201mid2FA04 - Name: Section#: ECON 201 11/08/2004 Prof....

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Name: ECON 201 11/08/2004 Prof. Gordon Midterm II Section#: Multiple Choice Answer Sheet 1 17 2 18 3 19 4 20 5 21 6 22 7 23 8 24 9 25 10 26 11 27 12 28 13 29 14 30 15 31 16 A 32 B 33 C D Total TURN OVER Æ TOTAL
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Short answers (34-35) 34 34 (equations here) 35 35 (equations here) Neatness counts! Think before you write… SAS LAS AD LAS AD Growth rate of potential GDP
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Name: Section #: PLEASE ANSWER ALL QUESTIONS IN THE ANSWER SHEET PROVIDED Each question counts one point unless otherwise stated (Total: 43 pts) 1 Moving upward along the short-run aggregate supply curve results in a ____in the price level and ____ in real GDP. A) rise; an increase B) rise; a decrease C) fall; an increase D) fall; a decrease 2 For movements along the short-run aggregate supply curve, A) the money wage rate is constant B) the real wage rate changes C) potential GDP remains constant D) All of the above are correct 3 The AD curve shows the sum of A) the price level, employment, and real GDP B) consumption expenditure, investment, and real GDP C) consumption expenditure, investment, government purchases of goods and services, and net exports D) consumption expenditure, investment, the price level, and real GDP 4 Which of the following statements is NOT correct? A) frictional unemployment results from natural labor turnover B) structural unemployment results from long term changes in technology or international competition C) cyclical unemployment is caused by fluctuations over the business cycle D) full employment occurs when there is no cyclical unemployment E) all of the above statements are correct
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In answering questions 5 to 6 consider the following information Consider the economy of Longjumpville (population 8). CARL LEWIS has stepped down from competing, preferring to film ads for Sony electronic equipment. MARION JONES lives at home with her partner and daughter. IRINA SIMAGINA—celebrating her gold medal in the World Athletic final—has returned to her previous job as a math teacher. IVAN PEDROSO is looking for work, but can’t seem to find it since he emigrated from Cuba. MIKE POWELL is managing a training camp for young athletes. Ever since his world record was broken in 1991, BOB BEAMON seems to be permanently vacationing in the mountains in Central Mexico. SAVANTE STRINGFELLOW has given up looking for work since no employer trusts him to come through under pressure. DWIGHT PHILLIPS has a part time job, but he’s looking for a full time job that will use his sprinting talent as well. 5 Consider the following assertions about the members of Longjumpville. (I)
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201mid2FA04 - Name: Section#: ECON 201 11/08/2004 Prof....

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