4223-ex3-s11-practice-answers[1]

4223-ex3-s11-practice-answers[1] - NAME SIGNATURE Economics...

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NAME:_________________________________________ SIGNATURE:____________________________________ Economics 4223 Williams Answer Key Practice Exam 3 Spring 2011 INSTRUCTIONS for the real exam: You have until the end of the class period to complete this 100-point exam. You must show calculations to receive any credit for numerical answers. Do not round numerical answers. You must write clearly using economics principles and concepts from class. Multiple answers to the same question will result in zero credit. Please ask the professor to clarify any question that seems unclear to you. Good luck on the exam! EXAM RULES for the real exam Cell phones must be turned off and put away. You may not use your cell phone, or PDA as a calculator. You may not share calculators. Your calculator’s memory and programming must be cleared prior to the beginning of the exam. You may not wear a hat/cap with a brim facing forward. If you leave the classroom during the exam, you may not return. You may not use scratch paper. If you look at another student’s exam, you will receive an F for the course, without warning. Any cheating on this exam results in an F for the course, without warning. 1
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1. (12 points) Name and briefly describe three things mentioned in class that any economy needs to achieve long term economic growth. (Your answer should be three sentences long, and each sentence should contain a “thing” that is needed for long term growth, and a description of the thing.) a. Educated labor force whose skill level rises over time. (“Human capital”) b. Technological progress: advancements in know-how that increase labor productivity over time. c. National savings that is used to fund an amount of physical capital that is rising in relation to the number of workers in an economy (so that physical capital per worker rises over time). 2. (12 points) Buffy says “We should increase the tax on big corporations.
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4223-ex3-s11-practice-answers[1] - NAME SIGNATURE Economics...

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