Economics 3 Winter 2012 Dr. Maria Cândido 1 Student Name:_____________________________________ Student ID:________________________________________ Name of Student to your right:_______________________________________ Name of Student to your left: ________________________________________ Economics 3 First Midterm Examination Answer Key Winter Quarter 2012 February 2 nd Version B Instructions: a. You have 80 minutes to finish your exam. Write your name and ID number on the upper left corner of this page. Also write the names of the students to your left and to your right. b. Confirm that your test has 8 pages. The last page can be used as scratch paper. c. There are two parts to this exam – multiple-choice questions (Part I) and short-answer questions (Part II). You do not need to justify your answers for the multiple-choice questions. Show ALL your work for the short-answer questions. d. Use a pen to write your answers. You give up your right to a regrade if you choose to use a pencil. e. The table below indicates how points will be allocated on the exam. You can answer the questions in any order you like. Use your time carefully and efficiently. Question Possible Points Your Score Part I 30 Part II 1. 10 2. 20 3 8 4 12 5 20 Exam Total 100 f. With you, you should only have a pen, and a non-graphing calculator. g. You will NOT be allowed to leave the room during the exam. Turn off your cell phone and your IPod, and good luck!
Economics 3 Winter 2012 Dr. Maria Cândido 2 PART I: Multiple-Choice Questions (3 points each, 30 points total) You do NOT need to justify your answers for the multiple-choice questions. Please, fill your answers here. Use CAPITAL LETTERS. 1. ___ B ____ 2. ___ C ____ 3. ___ B ____ 4. ___ A ____ 5. ___ C ____ 6. ___ A ____ 7. ___ D ____ 8. ___ B ____ 9. ___ A ____ 10. ___ C ____ 1. Which of the following would increase the investment component of U.S. GDP? a. A laundry in Mexico purchases a new clothes-washing machine produced in the U.S. b. A laundry in Seattle purchases a new clothes-washing machine produced in the U.S. c. You purchase a new clothes washing machine produced in France. d. You purchase a new clothes washing machine produced in the U.S. 2. GDP excludes important factors that affect people's well being, such as the value of: a. goods produced domestically, but sold to foreigners. b. services purchased by households. c. leisure time. d. government purchases of goods and services. 3. Capital income includes: a. earnings of the self-employed. b.
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