Midterm 3 Spring 2008 excerpts

Midterm 3 Spring 2008 excerpts - Economics 100 Midterm 3...

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Economics 100 –Midterm 3 Excerpts Name: _____________________________ Practice Multiple Choice Questions 1. In Mexico, there are currently 100 million people. Of the 100 million people, 50 million are aged 0-15 and 50 million are aged 16+ (working-age). There are 45 million people in the labor force and 40 million people employed. What is the working-age population percentage ? a. 0.40 or 40% b. 0.50 or 50% c. 0.60 or 60% d. 0.83 or 83% e. 0.90 or 90% 2. In Mexico, there are currently 100 million people. Of the 100 million people, 50 million are aged 0-15 and 50 million are aged 16+ (working-age). There are 45 million people in the labor force and 40 million people employed. What is the labor force participation rate ? a. 0.40 or 40% b. 0.50 or 50% c. 0.60 or 60% d. 0.83 or 83% e. 0.90 or 90% 3. In Mexico, there are currently 100 million people. Of the 100 million people, 50 million are aged 0-15 and 50 million are aged 16+ (working-age). There are 45 million people in the labor force and 40 million people employed. What is the actual unemployment rate ? a. 0.05 or 5% b. 0.08 or 8% c. 0.10 or 10% d. 0.11 or 11% e. 0.12 or 12% 4. The consumer price index (CPI) rose from 200 to 220 during 2007. Using the CPI, the rate of inflation for 2007 would be: a. 0.04 or 4%. b. 0.08 or 8%. c. 0.10 or 10%. d. 1.10 or 110%. e. 1.20 or 120%. Page 1 of 5
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Economics 100 – Midterm 3 Excerpts Name: _____________________________ 5. In 2008, the money supply ( M ) is 2 trillion, velocity ( V ) is 9 and real GDP ( Y ) is 12 trillion. According to the quantity exchange of money, what is the price level ( P )? a. 1.20 b. 1.50 c. 2.67 d. 12 e. 54 6. According to the quantity theory of money, an increase in the money supply ( M ) would _______ the price level ( P ) and ____________ real GDP ( Y ) in the long run . a.
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Midterm 3 Spring 2008 excerpts - Economics 100 Midterm 3...

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