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econ midterm answer key.pdf

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Economics 1022A/B
Jeannie Gillmore

Version 111 THE UNIVERSITY OF WESTERN ONTARIO LONDON CANADAJeannie Gillmore ECONOMICS 1022B002004 February 5 2011MIDTERM 1INSTRUCTIONS1 The examination begins at 400 pm and ends at 600 pm2 Check that your examination paper contains 17 pagesa BLACK PENCIL to complete your Scantron Form 3 UsePrint your NAME and complete your SIGNATUREEnter your STUDENT NUMBEREnter your SECTION NUMBER which is either 002 or 0044 Please hand in Scantron Form only5 You may use a regular calculator but you may not use a programmable or graphing calculator Your cell phone may not be used as a calculator6 Your cell phone must be switched off and left in your bag at the front of the exam room7 You must remain in the examination room until you have finished the exam No breaks outside of the examination room will be allowedNOTE QUESTIONS ARE PRINTED ON BOTH SIDES OF EACH PAGE Economics 1022B002004Midterm 1 February 5 2011MULTIPLE CHOICEChoose the one alternative that best completes the statement or answers thequestionUse the figure below to answer the following questionFigure 11Refer to Figure 1 which shows the circular flow of expenditure and income for Venus DuringABCD2008was 100was 50was 30 andwas 10 How much is aggregate expenditureA75B50C100D90ENone of the aboveexcept2In calculating GDP all of the following are excluded Asubsidies from the governmentBthe value of all homes built in the year in questionCthe value of intermediate goodsDthe value of used goodsEpurchases of stocks and bondsA1
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