Sample Midterm1 - UniversitdOttawa UniversityofOttawa

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Université d’Ottawa  University of Ottawa Faculté des sciences sociales Faculty of Social Sciences Science Économique Economics 1. Macroeconomics includes the study of topics such as a. national output, the inflation rate, and the trade deficit. b. the price of Cisco stock, wage differences between genders, and antitrust laws. c. differences in market structure, and how consumers maximize utility. d. None of the above are correct. 2. Which of the following statistics is the best single measure of an economy's well-being? a. the unemployment rate b. the inflation rate c. GDP d. the trade deficit 3. If GDP rises, a. income and expenditure must both rise. b. income and expenditure must both fall. c. income must rise, but expenditure may rise or fall. d. expenditure must rise, but income may rise or fall. 4. In a simple circular-flow diagram, total income and total expenditures in an economy are INTRODUCTION TO MACROECONOMICS ECO 1102A – Summer 2011 Sample Partial Examination 1 50 multiple choice questions from chapters 5, 6, 7, 8 and 9 Which choice best completes the statement or answers the question? Page 1
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a. equal because firms are ultimately owned by households. b. equal only if there is no saving. c. never equal because some people’s income is not for production. d. equal because every transaction has a buyer and a seller. e. none of the above is true 5. Which of the following is the correct definition of GDP? a. the market value of all goods produced within a country b. the market value of all final goods and services produced by the citizens of a country c. the market value of all final goods and services consumed within a country over a number of years. d. the market value of all final goods and services produced within a country in a given period of time. e. None of the above are correct. 6. Which of the following is not included in GDP? a. unpaid cleaning and maintenance of houses b. services such as those provided by lawyers and hair stylists c. illegal drugs d. production of foreign citizens living in the Canada e. both a and c are correct 7. ) and think they have an even exchange. Other things the same, if instead they paid each other for the chores the other did GDP would a. fall. b. rise. c. be unaffected because paid or not, household chores are not included in GDP. d. be unaffected because paid or not, household chores are included in GDP. 8. The CPI is a measure of the overall cost of a. inputs purchased by a typical producer. b. goods and services bought by a typical consumer. c. goods and services produced in the economy. d. stocks on the New York Stock Exchange. 9.
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This note was uploaded on 07/31/2011 for the course MGMT 1102 taught by Professor Claude during the Spring '11 term at University of Ottawa.

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Sample Midterm1 - UniversitdOttawa UniversityofOttawa

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