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Makeup - ECON 2105 Prof Calvet Make-up exam 3:00pm MW...

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ECON 2105 Prof. Calvet Make-up exam 3:00pm MW Spring 2011 Version A Page 1 1. Write down your name and last 4 digits of Panther ID number on this page. (No name, no grade) 2. After completing your exam, you must hand in this entire exam booklet. 3. You can use only simple calculators. No wireless devices allowed. A NAME: ___________________________________ Last 4 digits of Panther ID :____________________ Please turn off your wireless devices.

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ECON 2105 Prof. Calvet Make-up exam 3:00pm MW Spring 2011 Version A Page 2
ECON 2105 Prof. Calvet Make-up exam 3:00pm MW Spring 2011 Version A Page 3 Name: __________________________ Date: _____________ PART 1 – Multiple Choice Questions (60 points) Choose the one alternative that best completes the statement or answers the question. Use the following to answer question 1: Table: Calculating GDP Rental Income \$2,400 Consumption spending 7,900 Investment spending 2,100 Wages and salaries 6,500 Exports 800 Interest Income 1,900 Government purchases of goods and services 2,600 Profits 1,400 Imports 1,200 1. (Table: Calculating GDP) Using the information in the table provided, which of the following is the correct calculation for GDP in 2010? A) \$34,085 B) \$21,485 C) \$47,475 D) \$12,200 2. At the income-expenditure equilibrium: A) inventory investment is zero. B) unplanned inventory investment is zero. C) investment net of depreciation is zero. D) planned investment is zero. 3. Economists claim that minimum wage laws: A) decrease the labor force participation rate. B) actually create more unemployment. C) create an opportunity for discouraged workers. D) help lower unemployment rate.

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Prof. Calvet Make-up exam 3:00pm MW Spring 2011 Version A Page 4 4. Assume that the Consumer Price Index (CPI) for 2009 was 124.0 and that the CPI was 130.7 in 2010. What was the inflation rate between the two years? A) 5.40% B) 3.20% C) 0.95% D) 6.70% 5. The natural rate of unemployment is: A) equal to the sum of frictional and cyclical unemployment. B) cyclical unemployment less frictional unemployment. C) the rate of unemployment that exists during recessions. D) equal to the sum of frictional and structural unemployment. 6. If real GDP per capita doubles in 11 years, its average annual growth rate is approximately _______. A) 3% B) 4% C) 6% D) 5% 7. An increase in the nation's overall price level is known as _____. A) inflation B) deflation C) unemployment D) long-term economic growth 8. The best measure of the opportunity cost of any choice is: A) whatever you have given up to make that choice, even if no monetary costs are involved. B)
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Makeup - ECON 2105 Prof Calvet Make-up exam 3:00pm MW...

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