Eco - ECO 2013 Introductory Macroeconomics Midterm 1...

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1 ECO 2013: Introductory Macroeconomics Midterm 1 F e b r u a r y 2 4 , 2 0 1 0 Correct Answers: 1 A 11 C 21 C 31 A 41 D 51 C or D 2 B 12 A 22 D 32 C 42 C 52 A 3 C 13 C 23 B 33 C 43 B 53 D 4 D 14 B 24 B 34 C 44 B 5 D 15 B 25 D 35 A 45 A 6 B 16 B 26 C 36 A 46 B 7 C 17 C 27 A 37 C 47 A 8 B 18 C 28 B 38 C 48 B 9 A 19 D 29 D 39 C 49 B 10 A 20 B 30 D 40 C 50 B You have 70 minutes to finish this exam. Please fill out your banner Id on your answer sheet. Good Luck! Multiple Choice Questions (Each question is worth 2 points; 106 points in total) 1. Which of the following word is suitable to capture the complete concept of Economics? a. Choices. b. Prices. c. Money. d. All of the above. 2. Which of the following statements best captures the relationship between microeconomics and macroeconomics? a. For the most part, microeconomics is unconcerned with macroeconomics, and macroeconomics is unconcerned with microeconomics. b. Microeconomics is the foundation for Macroeconomics. c. Microeconomics studies markets for small products, whereas macroeconomics studies markets for large products. d. Microeconomics is oriented toward policy studies, whereas macroeconomics is oriented toward theoretical studies. 3. Which of the following would be considered a topic of study in macroeconomics? a. the effect of agricultural price support programs on the cotton industry b. the effect on U.S. steel producers of an import quota imposed on foreign steel c. the effect of an increasing inflation rate on national living standards d. the effect of an increase in the price of imported coffee beans on the U.S. coffee industry
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2 4. Refer to Figure 1.7. A positive relationship is best illustrated using: a. graph A. b. graph B. c. graph C. d. More than one graph illustrates a positive relationship. 5. For a 2-D graph, let x be the variable for the horizontal axis and y be the variable for the vertical axis. When x = 30, y = 60. When x = 60, y = 45. What is the slope of the line connecting these two points? a. -2 b. 2 c. 0.5 d. -0.5 6. Refer to Figure 3.1. What is the slope for the section of the curve from A point to B point; and what is the slope for the section of the curve from B point to C point? a. -1000; and -500 b. -2000; and -1000 c. 1000; and 500 d. 2000; and 1000 3 5 12,000 10,000 8,000 A B C 2 Dow Jones Stock Index Figure 3.1 Interest Rate (%) Figure 1.7
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3 7. Refer to Figure 3.1. Which of the following statement is correct? a. Whenever interest rate increases by 1%, Dow Jones stock index on average would drop by 2000 points. b. Whenever interest rate decreases by 1%, Dow Jones stock index on average would rise by 1500 points. c. Whenever interest rate increases by 1%, Dow Jones stock index on average would drop by 2000 points if the index is at the range from 10,000 to 12,000 points. d. Whenever interest rate decreases by 1%, Dow Jones stock index on average would increase
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This note was uploaded on 04/03/2010 for the course ECO 2013.003 taught by Professor Johnathanrightmyer during the Spring '09 term at The University of Texas at San Antonio- San Antonio.

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Eco - ECO 2013 Introductory Macroeconomics Midterm 1...

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