Quiz1(2007) with ans.(PDF)

Quiz1(2007) with ans.(PDF) - International Economics Third...

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International Economics Third Term, 2007 Quiz 1 (with answers) Name: _____________ Student ID: ___________ WRITE YOUR NAME AND STUDENT ID FIRST in English. Short answer questions must be answered in English . Any answers written in other language will not be graded (no exceptions). There are 9 questions in total. <Multiple Choice> Circle only one which is correct (if you choose more then one, you receive zero points) (80 points) 1. A recession is always associated with a. declining real GDP. b. slow but positive growth of real GDP. c. rising inflation. d. the end of a war. ANS: A 2. GDP is used as the basic measure of a society's economic well-being. A better measure of the economic well-being of individuals in society is a. GDP per person. b. the consumption component of GDP. c. government expenditures per person. d. investment per business firm. ANS: A 3. If total spending rises from one year to the next, then a. the economy must be producing a larger output of goods and services. b. prices at which goods and services are sold must be higher.
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This note was uploaded on 10/17/2010 for the course ECONOMICS MAIU09123 taught by Professor Mr.ken during the Spring '10 term at Wash. College.

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Quiz1(2007) with ans.(PDF) - International Economics Third...

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