Old Quizzes

Old Quizzes - Old Quizzes Some of the material on MT1 was...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Old Quizzes Some of the material on MT1 was covered in terms before Fall 2007 with an early-term 20-minute quiz. Following are copies of questions from a quiz that Professor Olney used for Economics 100B the previous three times she taught the course (Fall 2004, Fall 2003, Spring 2003). Answers to questions with "one right answer" are included. The answers immediately follow the question, in parantheses. If no answer is given, the question is an essay question. QUIZ from Fall 2004 (10 points possible) 1. (2 points) “Following Hurricanes Charley, Frances, Ivan, and Jeanne, homeowners in Florida hire workers to clean debris from their property.” Where would this activity be recorded on the expenditure side of GDP accounting? Your choices are C, I, G, GX, IM, and NR (not recorded). Give a brief explanation of your answer. ( Answer: C. This is an expense by households for home maintenance.) 2. (1 point) Within 1 percentage point, what is the current unemployment rate in the United States? Has the unemployment rate increased, decreased, or stayed about the same since 2000? (Answer: Requires knowledge of current events.) 3. (7 points) Suppose the capital-to-labor ratio is 20,000, real GDP per worker is 2,000, the personal saving rate is 20 percent, depreciation rate is 3 percent, labor efficiency is constant, and labor force is growing by 2 percent per year. Show all of your work, simplifying as far as possible without a calculator, or no points. If you don’t attempt any simplifying, you won’t get as many points as someone who does simplify. (A - 2 points) At what rate is the capital-labor ratio growing? (
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/10/2011 for the course ECON 100B taught by Professor Wood during the Spring '08 term at Berkeley.

Page1 / 3

Old Quizzes - Old Quizzes Some of the material on MT1 was...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online