Midterm - Macroeconomics Mid-Term Exam STUDENT'S NAME...

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Macroeconomics Mid-Term Exam STUDENT’S NAME ________ INSTRUCTIONS: 1. PLEASE PRINT YOUR NAME. 2. PRINT YOUR ANSWERS CLEARLY. MULTIPLE CHOICE QUESTIONS _C_____1. High-school athletes who skip college to become professional athletes a. obviously do not understand the value of a college education. b. usually do so because they cannot get into college. c. understand that the opportunity cost of attending college is very high. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high-school athletes. __C_____2. Resources are a. scarce for households but plentiful for economies. b. plentiful for households but scarce for economies. c. scarce for households and scarce for economies. d. plentiful for households and plentiful for economies. _B______3. The government enforces property rights by a. requiring property owners to pay property taxes. b. providing police and courts. c. forcing people to own property. d. providing public parks and recreation facilities. __D__4.The historical rise in living standards of American workers is primarily a result of a. the influence of labor unions in America. b. tariff protection imposed by the American government. c. the enactment of minimum-wage laws in America. d. the rise in American productivity. ____B___5. The opportunity cost of an item is a. the number of hours needed to earn money to buy the item. b. what you give up to get that item. c. usually less than the dollar value of the item. d. the dollar value of the item. 1
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____A___6. Duties of the Council of Economic Advisers include a. advising the president and writing the annual Economic Report of the President . b. implementing the president’s tax policies. c. tracking the behavior of the nation’s money supply. d. All of the above are correct. __C_____7. Almost all economists agree that rent control a. has no effect on the rental income of landlords. b. allows the market for housing to work more efficiently. c. adversely affects the availability and quality of housing. d. is a very inexpensive way to help the most needy members of society. __A_____8. Which of the following areas of study typifies microeconomics as opposed to macroeconomics? a. the impact of minimum-wage laws on employment in the fast food industry b. the effect of changes in household saving rates on the growth rate of national income c. the impact of faster money growth on the rate of inflation d. a comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth ____C___9. Which of the following is correct? a. A horizontal line has an infinite slope, and a vertical line has a zero slope. b.
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This note was uploaded on 01/31/2012 for the course ECON 201 taught by Professor Sinha during the Winter '11 term at Post.

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Midterm - Macroeconomics Mid-Term Exam STUDENT'S NAME...

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