Mid1F09 - Name_ Recitation day & hour _ Signature_ Econ 520...

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Name____________________________ Signature______________________ Econ 520 Fall 2009a First Midterm 1 hour, 18 minutes. Closed book and notes . Graphing calculators, Palm Pilots, Cell Phones and Texting devices may not be used . A non-graphing calculator may be used if desired. Please bubble in your name and the answers to items 0 and 00 on your computer answer sheet, using a #2 pencil. Your Social Security # is not required. Record the best answer to each question on your answer sheet. Please cover your answers. Answer all 40 questions (2.5 points each). Scoring is based on number right, so it pays to guess. When you are done, please place your bubble sheet inside this question sheet, and hand in both together, presenting your photo ID for identification. 0. Under Special Code K, please bubble in the number 1. 00. Under Special Code L, Please bubble, in, according to your recitation, 1 for W 1130 2 for W 130 3 for F 11:30 4 for F 1:30 1. The US Civilian Unemployment rate is currrently (Aug. 09 or Sept. 09) in what range? a) less than 5.0% b) 5.0 – 6.9% c) 7.0 – 8.9% d) 9.0 – 10.9% e) 11.0% or higher 2. The US Civilian Unemployment rate is currently at its highest level since a) The Great Depression of the 1930s b) 1973-75 c) 1982 d) 1991 e) 2003
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2 Questions 3-4 relate to a simple economy, with three individuals A, B, and C, endowed with one unit of commodity “a”, “b”, and “c” each, respectively, and in which preferences are given as shown below: Person Preferences Initial Intermediate Final endowment position position A b > a > c a B c > b > a b C a > c > b c 5. If commodity “ c ” serves as a medium of indirect exchange in this economy, the first exchange would be between individuals a) A and B b) A and C c) B and C d) either A and B or A and C e) any pair will work equally well 6. The second exchange would then between individuals (Same key as previous question) 7. Which individual would use commodity “ c ” as money? a) A b) B c) C d) A or B e) A or C 8. Holding constant the average length of time money is held between receipt and expenditure, an increase in real transactions conducted with money will a) increase real money demand b) decrease real money demand c) leave real money demand unchanged d) increase real money demand under a commodity standard, but decrease it under a fiat money standard e) decrease real money demand under a commodity standard, but increase it under a fiat money standard 9. Holding constant the volume of real transactions conducted with money, an increase in the average length of time it is held between receipt and expenditure will (same key as previous question) 10. The value of fiat money is determined by a) its redemption value in gold
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3 b) its redemption value in silver c) the prospect of future redemption in gold or silver d) the ratio of its nominal supply to the demand for real money balances e) None of the above; pure fiat money is always worthles. 11. In US Monetary History, the
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This note was uploaded on 11/08/2010 for the course ECON 520 taught by Professor Ogaki during the Fall '07 term at Ohio State.

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Mid1F09 - Name_ Recitation day & hour _ Signature_ Econ 520...

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