old exam questions for midterm 2

old exam questions for midterm 2 - ECON 110 E Sankaran EXAM...

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ECON 110 E Sankaran 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. 4. When the overall level of prices in the economy is increasing, we say that the economy is experiencing 5. Productivity is a measure of 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-- 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. 8. Government policies can promote economic growth in many ways. Which of the following was not mentioned in class? 10. When setting up a business, you might need to purchase a building, factory, machines, computer, filing cabinets, and furniture. This type of purchase would be called __________ by an economist.
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12. When a country saves a large portion of its GDP,
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