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ECON 1010 Study Guide - Midterm Guide: Real Wages, Real Interest Rate, Black MarketExam


Department
Economics
Course Code
ECON 1010
Professor
All
Study Guide
Midterm

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YORK UNIVERSITY
FACULTY OF LIBERAL ARTS AND PROFESSIONAL STUDIES
DEPARTMENT OF ECONOMICS
ECONOMICS 1010 3.0 O
INTRODUCTION TO MICROECONOMICS
TEST 1
February 2016
Course Director: Steven Edwards
STUDENT NAME:
STUDENT NUMBER: __________________________________
INSTRUCTIONS:
A) This exam consists of thirty (30) multiple choice questions. There is only one correct
answer.
B) Please answer all questions by marking the appropriate spaces on the computerized answer
sheet. Use HB pencil only. Scantrons will not be returned.
C) If required, an English dictionary is allowed.
D) No calculators or electronic aids permitted.
E) All papers are to be handed in.
F) Time Allowed: 1 Hour (60 minutes)

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AP/ECON 1010 O Test 1 February 2016
______________________________________________________________________________
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Exam
Name___________________________________
Econ 1010 O Test 1 Winter 2016 Version A
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1)
Of the following items, which one would be considered as investment in the National Income and
Expenditure Accounts?
1)
A)
Your purchase of a new car.
B)
The purchase of a new van by a potter who packs it with his wares and travels to art shows
on weekends.
C)
The purchase of 100 shares of Bell Canada stock on the Toronto Stock Exchange.
D)
The purchase of a 100-year-old house that was put on the protected historic sites list.
E)
The purchase of a Canadian government bond.
2)
A firm's decision to invest in a project is based on the
2)
A)
nominal interest rate and expected total revenue.
B)
nominal interest rate and the expected profit.
C)
real interest rate and expected total revenue.
D)
expected future income, wealth, and default risk.
E)
real interest rate and the expected profit.
3)
Which one of the following people would be counted as unemployed in Canada?
3)
A)
Rebekah is a recent graduate looking for work.
B)
Ruth is a 14-year-old student and has been looking for an after-school job every day for the
past month.
C)
Sarah has been looking for a job but is taking a month-long break from the job-seeking effort
due to her lack of skills.
D)
Ron has quit looking because he believes that there is no work available for him.
E)
Simone is currently working but expects to be laid off by the end of the month, before next
month's survey can be completed.
4)
All of the following are sources of loanable funds except
4)
A)
business investment.
B)
international borrowing.
C)
government budget surplus.
D)
private saving.
E)
none of the above
5)
One of the reasons why real GDP grows is that
5)
A)
prices increase.
B)
governments collect more taxes.
C)
people have more income.
D)
imports increase.
E)
capital grows as a result of investment.
6)
At the beginning of the year, your wealth is $10,000. During the year, you have an income of
$80,000 and you spend $90,000 on consumption goods and services. You pay no taxes. Your wealth
at the end of the year is
6)
A)
B)
C)
D)
E)
1
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