7 EC 102, Fall 2010 Midterm I, Version 3

7 EC 102, Fall 2010 Midterm I, Version 3 - ECON 102:...

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ECON 102: Introductory Macroeconomic Analysis FIRST MIDTERM EXAM, Version 3 October 13, 2010 This exam contains 30 multiple choice questions. Identify the letter of the choice that best completes the statement or answers the question. Each question is worth an equal number of points. Be sure to answer questions on the bubble answer sheet provided. Any questions answered on the test question sheets will not be counted. Calculators are allowed. _______________________________________________ Please write your name on the test sheet and on the bubble sheet. VERY IMPORTANT : Write “3” in the space provided on the bubble sheet to indicate the version of your exam. Both the test sheet and the bubble sheet must be turned in at the end of the exam. _______________________________________________
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1.
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Which of the following will result in an increase in labor productivity? a.
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a decline in the amount of human capital per worker b.
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a decrease in the number of people attending institutions of higher education c.
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a decline in the capital stock per hour worked d.
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an increase in technology   2.
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Suppose your grandfather earned a salary of $12,000 in 1964. If the CPI is 31 in 1964 and 207 in 2008, then the value of your grandfather's salary in 2008 dollars equals a.
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$80,130. b.
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$68,130. c.
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$37,200. d.
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$21,120.   3.
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Why might firms pay wages that are above the equilibrium wage in a market? a.
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to encourage workers to form labor unions b.
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to reduce the unemployment rate c.
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to reduce profit d.
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to increase the productivity of their workers   4.
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Which of the following is not one of the possible explanations macroeconomists have advanced to explain the productivity slowdown of the mid-1970s to the mid-1990s in the U.S.? a.
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high oil prices causing premature obsolescence of capital b.
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stricter environmental regulations c.
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changes in the composition of the labor force d.
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a decline in the labor force participation rate   Table 7-6 2006 2009 Product Quantity Price Quantity Price Camera 100 $10 120 $12 Legal services 50 $15 45 $20 Books 200 $40 210 $45 5.
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Refer to Table 7- 6. Suppose that a very simple economy produces three goods: cameras, legal services, and books. Suppose the quantities produced and their corresponding prices for 2006 and 2009 are shown in the table above. What is real GDP in 2009, using 2009 as the base year? a.
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$28,885 b.
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$11,790 c.
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$11,200 d.
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$10,275   6.
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If prices are rising on average, then a.
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b.
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This note was uploaded on 04/26/2011 for the course ECON 102 taught by Professor Soffriti during the Spring '08 term at BU.

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7 EC 102, Fall 2010 Midterm I, Version 3 - ECON 102:...

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