Macro_Sample_Test__1_Fall_2010

Macro_Sample_Test_1 - M ACROECONOMICS ECON 104 Name G eorge M ason U niversity Enterprise Hall R oom 80 Last N ame First N ame N ot S tudent I D 1

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MACROECONOMICS - ECON 104 - Name George Mason University - Enterprise Hall Room 80 Last Name, First Name Not Student ID 1st Interim Exam - Fall 2008 - Section 002 - 7:20 to 10:00 PM, Wednesday Evening - Instructor: E.C. Holt 24 September 2008, Chapters 1 thru 6, including Appendix to Chapter 1. When finished, please sign pledge below and tum in both this test and your Scantron. HONOR PLEDGE: I have neither given nor received aide on this exam. Signed: _______________ (Student's Signature) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) All economic questions are about A) how to make money. C) what to produce. B) how to satisfy all our wants. D) how to cope with scarcity. 1) 2) Which of the following is a microeconomic topic? A) The reasons for a decline in average prices. B) The reasons why total employment decreases. C) The effect of the government budget deficit on inflation. D) The reasons why Kathy buys less orange juice. 2) ___ 3) Human capital is A) all capital owned by individuals, but not by corporations or governments. B) the skill and knowledge of workers. C) all capital owned by individuals or corporations, but not by governments. D) machinery that meets or exceeds federal safety standards for use by humans. 3) ___ 4) The opportunity cost of something you decide to get is A) all the possible alternatives that you give up to get it. B) the lowest valued alternative you give up to get it. C) the highest valued alternative you give up to get it. D) the amount of money you pay to get it. 4) 5) The benefit that arises from an increase in an activity is called A) the marginal benefit. B) the marginal cost. C) an incentive. D) opportunity cost. 5) ___ 6) Which of the following is an example of a positive statement? A) Households are the primary source of saving. B) The foreign sector should be more tightly controlled. C) Government should not redistribute income. D) Business firms ought to contribute more to charities. 6) ___ 1
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---- 7) Economic models 7) A) always use graphs. B) are essentially different from those used in other sciences. C) simplify reality. D) include all relevant facts. Interest rate = 5% 8 o 8 16 24 32 40 48 Household income [thousands of dollars per year) 8) ___ 8) In the above figure, when income is zero, household expenditures equal A) $4000. B) $1000. C) O. D) $8000. x y 0 0 1 3 2 6 3 9 4 12 5 15 9) Using the data in the table above, with y measured on the vertical axis, the slope of the line relating 9) ytoxis A) 3. B) 1. C) 1/3. D) 6. 10) The production possibilities frontier is the boundary between 10) ___ A) those wants that are limited and those that are unlimited. B) those combinations of goods and services that can be produced and those that cannot.
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This note was uploaded on 10/11/2011 for the course ECON 103 taught by Professor Holt during the Fall '08 term at George Mason.

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Macro_Sample_Test_1 - M ACROECONOMICS ECON 104 Name G eorge M ason U niversity Enterprise Hall R oom 80 Last N ame First N ame N ot S tudent I D 1

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