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Midterm 2 Review - Name Economics 222 Fall 2008 Midterm...

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Name: ________________________________ Economics 222, Fall 2008, Midterm Exam #2 Circle the best response. There is exactly one correct answer per question. There are 34 questions total. 1. The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called a. physical capital. b. natural resources. c. human capital. d. technological knowledge. 2. The key determinant of a person's standard of living in a country is 3. If your firm has constant returns to scale, then if you doubled all your inputs your firm's output would 4. Which of the following is correct?
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5. Last year real GDP in Oceania was 561.0 billion and the population was 2.2 million. The year before real GDP was 500.0 billion and the population was 2.0 million. What was the approximate growth rate of real GDP per person? a. 12 percent b. 10 percent c. 4 percent d. 2 percent 6. Megasoft wants to finance the purchase of new equipment for developing security software called Doors , but they have limited internal funds. Megasoft will likely 7. According to the definitions of private and public saving, if Y, C, and G remained the same, an increase in taxes would
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