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Exam 1 - Exam 1 EC2200 Principles of Macroeconomics-Section...

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Exam 1 EC2200 Principles of Macroeconomics-Section 6 TR 3.30 PM Spring 2011 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. The marginal benefit John gets from eating a fourth cheeseburger at a picnic is a. the total benefit John gets from eating four cheeseburgers minus the total benefit John gets from eating three cheeseburgers. b. the same as the total benefit of eating four cheeseburgers. c. less than the marginal cost of eating the fourth cheeseburger since he chose to eat the fourth cheeseburger. d. the total benefit John gets from eating five cheeseburgers minus the total benefit John gets from eating four cheeseburgers. ____ 2. The primary determinant of a country's standard of living is ____ 3. In the short run, which of the following rates of growth in the money supply is likely to lead to the lowest level of unemployment in the economy? ____ 4. In the circular-flow diagram, Figure 2-6 1
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A B C D F G 2 4 6 8 10 12 14 16 bathtubs 5 10 15 20 25 30 35 40 45 barrels ____ 5. Refer to Figure 2-6 . This economy has the ability to produce at which point(s)? a. A, B b. A, B, D c. A, B, C, F, G d. C, F, G Figure 2-8 Panel (a) Panel (b) J K L M N cups of coffee 1 2 3 4 5 6 donuts 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 cups of coffee 1 2 3 4 5 6 donuts 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 ____ 6. Refer to Figure 2-8, Panel (a). Production at point K is 2
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____ 7. “Prices rise when the quantity of money rises rapidly” is an example of a ____
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