AREC173 Study Guide - Midterm Guide: Reconsideration Of A Motion, Comparative Advantage, Hectare

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turquoisegnu128

23 Oct 2018

School

University of Alberta

Department

Agricultural and Resource Economics

Course

AREC173

Professor

All

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Document Summary

The exam consists of 8 questions on 8 pages. All questions are of equal importance and will be given equal weight in your exam grade. You have 5 minutes to read through the exam and ask clarifying questions before you start writing. Please do not start writing until i say you may. I provide a context and then make a statement. You answer whether you think that the statement is true, false or if you are uncertain. Then you provide an explanation for your answer. I provide direction for the explanations in some cases. I will award most marks for your explanation, rather than the true / false / uncertain answer per se. Make explicit reference to class presentations and / or readings to help bolster your explanation. Use a supply-demand graph or other type of graph if it will help your explanation.

Related Questions

After our last "conversation", I came up with some additional questions that I believe if I can answer when talking to my boss will increase my chances of landing a raise this year. It seems to me that if the economy grows, then my salary should grow as well. Given that this will be the premise of my argument, I need to have the following questions answered:

a) What would be the best measure of growth in the economy? I have heard the terms GDP, Personal income, Disposable income, and others that relate to the U.S. economy. Could you please sort out this terminology for me, and make a recommendation for which of these measures of economic performance I should use in my contract negotiations? If you could provide some definitions for these measures, it would make me feel more confident.
b) How fast has the economy grown over the last year, the last decade before the current recession, and since 1978 when I entered the job market? If you could provide this information as a percentage growth rate, I would greatly appreciate your efforts. Also, please show me your calculation in case I want to reproduce it for my boss. I am not so swift at the whole math thing.
c) Lastly, I was listening to a news broadcast the other evening and reported was discussing gross national income. This is confusing to me because I thought the measure of income and output were measure by GDP; at least that is what I remember from a friend of mine who took econ in college. Please give me a brief explanation of GDP and how it relates to gross national income. If you could provide a picture or diagram to help me understand I would greatly appreciate the effort. My boss gets crafty occasionally and I would like to understand these concepts if he starts talking about gross national income. Just in case. In addition, is this a good time to crank on my boss for the raise?

greywombat503

Answer the following questions:

a. What are the 3 functions of money?

b. The one-dollar-bill in your pocket/purse is a fiat money. Why?

c. List the 2 ways of measuring the money supply of the United States. In addition, list the components of each measurement of money supply.

d. True or False : Of the 2 measurements of money supply, M1 is broader. (If you answer false, you must provide a corrected statement.)

e. What is another term for time deposits?

f. Fill in the Blank: Fifth Third Bank borrowed money from the Federal Reserve Bank of Cleveland. The interest rate charged by the Federal Reserve Bank is called _______________.

g. Fill in the Blank: Ken owns a billion dollar company and has a wonderful credit history. When Ken borrows money for his business, Ken will more likely pay an interest rate specifically referred to as __________________.

h. True or False: Historically, the federal funds rate is lower than the discount rate. (If false, you must provide a corrected statement.)

i. How many regional Federal Reserve Banks are there in the United States?

j. List the 6 functions of the 'Fed.'

k. Who is the current chair of the Fed?

l. True or False: The chair of the 'Fed' is elected by the public. (If false, provide a corrected statement.)

m. What is the main objective of the Fed when implementing 'tight monetary policy?'

n. What is the main objective of the Fed when implementing 'looser (easy) monetary policy?'

o. True or False: It is logical for the Fed to decrease the discount rate if the economy is experiencing recession. (If false, provide a corrected statement.)

p. True or False: It is logical for the Fed to conduct an open market sale of securities if the economy is experiencing a relatively high inflation rate. (If false, provide a corrected statement.)

rubyimpala38

True/False Questions

Circle T or F for True or False. For full credit and reward for help, please provide a written answer using complete sentences for each question.

1. T F In a simple linear regression, if the independent variable has a small variance, the estimated slope coefficient, b^, will have a large p-value.

2. T F Demographic variables are included in an estimated demand function to proxy for tastes and preferences.

3. T F The estimated intercept, ?, in any simple or multiple regression has the same units of measure as the dependent variable, yi.

4. T F A trend variable in a linear regression model will shift the intercept up or down.

5. 5. T F In a simple regression, if the correlation between the dependent and independent variables is zero, the conditional mean of the dependent variable is equal to the unconditional mean.

Thank you to anyone able to help and I hope to hear from someone as soon as they can, I am trying to figure these out to reference for my test tomorrow. I am not sure how to properly state each of the answers and truly appreciate any help that anyone can give me in trying to help me with these questions.

AREC173 Study Guide - Midterm Guide: Reconsideration Of A Motion, Comparative Advantage, Hectare

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