ECON210 EXAM 3 FALL 1999

ECON210 EXAM 3 FALL 1999 - ECON 110 E Sankaran Fall 1999...

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ECON 110 E Sankaran Fall 1999 EXAM # 3 Instructions: Answer questions one to forty (1-40) on the provided scantron sheet by filling in the appropriate bubbles clearly and completely using a number 2 pencil. Each question is worth two points 1. If the CPI increases from one year to the next, the economy has experienced a. growth. b. deflation. c. stagflation. d. inflation. 2. April is the owner of a computer hot line company. It is very expensive for her to monitor all of her employees. She believes that her employees are shirking. What would efficiency-wage theory suggest that April do to reduce shirking? a. fire all existing workers and hire new ones b. spend more money and effort on monitoring c. give incentive pay to employees for turning in their fellow workers who are shirking d. raise wages above the market equilibrium level 3. When you accumulate cash in your piggy bank, you are using money as a a. store of value. b. unit of account. c. medium of exchange. d. means of payment. 4. When the overall level of prices in the economy is increasing, we say that the economy is experiencing a. economic growth. b. unemployment. c. inflation. d. deflation. 5. Productivity is a measure of a. the amount of goods and services produced from each worker in a given year. b. the amount of goods and services produced from each hour of a worker's time. c. the amount of goods and services produced per person in the country. d. the amount of goods and services produced by a country relative to another country. 6. Explaining the large variation in living standards around the world is very easy. According to the text, the explanation can be summarized in a single word-- a. competition. b. politics. c. gross domestic product. d. productivity. 7. Physical capital is a. the knowledge and skills that workers acquire while using machinery and tools. b. the stock of equipment and structures that are used to produce goods and services. c. education, training, and experience. d. land, rivers, and mineral deposits.
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8. Government policies can promote economic growth in many ways. Which of the following was not mentioned in the text? a. fostering education b. maintaining property rights c. maintaining political stability d. allowing unrestricted trade e. All of the above were mentioned 9. In the countries of South Asia in 1992, only 56 young women were enrolled in secondary school for every 100 young men.
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ECON210 EXAM 3 FALL 1999 - ECON 110 E Sankaran Fall 1999...

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