midii2010questions

midii2010questions - Dr. Ulu October 2010 Temple University...

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1 Dr. Ulu October 2010 Temple University Macroeconomics Principles Midterm 2 Name:________________ Student ID:________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Gross domestic product is the total ________ produced within a country in a given time period. 1) _______ A) market value of all final and intermediate goods and services B) market value of all final goods and services C) amount of final and intermediate goods and services D) market value of all goods and services 2) In the figure above, which movement reflects an increase in demand? 2) _______ A) from point a to point e B) from point a to point b C) from point a to point d D) from point a to point c
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3) A normal good is a good for which 3) _______ A) there are very few complements. B) there are few substitutes. C) demand increases when income increases. D) demand decreases when income increases. 4) In the above figure, if the demand curve is D 2 , then 4) _______ A) the equilibrium price will be P 1 and the equilibrium quantity will be Q 1 . B) there will be a shortage equal to Q 2 - Q 1 . C) the equilibrium price will be P 1 and the equilibrium quantity will be Q 2 . D) an increase in price will shift the demand curve to D 3 . 5) If a market is NOT in equilibrium, then which of the following is likely to occur? 5) _______ A) The price will adjust to bring the market to equilibrium. B) The supply curve will shift to bring the market to equilibrium. C) The demand curve will shift to bring the market to equilibrium. D) Both A and B are correct.
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midii2010questions - Dr. Ulu October 2010 Temple University...

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