ECMC61_Sample_Midterm.docx

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Department
Economics for Management Studies
Course
MGEC61H3
Professor
Iris Wu
Semester
Winter

Description
ECMC61 Sample Midterm QuestionsThe followings are collections of part midterm questionsThese questions are compiled from different midterms the total marks do not add up to 100 and are for your practice onlyYou should also practice the review questions and assignmentInstructionsAnswer all questionsPoint form is acceptableRegrade will not be done for penciled answerYou must submit this question sheet with your examination booklets in order to receive the gradeIf the question has more than one part label each part of your answerLatter parts of the question will not be graded if you failed to label your answereDo not write EqE increasesdecreases in your answer you have to answer whether the currency appreciatesdepreciatesPOINTS WILL BE SUBTRACTED IF YOU DO NOT FOLLOW THIS INSTRUCTIONLabel your graph otherwise marks will be subtractedNo credit will be given if you do not show your workYour answer should be structured in a way such that those know little about economics will have no difficulty understanding your argumentanswerQuestion 1 15 points The world consists of two open economies only FinCity and TradeTownThe following table provides some macroeconomic data for these countriesFinCityTradeTownGross domestic products7500Consumption9000InvestmentGovernment spending3000Current AccountNonreserve portion of financial accountOfficial reserve transactions300Capital account00NoteEmpty cell only means the data is not given in the questionAdditional information given about both economiesIn FinCity consumption investment and government spending represent 75 15 and 20 of the economys output respectivelyThe level of GDP in TradeTown is two times of FinCitys GDPThe level of investment in TradeTown equals to 15 of its GDPThe stock of official reserves of TradeTown increase by 300aFill in the empty cells of the above table The table is reproduced in the answer sheetsNo need to show your work10 points1
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