381 Final Spring 2008

381 Final Spring 2008 - ECON 381/MANEC 453/ACC 453 SPRING...

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Page 1 of 12 E CON 381/M AN E C 453/A CC 453 S PRING 2008 I NSTRUCTOR : M ATTHEW B UTLER F INAL E XAM PLEASE WRITE YOUR NAME HERE: ---------------------------------------------------- Instructions: This exam is closed book and closed notes. This isn’t a timed exam but there are diminishing returns to time spent on any given question so manage your time accordingly. This is an opportunity to show what you learned during the semester. Incomplete answers will get less than complete credit. Show your work . Label your graphs. Explain when the question asks that you explain. In a page where you have written multiple answers to a single question you must circle the answer you prefer to be graded or cross out the false starts you have made. You will lose points by not doing so. Partial credit will be rewarded so attempt each question to the best of your ability. There are 22 questions and 12 pages (including this cover sheet) in this exam. The first 20 questions are multiple choice questions. Your score for the multiple choice section will be determined solely by what you put on the scantron so make sure you bubble in the correct answer. If for some reason you are missing any of the 22 questions, please make it known to the testing center staff immediately. Please answer in the space allotted for each question. You may write on both the front and back of a page in answering the question but on that piece of paper only. I have indicated how much each question is worth. There are 200 total points on the exam. Good luck and remember that this test will be part of your curved grade. If you struggle with one or more problems it is likely that other students in the class will also struggle. I wish you the best of luck as you continue your academic career and beyond.
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Page 2 of 12 Multiple Choice Questions (100 Points): Questions 1 through 20 are multiple choice questions. Each question is worth 5 points. Your score for the multiple choice section will be determined solely by what you put on the scantron so make sure you write the correct answer. 1. If nominal GDP increased by 5 percent and the GDP deflator increased by 3 percent, then real GDP _____ by _____ percent. a. increased, 2 b. decreased, 2 c. increased, 8 d. decreased, 8 2. In the classical model, in the long run the level of national income in an economy is determined by its: a. real and nominal interest rate b. inputs of production and production function c. government budget surplus or deficit d. rate of economic and accounting profit 3. A competitive, profit-maximizing firm hires labor until the: a. marginal product of labor equals the nominal wage b. price of output multiplied by the marginal product of labor equals the nominal wage
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381 Final Spring 2008 - ECON 381/MANEC 453/ACC 453 SPRING...

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