MacroEcon - MidTerm1 SP08

MacroEcon - MidTerm1 SP08 - ECON 4020 Spring 2008 Midterm...

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ECON 4020 Spring 2008 Midterm exam 1 Name __________________________________________ This is a closed book exam. Exam is out of 100 points. Answer all the questions. Show all your calculations. Explain your answers in the essay type questions. You have 50 minutes to finish this exam. Academic Integrity: In cases of a violation of academic integrity it is the policy of the Department of Economics to impose the most severe penalties that are most consistent with University guidelines. GOOD LUCK!
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1. (4 points) Average labor productivity is the (a) amount of workers per machine. (b) amount of machines per worker. (c) ratio of employed to unemployed workers. (d) amount of output per worker. Answer ____ 2. (4 points) A country has a trade deficit when (a) imports exceed exports. (b) imports equal exports. (c) exports exceed imports. (d) export is zero. Answer ____ 3. (4 points) Classical economists argue that (a) the government should have an active role in the economy. (b) government policies will be ineffective and counterproductive. (c) the government should actively intervene in the economy to eliminate business cycles. (d) wages and prices don’t adjust quickly, so the economy is slow to return to equilibrium. Answer ____
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MacroEcon - MidTerm1 SP08 - ECON 4020 Spring 2008 Midterm...

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