Practice%20Midterm%201

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

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern