test_2_sat_answers - Food – 200% Clothing – 100% Part...

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TEST #2 – ANSWER GUIDE – Saturday Test Multiple Choice: Version 1 – Question #1 starts “Cyclical unemployment …” D,A,D,B,A, C,D,A,B,A C,C,A,B,D, B,C,A,C,A B,C,C,A,B, C,D,D,B,B B,B,C,A,C, B,B,A,A,A C,B,B,C,A, B,B,D,D,A Version 2 – Question #1 starts “In the country of Hyrkania…” A,C,A,C,D, C,C,C,B,A D,D,D,B,C, B,B,C,A,D C,B,D,B,C, D,C,D,A,A B,A,D,B,A, A,C,C,B,C B,D,B,B,B, D,B,A,C,D Version 3 – Question #1 starts “People who buy newly issued stock …” B,C,C,A,D, A,C,C,B,B A,B,D,D,C, D,B,B,C,A D,B,C,B,C, A,B,D,B,A B,D,A,C,C, C,C,C,D,A A,C,B,A,C, A,D,C,D,A Short Answer: CPI Question Version 1 Version 2 Version 3 Part (a) Food – 50% Clothing – 100% Food – 100% Clothing – 50%
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Unformatted text preview: Food – 200% Clothing – 100% Part (b) 60% 83.3% 150% Part (c) People who consume more clothing are worse off People who consume more food are worse off People who consume more food are worse off Money question 3 functions – store of value; unit of account; medium of exchange Peso is money in Mexcio since it fulfills all three functions of money. US bond is NOT money in Mexico – it is a store of value but is not the unit of account or the medium of exchange Growth question See podcast of lecture 13 for the diagram (worth 2 points). A verbal description of your diagram was worth 1 point. The catch up effect – poor countries grow faster than rich countries (worth 1 point)....
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This note was uploaded on 01/29/2012 for the course ECON 2b03 taught by Professor N.a during the Spring '11 term at McMaster University.

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