Exam 3 (Review Session)

Exam 3(Review - AEB 2014 – Economic Issues Food and You Exam 3 Thursday December 5 th 2006 Please write down your name and UF ID here This Exam

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Unformatted text preview: AEB 2014 – Economic Issues, Food, and You Exam # 3; Thursday, December 5 th , 2006 Please write down your name and UF ID here This Exam consists in 12 questions plus 1 bonus question. Total points are 15 from questions 1-12. You can get up to 2 extra points if you answer the last question. Your grade will be evaluated over a total of 15 (# points/15), but you can get up to 17 points. 1. In a certain economy in 2006 government purchases exceeded investment by $1000; investment amounted to 1/6 of GDP; consumption amounted to 1/3 of GDP; and the country exported more than what imported by $500. GDP is: a. $4,500. b. $7,500. c. $9,000. d. $10,500. 2. Refer to Table. Using 2007 as the base year, for 2006, a. real GDP is $760 and the GDP deflator is 100. b. real GDP is $760 and the GDP deflator is 125. c. real GDP is $880 and the GDP deflator is 80. d. real GDP is $950 and the GDP deflator is 80. Prices and Quantities Year Price of Sandwiches Quantity of Sandwiches Price of Magazines Quantity of Magazines 2006 $4.00 100 $2.00 180 2007 $5.00 120 $2.50 200 2008 $6.00 150 $3.50 200 3. Refer to Table . Using 2002 as the base year, what was the inflation rate between 2002 and 2003?...
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This note was uploaded on 01/10/2011 for the course AEB 2014 taught by Professor Multiple during the Spring '08 term at University of Florida.

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Exam 3(Review - AEB 2014 – Economic Issues Food and You Exam 3 Thursday December 5 th 2006 Please write down your name and UF ID here This Exam

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