Final W10 - Economics 201 NAME ______________________ Prof....

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Unformatted text preview: Economics 201 NAME ______________________ Prof. Robert J. Gordon Final Exam Winter 2010 Put your name on the answer sheet and circle your T.A. Section! Answer the multiple choice questions in the space provided below. Each multiple choice question is worth 1 point and has a single best answer. There is no guessing penalty so answer all the questions. There are 125 total points. You have two hours to complete this exam. TA: Heffner Zabinski Time: 9am 1pm WRITE YOUR MULTIPLE CHOICE ANSWERS IN CAPITAL LETTERS! If we can't read it, it's wrong. 1 11 21 31 41 51 2 12 22 32 42 52 3 13 23 33 43 53 4 14 24 34 44 54 5 15 25 35 45 55 6 16 26 36 46 56 7 17 27 37 47 57 8 18 28 38 48 58 9 19 29 39 49 59 10 20 30 40 50 60 Section 1: Multiple Choice (60 points) (In this section each question is worth 1 point) 1. In 2008, consumption spending is $7,000, government purchases are $2,000 and investment spending is $1,500. If GDP for 2008 is $10,300, then: A) exports are $400 and imports are $200. B) exports are $100 and imports are $200. C) exports are $500 and imports are $300. D) exports are $600 and imports are $800. 2 Which of the following major bubbles was NOT discussed in this course? A) Stock market bubble of 1927-29. B) Housing price bubble of 1975-79 C) Stock market bubble of 1996-2000 D) Housing price bubble of 2000-06 3 The short-run aggregate supply curve is positively sloped because: A) wages and other costs of production respond immediately to changes in prices. B) profit is lower when prices increase, so output decreases. C) workers are willing to work for lower wages rather than be laid off. D) higher prices lead to higher profit and higher output. 4 Federal funds are: A) government tax receipts B) loans made from the discount window C) loans between banks D) bank deposits at the Federal Reserve 5 In general, a change in the price level, all other things unchanged, causes: A) a shift of the aggregate demand curve. B) a movement along the aggregate demand curve. C) both a movement along the aggregate demand curve and a shift in the curve. D) no change in the purchasing power of assets. 6 Which of the following is the correct concept that shifts the AD curve to the right A) Increase in real net worth caused by decrease in price level B) Increase in real net worth caused by increase in nominal net worth C) Increase in real net worth caused by increase in the price level D) Increase in real net worth caused by an increase in liabilities 7 Other things being equal, investment spending __________ when __________. A) decreases; firms expect sales to fall B) increases; firms have excessive production capacity C) increases; the rate of growth of real GDP is low D) decreases; the obsolete or worn out physical capital increases 8 In the market for wooden furniture, if a countrys price in absence of international trade is lower than the price with trade, the country must: A) have absolute advantage in wooden furniture production B) import wooden furniture C) export wooden furniture D) have a surplus of wooden furniture 9 If the MPC is 0.8, t=0, and government spending decreases by $50 million, then equilibrium 9 If the MPC is 0....
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Final W10 - Economics 201 NAME ______________________ Prof....

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