Econ+13+--+Final+Exam+--+Spring+2011-Ver+A

Econ+13+--+Final+Exam+--+Spring+2011-Ver+A - UCI - Econ 13...

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UCI -- Econ 13 -- Spring 2011 Final Exam (100 points) Version A Time allowed: 120 min Name: ID: TA: Multiple Choice (4 pts each) Identify the choice that best completes the statement or answers the question. ____ 1. Which of the following statements about inputs is correct? a. A forest is an example of a natural resource; it is also an example of a renewable resource. b. There is no distinction between human capital and technological knowledge. c. Human capital is a non-produced factor of production. d. Physical capital is a non-produced factor of production. ____ 2. Which of the following would be human capital and physical capital, respectively? a. for an accounting firm, the accountants’ knowledge of tax laws and the number of hours worked by those accountants b. for a grocery store, grocery carts and cash registers. c. for a restaurant, the chefs’ knowledge about preparing food and equipment in the kitchen d. for a library, the building and the reference librarians’ knowledge of the Internet ____ 3. On a production function, as capital per worker increases, output per worker a. increases. This increase is larger at larger values of capital per worker. b. increases. This increase is smaller at larger values of capital per worker. c. decreases. This decrease is larger at larger value of capital per worker. d. decreases. This decrease is smaller at larger value of capital per worker. ____ 4. If the nominal exchange rate e is foreign currency per dollar, the domestic price is P , and the foreign price is P *, then the real exchange rate is defined as a. e ( P */ P ). b. e ( P / P *). c. e + P / P . d. e - P / P *. ____ 5. Other things the same, the real exchange rate between American and British goods would be higher if a. prices of British goods were higher, or the number of pounds a dollar purchased was higher. b.
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Econ+13+--+Final+Exam+--+Spring+2011-Ver+A - UCI - Econ 13...

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