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# test2 - ECON 2105 Prof Calvet Exam 2 3:00pm MW Spring 2011...

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ECON 2105 Prof. Calvet Exam 2 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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Page 3 Name: __________________________ Date: _____________ PART 1 – Multiple Choice Questions (60 points) Choose the one alternative that best completes the statement or answers the question. ___ 1. The value added is equal to: A) the value of sales minus the value of intermediate goods used by a company. B) the value of intermediate goods. C) the sum of payments to labor and capital. D) the value of sales by a company. ___ 2. If both aggregate output and the aggregate price level increase: A) nominal GDP will increase faster than real GDP. B) it makes no difference to real or nominal GDP. C) real GDP and nominal GDP will increase faster than the price level. D) real GDP will increase faster than nominal GDP. ___ 3. With increases in unemployment, there is political demand to increase the length of time for which those laid off can receive benefits. This will lead to: A) increases in the unemployment rate. C) reductions in unemployment. B) more job destruction. D) more job creation. Use the following to answer question 4: Table: GDP ___ 4. (Table: GDP) The GDP for 2007, was: A) \$188 billion. B) \$139 billion. C) \$94 billion. D) \$168 billion.

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Page 4 ___ 5. Which of the following would be classified as consumption? A)
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test2 - ECON 2105 Prof Calvet Exam 2 3:00pm MW Spring 2011...

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