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test4_mar24 - Department of Economics University of Toronto...

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Page 1 of 7 Department of Economics Prof. Gustavo Indart University of Toronto March 24, 2006 ECO 100Y – L0101 INTRODUCTION TO ECONOMICS Midterm Test #4 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS : 1. The total time for this test is 55 minutes. 2. Aids allowed: a simple , non-programmable calculator. 3. Use pen instead of pencil . DO NOT WRITE IN THIS SPACE Part I /12 Part II 1. /7 2. /17 3. /14 TOTAL /50
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Page 2 of 7 PART I (12 marks) Instructions : Enter your answer to each question in the table below. Only the answers recorded in the table will be marked. Table cells left blank will receive a zero mark for that question. Each question is worth 3 (three) marks. No deductions will be made for incorrect answers. 1 2 3 4 1. Consider a simple economy with investment and consumption but no government or trade, and suppose that this economy is experiencing a situation where actual investment exceeds desired investment. Which one of the following might have brought about this situation? a) production levels exceeds sales levels b) production levels fall short of sales levels c) actual saving equals actual investment d) actual investment exceeds actual saving e) actual saving exceeds actual investment
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