101-2011-SampleMC

101-2011-SampleMC - Economics 101 Intermediate...

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Economics 101 Marek Kapiˇ cka Intermediate Macroeconomic Theory Spring 2011 Sample Midterm MC Questions Your name and perm #: Marek Kapicka, 123456 (5 points) 1 Multiple Choice Please answer each question on your scantron. You will get 5 points if you answer a question correctly and zero points if you answer a question incorrectly or if you do not answer it. There is only one correct answer for each question. 1. The relationship between the level of growth of an economic variable, g t , and its level, y t , is best approximated as (a) g t = y t - y t - 1 (b) g t = ln y t - ln y t - 1 (c) y t = ln g t - ln g t - 1 (d) ln g t = y t - y t - 1 2. For the study of economic growth, it is most helpful to examine movements in ......... ; for the study of business cycles, it is most helpful to examine movements in ......... (a) trend GDP; trend GDP (b) trend GDP; deviations from trend in GDP (c) deviations from trend in GDP; trend GDP (d) deviations from trend in GDP; deviations from trend in GDP 3. When we say the U.S. economy has grown on average at 2.1%, we mean 1
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