Exam 1 (practice) fall 2011

Exam 1 (practice) fall 2011 - ECO 402. Exam 1. Name ID The...

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ECO 402. N a m e I D Exam 1. The total of this exam is 105 points (including 5 bonus points). The exam consists of 5 pages. Part I (3 points each) Summarize your answers in the space below. For questions in the back page, use the blank space. 1. _________ 2. ___________ 3. ___________ 4. ___________5. _________ 6. _________ 7. ___________ 8 ___________ 9. ___________10. _________ 11._________ 12.___________ 13. ___________ 14. __________15. _________ 16._________ 17.___________ 18. ___________ 19. ___________20. _________ 1. A typical trend during a recession is that: a. the unemployment rate rises. b. the popularity of the incumbent president falls. c. income falls. d. all of the above 2. All of the following actions are investments in the sense of the term used by macroeconomists except: a. IBM’s building a new factory. b. Corner candy store’s buying a new computer. c. John Smith’s buying a newly constructed home. d. Sandra Santiago’s buying 100 shares of IBM stock. 3. If nominal GDP grew by 8% and GDP deflator grew by 6%, then real GDP grew by approximately ____%. 4. If bread is produced by using a constant-returns-to-scale production function, then if the amounts of equipment and workers are both doubled, four times as much bread will be produced. T/F? 5.
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Exam 1 (practice) fall 2011 - ECO 402. Exam 1. Name ID The...

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