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QUIZ-III-ECO-3203-W2002-solaa

QUIZ-III-ECO-3203-W2002-solaa - NAME Student ID College of...

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NAME: _________________________________ Student ID: __________________________ College of Business Administration Department of Economics Aggregate Economic Condition Analysis Lecturer: O. Mikhail ECO 3203-0001 Spring 2002 QUIZ III This closed book QUIZ is worth 100 points. The exam totals 41 multiple-choice questions. Only your first 40 correct multiple-choice questions will count . Each multiple-choice question counts for 2.5 points. Allocate your time accordingly. Including the cover page, the exam totals 10 pages. Answer the multiple-choice questions on the computer sheet. DO NOT forget to write your name and your student id on: the computer sheet, the exam booklet and the BONUS question page. Non-Programmable calculators and language dictionaries are allowed. At the end of the exam, hand-in the computer sheet and the BONUS question page to the examiner. March 5, 2002 8:35 a.m. – 9:45 a.m. BA 221
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Multiple Choice Questions 1) An economy that has no interaction with the rest of the world is called a) an isolated economy. b) a closed economy. c) a parochial economy. d) a rogue nation. Answer: (b) 2) An economy that engages in international trade is called 3) Goods and services provided by the government are called 4) In an economic model, an exogenous variable is 5) In an economic model, an endogenous variable is a) a stand-in for more complicated variables. b) determined by the model itself. c) determined outside the model. d) a variable that has no effect on the workings of the model. Answer: (b) 2
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6) In a one-period economic model, the government budget constraint requires that government spending 7) Fiscal policy refers to a government’s choices over its 8) Making use of an economic model is a process of
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