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203-final-summer-2008-answers-POST - Concordia University...

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Concordia University Department of Economics ECON 203 – Introduction to Macroeconomics Summer 2008 FINAL EXAMINATION AND ANSWERS STUDENT NAME: __________________________________________________________________________ STUDENT NUMBER: _______________________________________________________________________ Please read all instructions carefully. 1. This is a three-hour exam (180 minutes). The questions are worth 150 marks altogether. It is a good strategy to spend one minute per mark for your answers (150 minutes) and spend the remaining time (30 minutes) to review your answers. 2. The exam has 14 pages and it consists of four parts: (i) Part I: 25 multiple-choice questions (25 marks); (ii) Part II: Choose 5 out of 7 “true-false” questions (25 marks); (iii) Part III: Choose 4 out of 5 long questions (60 marks), and (iv) Part IV: One “current events” question (40 marks). 3. Write all your answers on this exam. Do not use additional booklets. 4. You are allowed to use a non-programmable calculator. You may use either pen or pencil to provide your answers.
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Part I: Twenty-five Multiple Choice Questions. Please record your answers in the computer scan sheet provided. Remember to write your name and ID on the scan sheet (Total=25 marks). 1. If nominal GDP is $750 million and real GDP is $600 million, the GDP deflator is a. 37.5. b. 66.67. c. 100. d. 125. e. 150. 2. In Arbez, 100,000 people are in the labour force and the unemployment rate is 25%. As Arbez moves out of a recession and jobs increase, 20,000 discouraged workers become "encouraged" to search for jobs. The unemployment rate becomes 3. If Japan’s GDP is higher than its GNP, then 4. Which of the following is FALSE? 5. If an economy is heading towards a recession and if the authorities want to minimize the drop in real GDP, they should a. Decrease taxes and decrease money supply. b. Increase government expenditure and decrease money supply. c. Decrease taxes and increase money supply. d. Decrease government expenditure and increase money supply. e. None of the above.
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