Econ Practice Test1

Econ Practice Test1 - PRACTICETEST1,ECON1BB3,FALL2009...

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PRACTICE TEST 1, ECON 1BB3, FALL 2009 ECONOMICS 1BB3 Introductory Macroeconomics Sections C03, C04 Term Test #1 February 7, 2009 This examination paper includes 14 pages including the title page and 53 questions. You are responsible for ensuring that your copy of the paper is complete. Please bring any discrepancy to the attention of your invigilator. Special Instructions : Only the McMaster Standard (Casio - FX991) Calculator may be used. This test paper must be returned along with the scan sheet. Write your name and student number on the test paper and the scan sheet. If you are writing in the wrong room, you will lose 5 points off your test score. If you are wearing a baseball cap, please turn it so the peak is in the back. Please turn off all cell phones. There should be no electronic devices at your seat other than a calculator. All books and bags must be left at the front of the room. You will need your student ID card at your desk, along with your calculator, a pencil, and a pen. If you complete the short answer section in pen- cil your test will not be re-graded if there is a dispute. Use an HB pencil to fill in the scan sheet. If a TA has to grade your scan sheet by hand, you will lose 5 points off your test score. You cannot fill in the version number of your test paper on the scan sheet. Part A: Multiple Choice Questions: There are 50 multiple choice questions. Please record your answers on the scan answer sheet provided. Part B: Short Answer Questions: There are 3 short answer questions. Please record your answers on the test paper. Part A – Multiple Choice /50 Part B – Short Answer /15 Total /65
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2 Part A - Multiple Choice (50 points) Identify the letter of the choice that best completes the statement or answers the question. Answer on the scan sheet provided. 1. If a Canadian citizen buys a television made in Korea by a Korean firm, a. Canadian net exports decrease, and Canadian GDP decreases. b. Canadian net exports are unaffected, and Canadian GDP decreases. c. Canadian net exports are unaffected, and Canadian GDP is unaffected. d. Canadian net exports decrease but Canadian GDP is unaffected. 2. Belarus has a comparative advantage in the production of linen, but Russia has an absolute advantage in the production of linen. If these two countries decide to trade a. Belarus should export linen to Russia. b. Russia should export linen to Belarus. c. For these two countries, trading linen would be a "stand-off" so they should trade another product. d. Without additional information about Russia, this question cannot be answered. Table 3-3 Labor Hours Needed to Make One Unit of: Amount Produced in 24 Hours: Baskets Birdhouses Baskets Birdhouses Montana 6 2 4 12 Missouri 3 4 8 6 3. Refer to Table 3-3 . Montana has a comparative advantage in a. baskets and Missouri has a comparative advantage in birdhouses. b.
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Econ Practice Test1 - PRACTICETEST1,ECON1BB3,FALL2009...

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