exam B Name(last...

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Economics 100 Second Exam - B October 10, 2008 Name (last name, first name) _________________________ Please place your name above and on the bubble sheet in the appropriate spaces. Be sure that you have six pages. Please place the answers to the multiple-choice questions on the bubble sheet. There are a total of 84 points on this exam. The first 15 questions are worth 3 points each. 1. Average income has increased from $50,000 per year to $60,000 per year. Over that same time period, the consumer price index has gone from 200 to 220, what has happened to real average income? a. decreased b. increased c. not changed d. cannot tell without knowing the base year of the price index 2. An increase in income and a decrease in the price of an input used in making the good will have which of the following effects in a market for a normal good? a. An increase in the price and a decrease in the quantity. b. An increase in the quantity and an increase in the price. c. An increase in the price. One cannot tell about quantity. d. An increase in the quantity. One cannot tell about the price. e. It could be an increase or a decrease in both price and quantity. 3. French imports are 20 percent of consumption. In Germany, imports are 50 percent of consumption. Given this information, an increase in government spending in France will have ________ effect on real GDP than the same increase in government spending in the Germany. a. a larger b. a smaller c. the same size d. One cannot tell without knowing the relative sizes of the French and Germany economies 4. Which of the following best represents the costs of a decision? I could do one of the following:
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This note was uploaded on 12/19/2009 for the course ECON ECON 100 taught by Professor Stephenbuckles during the Spring '09 term at Vanderbilt.

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exam two fall 08 b - Economics 100 Second Exam B Name(last...

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