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Exam 3 (Review Session) - ,Food,andYou...

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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? a. -8.89 percent b. -7.14 percent c. 3.75 percent d. 11.25 percent Year Apples Bread Robes Gasoline 2002 $1.00 $2.00 $10.00 $1.00 2003 $1.00 $1.50 $9.00 $1.50 2004 $2.00 $2.00 $11.00 $2.00 2005 $3.00 $3.00 $15.00 $2.50 4. Babe Ruth's 1931 salary was $80,000. Government statistics show a consumer price index of 15.2 for 
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