Practice Exam_1 - Name_ Discussion Section Instructor_ Econ...

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Name______________________________________________ Discussion Section Instructor____________________________ Econ 102: Fall 2011 (Eudey) Practice First Exam The exam is worth 30 points. Please circle your selection in the multiple choice problems, and write your answer in the space provided for the short-answer problems. Each multiple choice question is worth 1 point. Short-answer questions are each worth from 1 to 4 points, as indicated at the start of each short-answer problem. No books or notes are allowed during the exam.
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1) Gross investment is A) what is left over from total new private investment after depreciation. B) the total amount of private investment purchases, whether new or previously existing. C) the total amount of new private investment purchases. D) the wear and tear on private investment. 2) Depreciation is A) what is left over from total new private investment after use for a year. B) the total amount of private investment purchases, whether new or previously existing. C) the total amount of new private investment purchases. D) the wear and tear on private investment. 3) Transfer payments are excluded from government purchases in GDP accounting because A) they are difficult to measure. B) they are a reward to individuals who have been productive their entire lives. C) they are already included as part of investment. D) nothing is being produced in return for the payment.
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Write a SHORT ANSWER in the space provided 4) (1 point) Explain why the following statement is either true or false: The value of goods produced in a previous year but sold to households in the current year is added to the GDP for the current year. Write a SHORT ANSWER in the space provided
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This note was uploaded on 03/28/2012 for the course ECON 102 taught by Professor Drozd during the Fall '08 term at University of Wisconsin.

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Practice Exam_1 - Name_ Discussion Section Instructor_ Econ...

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