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# Exam 3 (with answers) - ,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 11 questions plus 1 bonus question.  Total points are 15 from questions 1-11. You can get up to 3  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 18 points.   1. In a certain economy in 2005, government purchases exceeded investment by \$2,000; investment amounted to 1/6 of  GDP; consumption amounted to 1/2 of GDP; and the economy’s imports exceeded its exports by \$500. It follows that  GDP amounted to  (2 points) a. \$4,500. b. \$7,500. c. \$9,000. d. \$10,500. 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 2.  Refer to Table.  Using the GDP deflator to measure the average level of prices and using 2006 as the base  year, the economy's inflation rate is  (1 point) ---------------------------------------------------------------------------------------------

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