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ECON 252 Midterm 1 - Spring 2010

ECON 252 Midterm 1 - Spring 2010 - 1 In 1931 President...

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1. In 1931, President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and 207 for 2007. President Hoover’s 1931 salary was equivalent to a 2007 salary of about a) $5507. b) $1,021,382. c) $1,140,000. d) $15,525,000. 2. Suppose Congress institutes an investment tax credit. What would happen in the market for loanable funds? 3. Suppose the government’s budget deficit rises. What would happen in the market for loanable funds? 4. Suppose that real GDP grew more in Country A than in Country B last year. 5. Other things the same, if a country increased its saving rate, in 40 years or so it would likely have a) higher productivity, and a higher growth rate of real GDP. b) higher productivity, but not a higher growth rate of real GDP. c) the same productivity and growth of real GDP it began with. d) None of the above is correct. 6. Other things the same, which of the following best describes the response of output as time passes to an improvement in technology?
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