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MT2+V1 - page 1 of 9 VO Midterm ersion 1 N M Exam 2 Econ...

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Version 1 M N O page 1 of 9 Midterm Exam 2, Econ 102 November 8, 2010 This exam has two parts: a multiple choice section consisting of 20 questions, and a short answer/graphing section, worth 20 points. You will submit all exam materials (scantron, question booklet and completed short answers) and sign yourself out at the end of the exam. 1. All of the following create structural unemployment except a. a government-mandated price floor on the price of labor set above the equilibrium wage b. collective bargaining efforts that secure higher wages for unionized workers relative to non- unionized workers c. offering high wages in order to attract high-quality workers d. granting Social Security benefits to laid-off workers 2. Making unemployment benefits more generous is likely to cause 3. Consider the market for loanable funds. In 2001, the market is in equilibrium. Between 2001 and 2003, two major changes take place affecting the market: i. the expected rate of inflation increases by 3% and ii. the government’s deficit increases significantly Which of the following correctly describes the changes in equilibrium in the market for private loanable funds between 2001 and 2003? 4. Holding all else constant, countries with higher export volume,
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