Econ_199_Aut_06_Exam__1

Econ_199_Aut_06_Exam__1 - Introduction to Macroeconomics...

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Introduction to Macroeconomics Allen R. Sanderson Economics 19900 Autumn 2006 FIRST HOUR EXAMINATION Name (Please Print): ______________________________________ [40 Points Possible] Part I. Multiple Choice. Circle letter corresponding to your answer. One point each; 20 points total. 1. Real GDP: a. is the maximum output that can be produced when resources are fully employed. b. includes (or measures) everything produced in an economy in a given time period, generally one year. c. is normally a larger figure or number than nominal GDP for the typical (or a given) year. d. could be larger, smaller or the same as potential GDP. e. equals potential GDP minus imports, then adjusted for the rate of price level change. 2. Which one of the following variables is a stock? a. consumption b. investment c. wealth d. GDP e. Social Security payments to retired workers 3. In the U.S., business cycles are identified and dated by: 4. The mildest and shortest of recent U.S. recessions was in: 5. Which of the following is incorrect ? 6. Real GDP per capita can be criticized as a measure of economic welfare because: a. inflation distorts the actual number or amount of goods and services actually produced. b. it includes intermediate goods. c. it ignores the value of leisure time and the value of goods produced in the home. d. production has come mainly at the expense of environmental degradation, and exploiting low-wage workers in other counting, leaving us decidedly worse off as a nation. e. there is simply no relationship between output (or income) and well-being (or happiness).
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