2006_prelim1_(2 March version) - Name: Section Number:...

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Name: First Prelim ECON 102 – 2 March 2006 Section Number: Part 1: Multiple Choice Questions This exam counts 7 pages: 20 multiple choice questions, 5 short answer questions and 3 essay questions (Total points: 40) Each question is 1 point. 1. Due to a demand curve which ____ , the prices of roses could be expected to go ____ the day before Valentine ’s Day a) shifts in and becomes more steep, down b) shifts in and becomes more steep, up c) shifts out and becomes more steep, up d) shifts out and becomes more flat, up 2. In the short-run supply for agriculture products can be expected to be rather ____ , in the long run however, the supply curve can be expected to ____ . a) inelastic, become more steep b) inelastic, become more flat c) elastic, become more flat d) elastic, become more steep 3. GDP, or Gross Domestic Product, is (most precisely) defined as a) value of all final goods and services produced for the marketplace over a period of time within domestic borders b) value of all final goods and services produced for the marketplace over a period of time by the citizens of that country c) value of all final goods and services produced within the country within one year d) the sum of the value-added produced over a period of time within the country 4. What would not be included in the GDP of the US? a) the haircut I got this morning at the hairdressers on the commons b) the bag of wheat used by the bakery to make the bread I bought this morning c) the tomatoes which I ate at lunch today, picked by Mexican workers in California d) the wine of yesterday, produced in the Fingerlakes region 5. The production output of Coca-Cola’s company in China is part of ____. The profits of the company which are repatriated to the US on the other hand are part of US ____ but not US ____ a) China’s GDP; GNP; GDP b) China’s GDP; GDP; GNP c) US GDP; GNP; GDP d) US GNP; GNP; GDP 6. The vegetables grown and eaten by farmers on their farms in Kenya are included in: a) Kenyan GDP b) Kenyan GNP 1
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Name: First Prelim ECON 102 – 2 March 2006 Section Number: c) Nominal GDP d) None of the above 7. Who are included in the number of unemployed people in the US? a)
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2006_prelim1_(2 March version) - Name: Section Number:...

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