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Midterm

ECON 1010 Study Guide - Midterm Guide: Unemployment, Nominal Interest Rate, Loanable FundsExam


Department
Economics
Course Code
ECON 1010
Professor
All
Study Guide
Midterm

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AP ECON 1010 B
MIDTERM TEST 1 – VERSION 1 (PINK COLOR)
FALL 2015
Last Name: ________________________________________ First Name: ___________________________
Student Number: __________________________________ Signature: ____________________________
PLEASE DO NOT OPEN EXAM UNTIL INSTRUCTED TO DO SO.
Please read the instructions below before you begin writing.
1. Print and sign your name and enter student number in the space provided above NOW
2. Please check that the color of your exam paper is different from the paper of the persons
seated on either side of you. Please raise your hand if you find you have the same color test
paper as the one next to you. Failure to inform the professor of this matter will result of ZERO.
3. Do not remove the staple of detach the pages during the exam.
4. Fill-in your answers on the scantron sheet provided with your pencil.
5. Only answers on the scantron sheet are graded. Any writing on the exam paper will not be
read for grading.
6. All the test questions and your scantron sheet must be returned. Failure to do so will result
in zero for the test and you will be charged with academic misconduct.
7. All electronic devices including cellular phone must be completely turned off and stored away
from the exam area. If a cellular phone is found in the exam area, you will receive zero for this
exam.
8. Total exam time is 60 minutes

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MULTIPLE CHOICE Q UESTIONS:
1) Which of the following statements is true?
A) Final goods and services produced in Canada by foreigners are part of Canada's GDP.
B) Final goods and services produced in Canada by foreigners are part of the foreign country's GDP.
C) Final goods and services produced in Canada by foreigners are imports.
D) Final goods and services produced in Canada by foreigners are exports.
E) Final goods and services produced abroad by Canadians are part of Canadian GDP.
2) The purchasers in the goods markets are
A) households and government only.
B) households, firms, government, and those who import our goods.
C) households, firms, and government only.
D) households and firms only.
E) households and net exporters only.
3) Which one of the following is false?
A) Y = C + I + G + X - M
B) Y - C - I - G - X + M = 0
C) Y + M = C + I + G + X
D) Y = C + I + G + M - X
E) X - M = Y - C - I - G
4) CanPack produces plastic parts. At the beginning of the year, they held $24 million worth of capital. At the end of the
year, they held $20 million worth of capital. One can conclude that
A) depreciation exceeded gross investment by $4 million.
B) net investment increased by $4 million.
C) depreciation equals $4 million.
D) gross investment decreased by $4 million.
E) gross investment increased by $4 million.
5) An art collector recently sold a piece of pottery for $300. He had purchased it intially for $200 two years earlier. How
will the most recent sale affect GDP?
A) GDP will increase by $300.
B) GDP will increase by $100.
C) GDP 2 years ago must be adjusted downwards by $200, and current GDP will rise by $300.
D) GDP is unaffected.
E) GDP will increase by $200.
6) The firm that printed your textbook bought the paper from XYZ Paper Mills. This purchase of paper ________ part of
GDP because the paper is ________ good.
A) is; a final B) is not; a final C) is; a non-renewable
D) is not; an intermediate E) is; an intermediate
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