QUIZ-III-ECO-3203-F2003-sola

QUIZ-III-ECO-3203-F2003-sola - 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 Fall 2003 QUIZ III This closed book QUIZ is worth 100 points. The exam totals 60 multiple-choice questions. Each multiple-choice question counts for 1.66 points. Allocate your time accordingly. Including the cover page, the exam totals 9 pages. Answer the multiple-choice questions on the computer sheet. DO NOT forget to write your name and your student id on both : the computer sheet and the exam booklet. Non-Programmable calculators and language dictionaries are allowed. At the end of the exam, hand-in the computer sheet to the examiner. November 25, 2003 7:30 a.m. – 8:50 a.m. BA 220
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Multiple Choice Questions 1) Consumption smoothing refers to a) the tendency of all consumers to choose the same amount of current consumption. b) the tendency of consumers to seek a consumption path over time that is smoother than income. c) the tendency of consumers to seek an income path over time that is smoother than consumption. d) consumer’s concerns about going heavily into debt. Answer: (b) 2) Intertemporal decisions involve economic decisions a) made within a given period of time. b) made in between two periods of time. c) involving tradeoffs across periods of time. d) that ignore concerns about the future. Answer: (c) 3) The simplest device to analyze dynamic decisions is a a) one-period model. b) two-period model. c) model that includes only the number of years of a typical consumer’s lifetime. d) continuous time model. Answer: (b) 4) For all bonds to be indistinguishable, 5) A one-period bond is a promise to repay a) ) 1 ( 1 r + units of goods in the second period. b) r units of goods in the second period. c) units of goods in the second period. ) 1 ( r + d) the original amount lent. Answer: (c) 6) The consumer’s lifetime budget constraint states that
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