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Final

ECON 1010 Study Guide - Final Guide: Real Interest Rate, European Route E20, Demand CurveExam


Department
Economics
Course Code
ECON 1010
Professor
All
Study Guide
Final

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YORK UNIVERSITY
FACULTY OF LIBERAL ARTS AND PROFESSIONAL STUDIESDEPARTMENT OF ECONOMICS
AP/ECON 1010.03 SECTION T
Introduction to Macroeconomics
TEST #1 VERSION B
!
INSTRUCTOR: Tuesday, February 2nd, 2016
Gordana Colby 1 HOUR (4:00PM – 5:00PM)
LOCATION: ACE 102
NAME: _________________________________ _________________________________
LAST NAME FIRST NAME
STUDENT NUMBER: _______________________________________
SIGNATURE: _______________________________________
INSTRUCTIONS:
Make sure to print your NAME, STUDENT NUMBER and SIGN the sheet above. Write your
name and student number at the top left of each page.
Please fill in your answer to each question on the question paper in the space provided and
on the scantron sheet.
You must use a pencil to fill in the scantron sheets.
NO CALCULATORS are allowed.
You have 1 hour to answer all questions. All questions are multiple choice format.
For multiple choice answers, no work needs to be shown. The full marks will be granted if the
best answer is circled and zero otherwise.
Good luck!

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ECON1010 T - TEST 1
Name___________________________________
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1)
Using the Rule of 70, if the country of Flowerdom's current growth rate of real GDP per person
is 10 percent a year, how long will it take the country's real GDP per person to double?
A)
7 years
B)
49 years
C)
1 year
D)
0.7 years
E)
10 years
1)
Use
the
figure
below
to
answer
the
following
question.
Figure 22.3.3
2)
Refer to Figure 22.3.3. As a result of the rightward shift in the demand curve for labour from
LD 0 to LD 1, potential GDP ________, and potential GDP per hour of labour ________.
A)
B)
C)
D)
E)
2)
3)
In January 2014, Tim's Gyms, Inc. owned machines valued at $1 million. During the year, the
market value of the machines fell by 10 percent. During 2014, Tim spent $200,000 on new
machines. During 2014, Tim's net investment was
A)
B)
C)
D)
E)
3)
B - 1
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4)
A government budget deficit ________ the demand for loanable funds and ________ investment.
A)
B)
C)
D)
E)
4)
5)
In any year, real GDP
A)
B)
C)
D)
E)
5)
6)
If disposable income increases, people ________ saving and the real interest rate will ________.
A)
B)
C)
D)
E)
6)
7)
When labour productivity increases, the demand for labour curve ________ and the supply of
labour curve ________.
A)
B)
C)
D)
E)
7)
8)
When we use PPP we can make valid international comparisons of real GDP because we
A)
B)
C)
D)
E)
8)
9)
The real interest rate
A)
B)
C)
D)
E)
9)
B - 2
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