FirstMT-QUESTIONS-A - EXAM TYPE: A Middle East Technical...

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EXAM TYPE: A 1 Middle East Technical University / Department of Economics Econ 354 First Midterm Exam Spring 2010 / April 19, 2010 Instructor: Dr. Emre Özçelik STUDENT’S LAST NAME: STUDENT’S FIRST NAME: STUDENT ID: Read the following instructions very carefully before starting the exam: Any kind of cheating attempt will be immediately documented by the exam proctors on an official “report of cheating”, which will be submitted directly to the Disciplinary Board of the University. A cheating student usually loses her/his whole semester, as s/he fails officially in all the courses s/he is currently taking. There are 8 pages and 2 parts in this exam. Part I (50 points) consists of 25 multiple choice questions (pp. 2–4). Part II (50 points) consists of 4 writing questions (pp. 5–8). All the questions are required; that is to say, you must answer all questions in Part I and Part II. Time allowed for Part I: 45 minutes. Time allowed for Part II: 75 minutes. Calculators are allowed. But you cannot use your mobile phones for calculation or any other purpose during the exam. Use the optic forms to mark your answers for the multiple choice questions in Part I. Do not forget to mark your exam type on the optic forms. Exam type of this sheet: A. Be precise and concise in your answers to the questions in Part II. Before starting to write, allow yourself a few minutes to plan your answer. You have to fit your answer on the one-page space provided below each question (However, you can be sure that a well-written half-page for each question will suffice for a full grade). Extra answer sheets are not allowed and will not be given.
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EXAM TYPE: A 2 PART I. (50 POINTS) MULTIPLE CHOICE QUESTIONS 1. When there are no changes in the official reserve assets of the central bank and no errors and omissions, if a country has a current account deficit, then the country must have: A) a merchandise trade deficit. B) a capital-and-financial-account surplus. C) a capital-and-financial-account deficit. D) a merchandise trade surplus. 2. A US firm buys web services from a Japanese company. The US firm pays by transferring money from its bank deposit account to the Japanese company’s bank deposit account in the US. This transaction will be recorded in the U.S. balance-of- payments accounts as: A) a credit in the current account and a debit in the capital-and-financial-account. B) a debit in the current account and a credit in the capital-and-financial-account. C) a debit in the current account and a debit in the capital-and-financial-account. D) a credit in the current account and a credit in the capital-and-financial-account. 3. An English tourist comes to Turkey and spends money from his bank deposit account in Turkey. This transaction will be recorded in Turkey’s
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FirstMT-QUESTIONS-A - EXAM TYPE: A Middle East Technical...

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