203-final-Fall-2009-answers-v1-revised - Concordia...

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Concordia University Department of Economics ECON 203 – INTRODUCTION TO MACROECONOMICS Fall 2009 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. If Y<AE, then inventory would A) Increase and Y would increase. B) Increase and Y would drop. C) Decrease and Y would increase. D) Decrease and Y would drop. E) Decrease and Y would remain constant. 2. Which of the following best describes automatic built-in stabilizers in Canada? A) Income tax collections automatically fall as GDP falls. B) Autonomous government spending automatically rises as GDP falls. C) The size of the autonomous goods market multiplier varies inversely with the level of GDP. D) A and B only. E) All of the above. 3. Monetary policy is expected to influence aggregate demand, output and employment through its effect on: A) consumption expenditure. B) investment expenditure. C) government expenditure D) Both A and B. E) Both A and C. 4. A five-dollar bill issued by the Bank of Canada is: A) A liability of the Bank of Canada. B) An asset of the Bank of Canada. C) A liability of the Bank of Canada until it is spent. D) Your liability if you hold that note. E) None of the above. 5. A good produced in 2002 and held in inventory until it is sold in 2004 would be included in which year’s GDP? A) Half the value in 2002 and half the value in 2004. B) In 2004 GDP. C) In 2002 GDP. D) First included in 2002’s GDP, but subtracted two years later and to be added to 2004’s GDP. E) Will not be measured in GDP since the sale was delayed.
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203-final-Fall-2009-answers-v1-revised - Concordia...

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