Practice%20Midterm%201

# Practice%20Midterm%201 - Practice Midterm Exam Economics...

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1 Practice Midterm Exam Economics 1102 “Principles of Macroeconomics” University of Minnesota – Fall 2005 Instructor: Radek Stefanski Student’s Name: Student ID: This exam consists of three parts. Please check that your examination booklet has 8 pages. You have 50 minutes to finish the exam. I wish you the best of luck! PART I MULTIPLE CHOICE QUESTIONS (Total: 25 points) Instructions : There are 25 questions in this part. Each question is worth 1.5 point. 1. A demand schedule shows a. The market potential for a product b. How much consumers are willing to and able to buy at different prices c. Possible combinations of output under different conditions d. All of the above are correct P D 1 D 2 D 3 Q 2. Assume that the figure above shows the demand for orange juice. Assuming that orange juice and soda are substitutes, an increase in the price of soda will change demand from

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2 3. Suppose that in 2005 the GDP per capita in the US is \$35,000. If GDP per capita grows by 2% per year, what will be its value in 2015? 4. Which of the following is the major cause of growth in GDP per capita in the US after the second world war period? 5. A good produced in 2000 and held in inventory until it is sold in 2001 would be included in which measure of GDP? a. Half the value in 2000 and half the value in 2001 b. in 2001 GDP c. In both 2000 and 2001 GDP d. In 2000 GDP
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