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203-final-summer-2010-answers-POST

203-final-summer-2010-answers-POST - Concordia University...

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Concordia University Department of Economics ECON 203 – INTRODUCTION TO MACROECONOMICS Summer 2010 COMMON FINAL EXAMINATION VERSION 1 AND ANSWERS LAST NAME: ___________________________ FIRST 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 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 your answers for the multiple-choice questions on the computer scan-sheet with a pencil . For Parts II to IV, write all your answers on this exam. Do not use additional booklets. 4. You are allowed to use a non-programmable calculator and a dictionary. You may use either pen or pencil to provide your answers for Parts II to IV. Grades: Part I: __________ Part II: __________ Part III: __________ Part IV: __________ Total:
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Part I: Multiple Choice Questions. Write all answers on the computer sheet with a PENCIL (Total=25 marks). 1. Which of the following statements is FALSE? a) If double counting is not prevented, the GDP measurement will be too low. b) GDP includes all market values of goods and services produced during a given time period. c) Since GDP includes only the value of currently produced goods, second-hand transactions are not included in GDP. d) GDP measures the market value of final goods and services produced in a country during a given time period. e) GNP can be higher or lower than GDP. 2. If nominal GDP increases by 10 percent from one year to the next but real GDP is unchanged, then which of the following is (are) correct: 3. If nominal GDP grows by 7% and the GDP deflator increases from 110 to 115.5, then real GDP:
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