Econonomics 1B Exam 2 Version A Key S2011

Econonomics 1B Exam 2 Version A Key S2011 - Economics 1B...

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Economics 1B Exam 2 – Version A Key Department of Economics Professor Siegler UC Davis Spring 2011 Note that the first 15 questions on Version A are roughly the last 15 questions on Version B, and vice verse. Part I: Multiple-Choice Questions (2 points each, 60 points in total). Please select only one answer for each question. 1. A plague causes the deaths of a large proportion of the working-age population in the country of Alpha. As a result, the real wage in Alpha _________ and employment in Alpha ________. A. increases; increases B. increases; decreases C. increases; does not change D. decreases; increases E. decreases; decreases 2. The voting members of the Federal Open Market Committee consist of _____ governors of the Board of Governors and ___ of the regional Federal Reserve Bank presidents. A. 5; 7 B. 5; 12 C. 7; 5 D. 7; 12 E. 7; 4 3. If real GDP per capita equaled $2,000 in 1900 and grew at a 3 percent annual rate, what would real GDP per capita equal 100 years later? A. $18,572 B. $29,456 C. $38,437 D. $37,789 E. $51,491 4. Governments contribute to increased labor productivity in each of the following ways EXCEPT by: A. establishing well-defined property rights. B. maintaining political stability. C. allowing the free and open exchange of ideas. D. maintaining the legal system. E. imposing taxes on wages.
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5. The M1 measure of money consists of the sum of: A. currency, checking deposits, and travelers’ checks. B. currency and travelers’ checks. C. currency, checking deposits, and savings deposits. D. checking deposits and travelers’ checks. E. checking and savings deposits. 6. Martha did not like her job as a receptionist, so she quit the job and is looking for one that better suits her artistic talents. Ting Pei would like to work, but employers are not willing to hire him because he does not speak English. Martha is ____ unemployed and Ting Pei is _____ unemployed. A. frictionally; structurally B. structurally; frictionally C. cyclically; structurally D. structurally; cyclically E. frictionally; cyclically 7. A shady bench on a hot day in a public park is an example of a good that is A. rivalrous and excludable. B. nonrivalrous and excludable. C. rivalrous and nonexcludable. D. nonrivalrous and nonexcludable. E. neither rivalrous nor nonrivalrous. 8. A German citizen buys an automobile produced in the United States by a Japanese company. As a result, A. U.S. net exports increase, U.S. GDP is unaffected, Japanese GNP increases, and German net exports decrease. B. U.S. net exports and U.S. GDP increase, Japanese GNP increases, and German net exports increase. C. U.S. net exports and U.S. GDP increase, Japanese GNP increases, and German net exports decrease. D.
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This note was uploaded on 02/07/2012 for the course ECON 1b taught by Professor Sheffrin during the Spring '07 term at UC Davis.

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Econonomics 1B Exam 2 Version A Key S2011 - Economics 1B...

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