ECON201Final - Department of Economics The Ohio State...

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1 Department of Economics The Ohio State University Summer 2010 Ramseyer Hall (RA) 0100 M-Th 5:30PM-7:18PM http://carmen.osu.edu ECON 201 – Final Directions: Answer all the questions. Illegible answers will be marked as ‘incorrect’. You have one hour and forty-eight minutes to complete this exam. Write directly on the exam. On the multiple choice, be sure to answer the questions in the space provided. There are thirty (30) multiple choice questions followed by sixteen (16) short answer questions. I suggest reading through the exam before attempting it. Please also make sure that your exam has 8 two sided pages. If you don’t please let me know immediately. The exam is closed book and most importantly closed neighbor! You are allowed to use a calculator but you are NOT allowed to use the programmable feature of your calculator. Extra scratch paper is available on request. Please read the questions carefully, some of them are tricky. Name: _________________________________________________ I certify that I will not cheat on this quiz. I will do my best on this exam to uphold Ohio State’s high academic standards” Signature: ______________________________________________ GOOD LUCK! Multiple Choice Questions: _____ x 1.5 = _____ / 45 Short Answer Questions: _____ / 40 TOTAL : _____ / 85
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2 Multiple Choice Questions (1.5 points each) Answer the following multiple choice questions in the space provided: 1. If the price of computers increases and the demand for monitors decreases, then a. computers and monitors are complements. b. computers are a normal good and monitors are inferior. c. computers and monitors are substitutes. d. computers are an inferior good and monitors are normal. Answer: . 2. If the expected price of a good falls what happens to the current equilibrium price: a. equilibrium price will increase. b. equilibrium price will decrease c. equilibrium price will not change. d. equilibrium price will be indeterminate. Answer: . 3. The Fisher effect is the tendency for ____ interest rates to be ______ when inflation is high. a. real; high b. real; low c. market; low d. nominal; high Answer: . 4. Bob's Barber Shop cut 3,000 heads of hair in the year 2005 and 3,100 in the year 2006. The price of a hair cut was $7 in 2005 and $8 in 2006. If the year 2005 is the base year, what was Bob's contribution to real GDP in the year 2006? a. $21,000 b. $21,700 c. $24,000 d. $24,800 Answer: .
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3 5. A regular payment received by stockholders for each share they own is called a: a. coupon payment. b. dividend. c. bond. d. stock holder rate payback (SHRP) Answer: . 6. There is $5,000,000 of cash in Econland, all held by banks as reserves. The public does not hold any currency. If the required reserve ratio is .25 and banks don't hold any more reserves than is required, then the money supply equals: a. $5,000,000 b. $6,250,000 c. $10,000,000 d. $20,000,000 Answer: . 7.
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ECON201Final - Department of Economics The Ohio State...

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