Econ_1102_Practice_Midterm_1b

# Econ_1102_Practice_Midterm_1b - Economics 1102 Lecture 032...

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Economics 1102 Lecture 032 Fall Semester 2007 Midterm 1 - Practice Name: (1pt) For full credit, graphs must be completely LABELED and math work shown. Be sure to justify your answers clearly and precisely for full credit, even if question does not explicitly ask for justification. Each page may have has its own directions. Follow the directions carefully. The value of the problems sum to 110 points, but a maximum score for this assignment is 100 points. Nothing over 100 points will be counted. Rambling or incoherent responses shall be penalized even if correct. Points are rewarded for answers consistent with those your instructor would give to the same question. This exam is 7 pages (including this front page), numbered 0-6. If questions ask for parts, only the first x parts will be graded. For grading only: score received on the following PAGE 0 1 2 3 4 5 6 . Total 1

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( 12 pts, 1 pts each ) Below are some terms and definitions. Match them (one definition per term). a) Absolute Advantage b) Real Gross Domestic Product c) Recession d) Scientific Method e) National Income f) GDP Deflator g) Marginal Cost h) Positive marginal product production function i) Scarcity j) Production Possibilities Frontier k) Growth Policy l) GDP per capita 2
II. ( 20 pts, 5 pts each ) Suppose the inflation rate from 2006 to 2007 is 35% and suppose 2006 is the base year for the CPI. Pam is going to work for 2 years before she enters graduate school. Her job pays her \$30,000 in 2006 and \$40,000 in 2007 Just like in real-life, salaries in this problem are given nominally. a)

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Econ_1102_Practice_Midterm_1b - Economics 1102 Lecture 032...

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