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PRACTICE TEST 2, ECON 1BB3, WINTER 2010. CHAPTER 5 IS NOT ON THIS TEST (IT WAS ON PRACTICE TEST 1) ECONOMICS 1BB3 Introductory Macroeconomics Section C02 Term Test #2 March 11, 2009 This examination paper includes 13 pages including the title page and 53 questions. You are responsible for ensuring that your copy of the paper is complete. Please bring any discrepancy to the attention of your invigilator. Special Instructions : Only the McMaster Standard (Casio - FX991) Calculator may be used. This test paper must be returned along with the scan sheet. Write your name and student number on the test paper and the scan sheet. If you are writing in the wrong room, you will lose 5 points off your test score. If you are wearing a baseball cap, please turn it so the peak is in the back. Please turn off all cell phones. There should be no electronic devices at your seat other than a calculator. All books and bags must be left at the front of the room. You will need your student ID card at your desk, along with your calculator, a pencil, and a pen. If you complete the short answer section in pen- cil your test will not be re-graded if there is a dispute. Use an HB pencil to fill in the scan sheet. If a TA has to grade your scan sheet by hand, you will lose 5 points off your test score. You cannot fill in the version number of your test paper on the scan sheet. Part A: Multiple Choice Questions: There are 50 multiple choice questions. Please record your answers on the scan answer sheet provided. Part B: Short Answer Questions: There are 3 short answer questions. Please record your answers on the test paper. Part A – Multiple Choice /50 Part B – Short Answer /15 Total /65
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2 Part A - Multiple Choice (50 points) Identify the letter of the choice that best completes the statement or answers the question. Answer on the scan sheet provided. Use the table below to answer the following questions. Table 24-1 year peaches pecans 2000 $11 per bushel $6 per bushel 2001 $9 per bushel $10 per bushel 1. Refer to Table 24-1 . Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans and that the base year is 2000. What was the inflation rate in 2001? a. 20 percent b. 10 percent c. 16.7 percent d. 8 percent 2. Refer to Table 24-1 . Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans and that the base year is 2000. What is the consumer price index for 2001? a. 240 b. 100 c. 200 d. 120 3. In 1970 Professor Fellswoop made $12,000, in 1980 he earned $24,000, and in 1990 he earned $36,000. If the CPI was 40 in 1970, 60 in 1980, and 100 in 1990, then in terms of today's dollars, Professor Fellswoop's salary was highest in a. 1980, and lowest in 1970. b.
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This note was uploaded on 03/17/2010 for the course ECON ECON 1BB3 taught by Professor S.malik during the Spring '10 term at Linn Benton Community College.

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practice_test_2 -...

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