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ECON1000 Summer2018 Exam2AA.pdf
ECON1000_Summer2018_Exam2AA.pdf
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ECON1000_Summer2018_Exam2AA.pdf-ECON 1000 (Summer 2018 – Section
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ECON1000_Summer2018_Exam2AA.pdf-ECON 1000 (Summer 2018 – Section
Page 3
13.
A firm operating in a “Perfectly Competitive Market” has “No Market Power,” which implies
that the firm
A.
must decrease its price in order to increase the quantity of output sold.
B.
faces a “vertical demand curve” for its output.
C.
would lose all its customers if it attempted to increase price above the prevailing market
price.
D.
More than one (perhaps all) of the above answers is correct.
14.
The “Unemployment Rate” is defined as the
A.
percentage of people in the labor force who currently do not have a job.
B.
percentage of people in the labor force who are currently looking for a job.
C.
percentage of all people in society who are currently looking for a job.
D.
percentage of people in the labor force who have a job, but who feel that they are
“undercompensated,” “unappreciated at work,” or “could easily find a better job.”
15.
___________________ provides a measure of the total value of all final goods/services produced
within an economy in a given period of time, with all goods/services valued according to “current
period prices,” whereas ___________________ provides a measure of the total value of all final
goods/services produced within an economy in a given period of time, with all goods/services
valued according to a “single set of common, constant prices.”
A.
Actual GDP; Hypothetical GDP.
B.
Hypothetical GDP; Actual GDP.
C.
Nominal GDP; Real GDP.
D.
Real GDP; Nominal GDP.
16.
______________ refers to an environment in which well-connected unscrupulous business people
use corrupt political systems to their advantage in order to obtain preferential treatment from
government.
A.
Crony Capitalism
B.
The Brain Drain
C.
The Rule of 72
D.
The Vicious Cycle of Poverty
For questions 17 and 18, consider a country with realized rates of inflation, unemployment, and GDP
growth in 2012, 2014, 2016, and 2018 as summarized in the table below.
2012
2014
2016
2018
Inflation Rate
1.7%
1.3%
– 1.2%
0.8%
Unemployment Rate
4.3%
5.0%
6.2%
6.0%
Real GDP Growth Rate
2.1%
1.8%
– 0.5%
0.4%
17.
In which year was the Misery Index greatest in value?
A.
2012.
B.
2014.
C.
2016.
D.
2018.
18.
In which year did this country realize “deflation”?
A.
2018.
B.
2016.
C.
2014.
D.
2012.
Page 4
19.
Of the countries for which we observed “Average Annual Working Time” in lecture, workers in
_____________ had the highest value of 2,246 hours per year.
A.
Mexico
B.
the United States
C.
Germany
D.
Norway
20.
High income countries with primarily market based economies, large stocks of technologically
advanced industrial capital, and a highly educated and skilled workforce (such as the United
States, Norway, Australia, Germany, and Japan) are referred to as
A.
“Commercially Independent Countries.”
B.
“Politically Superior Countries.”
C.
“Less Developed Countries.”
D.
“Industrially Advanced Countries.”
21.
Which of the following was NOT one of the three common ways to achieve economic growth
discussed in lecture?
A.
Have society make deliberate investments in overhead capital.
B.
Realize improvements in technology.
C.
Have individuals or society make deliberate investments in human capital and physical
capital.
D.
Have the military conquer neighboring countries in order to steal their natural resources.
22.
Which of the following scenarios illustrates the Free Rider Problem?
A.
Alice manages the only gas station in a rural town.
In order to maximize her profit, she
charges a price above her marginal costs of production.
B.
Pradeep grew up in India.
After earning a PhD at a prestigious school in upstate New
York he decided to become a college professor in the U.S. instead of moving back to
India.
C.
Recognizing that his one single vote will most certainly not determine the outcome of the
election, James chooses to not vote in the election for Governor of his state.
D.
Worried about an increase in crime, Andy’s neighbors are asking for voluntary
contributions in order to hire a private security guard to patrol their subdivision every
night.
Andy chooses to tell his neighbors that he does not think there is any need to hire
the security guard and that he will not contribute any money toward the cost (even though
he will get a benefit from the resulting reduction in crime).
23.
Focusing on GDP Growth Rates between 1970 and 2014, _______ grew at an average rate of
9.29% per year over this entire 45 year period.
A.
The European Union
B.
Japan
C.
China
D.
Mexico
24.
Around the time of the Cuban Revolution in 1953, Real Per Capita GDP in Puerto Rico and Cuba
were roughly equal to each other (standing at about $2,000).
By 2008, Real Per Capita GDP was
________ in Cuba and ________ in Puerto Rico.
A.
$43,562; $34,318.
B.
$29,285; $28,117.
C.
$3,746; $15,074.
D.
$1,785; $1,803.
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