E202F10Exam1V1PDF - Douglas Fall 2010 Version A Special...

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Douglas, Fall 2010 Version A Special Codes 00001__ PLEDGE: I have neither given nor received unauthorized help on this exam. SIGNED:__________________________ PRINT NAME: __________________________________ 2 Econ 202 Midterm 1 Figure 4-7 1. Refer to Figure 4-7. At the equilibrium price, a. 600 units would be supplied, but only 200 would be demanded. b. 600 units would be supplied and demanded. c. 200 units would be supplied and demanded. d. 400 units would be supplied and demanded. 2. Refer to Figure 4-7. At a price of $35, a. there would be a surplus of 200 units. b. there would be a surplus of 600 units. c. there would be a shortage of 400 units. d. there would be a surplus of 400 units. 3. If a small country has current nominal GDP of $20 billion and a GDP deflator of 50, what is its real GDP? a. $100 billion b. $40 billion c. $10 billion d. $4 billion 4. What would happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up, and the price of jelly (a complementary good) fell? a. It is impossible to predict how price and quantity will change. . b. Quantity will fall and price may either rise or fall. c. Price will fall and quantity may either rise or fall. . d. Price will rise and quantity may either rise or fall. 5. Which of the following will definitely cause equilibrium quantity to fall? a. demand and supply both increase b. demand increases and supply decreases c. demand decreases and supply increases d. demand and supply both decrease
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Econ202 Exam 1, Fall 2010, Version A Douglas 2 Table 28-1 Labor Data for Wrexington Year 2004 2005 2006 Adult population 2000 3000 3200 Number of employed 1400 1300 1600 Number of unemployed 200 600 200 6. Refer to Table 28-1. The labor-force participation rate of Wrexington in 2006 was a. 56.25%. b. 88.9%. c. 50%. d. 100%. 7. Refer to Table 28-1. The labor force of Wrexington in 2006 was a. 1600. b. 3200. c. 1800. d. 3000. 8. Refer to Table 28-1. The unemployment rate of Wrexington in 2006 was a. 6.25%. b. 11.1%. c. 56.25%. d. 200%. 9. In the “circular flow” model’s markets for input factors of production, a. households are sellers and firms are buyers. b. households and firms are both buyers. c. households and firms are both sellers. d. households are buyers and firms are sellers. 10. Policies that reduce the time it takes unemployed workers to find new jobs a. can reduce both frictional unemployment and the natural rate of unemployment. b.
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E202F10Exam1V1PDF - Douglas Fall 2010 Version A Special...

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