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Saka Econ 010 F12 Final Exam.pdf
Saka_Econ_010_F12_Final_Exam.pdf
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Saka Econ 010 F12 Final Exam.pdf-Final Exam ECON 0...
Saka_Econ_010_F12_Final_Exam.pdf-Final Exam ECON 010, Fall 2012
Saka Econ 010 F12 Final Exam.pdf-Fi...
Saka_Econ_010_F12_Final_Exam.pdf-Final Exam ECON 010, Fall 2012
Page 5
NAME:
RI’s NAME:
10. Refer to the following short-run and long-run Phillips curves graph.
Suppose the economy is at Point A, an increase in money supply will move the economy to Point _____
in the short run.
A) E
B) D
C) C
D) B
11. Which of the following is included in both the U.S. GDP and GNP?
(Ford and General Motors are American; Nissan and Toyota are Japanese brands).
A) The value of all cars produced by Ford in Mexico.
B) The value of all cars produced by General Motors in the US.
C) The value of all cars produced by Toyota in the US.
D) The value of cars produced by Nissan in Japan and the US.
12. The base year in the economy is 2002. If real GDP in 2003 using 2002 prices is lower than nominal
GDP of 2003, then:
A) prices in 2003 are lower than prices in 2002.
B) nominal GDP in 2003 equals nominal GDP in 2002.
C) prices in 2003 are higher than prices in the base year.
D) real GDP in 2003 is larger than real GDP in 2002.
5
Page 6
NAME:
RI’s NAME:
13. Consider the following SRAS-LRAS graph.
Which of the following statements characterizes an output level of $800?
A) It is sustainable over the long run without inflation.
B) It is achievable only in the long run.
C) It is attainable in the short run but it is associated with increases in the price level.
D) It can be achieved only if investment is independent of the interest rate.
14. The discount rate is:
A) the interest rate commercial banks charge each other for borrowing funds.
B) the interest rate commercial banks charge their new customers.
C) the interest rate the Fed charges commercial banks for borrowing funds.
D) None of the above.
15. Refer to the following graph.
Assume the economy is at Point A. Higher oil prices shift the aggregate supply curve to
SRAS
2
. If the
government decides to counter the effects of higher oil prices by increasing government spending, then
the price level will be _____ than
P
2
and output will be ____ than
Y
2
.
A) greater; greater
B) greater; less
C) less; less
D) less; greater
6
Page 7
NAME:
RI’s NAME:
Part 2: True-False-Uncertain (15 points, 1 point each)
No partial credit.
For each question, circle either
True
or
False
. You do not have to provide an explanation.
1.
The larger the Marginal Propensity to Consume (MPC), the smaller the Government spending
multiplier.
True
False
2. If discouraged workers were counted as unemployed, the measured unemployment rate would increase.
True
False
3. When you take $100 from your checking account and deposit it in your saving account, M2 increases.
True
False
4. If money supply decreases, then the interest rate will fall.
True
False
5. If the inflation rate is higher than expected, borrowers benefit, lenders lose.
True
False
6. If the Fed increases the required reserve ratio, Money Supply increases.
True
False
7. The CPI somewhat overstates changes in the cost of living because it does not allow for substitutions
that consumers might make in response to price changes.
True
False
7
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