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Final

ECON 1010 Final: ECON1010 Term Test 1 2010 WinterExam


Department
Economics
Course Code
ECON 1010
Professor
All
Study Guide
Final

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YORK UNIVERSITY
Department of Economics
LAPS/ECON 1010 P, Q Introduction to Macroeconomics
February 4, 2010 Professor A. Cohen
TERM TEST #1
INSTRUCTIONS:
1. PRINT your name: ________________________ _________________
(Last Name) (First Name)
2. Student Number: _____________________________
3. WebCT / PassportYork User ID: _____________________________
4. Signature: _____________________________
On the top of the pink computerized answer sheet, use an HB pencil to:
5. Print your full name on the horizontal line provided.
6. Print your student number in the vertical space provided and fill in the corresponding
rectangles for each digit.
7. The test has 2 parts. Answers to Part I (Multiple Choice Questions) must be entered on the pink
computerized answer sheet. Use only an HB pencil. The answer sheet will not be returned;
the rest of the test paper will be returned. Answers to Part II (Problems) must be entered on the
problem pages. Where required, you must show your calculations to receive credit.
Problem answers can be done in pen or pencil, but pencil answers cannot be appealed.
8. The test is 50 minutes, 90 marks. Insert (do NOT bend or fold) the pink computerized answer
sheet in the middle of the test paper when you are finished.
9. NO CALCULATORS, DIGITIAL DICTIONARIES, CELL PHONES OR ANY
ELECTRONIC DEVICES ALLOWED.
DO NOT WRITE IN THIS SPACE
M.C. x 4 =
Problems =
Total =
/ 90

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AS/ECON1010 P, Q 2 Term Test #1, 2010
PART I Multiple Choice Questions (64 marks, 35 minutes)
For each question pick the one best answer. Each right answer is worth 4 marks,
each wrong answer zero (16 questions (plus version), about 2 minutes per question).
1. This is Version B of the test. For question 1 on the pink answer sheet, fill in answer rectangle B.
Use the following to answer questions 2 and 3:
Table 20.3
Year
Nominal GDP
Real GDP
GDP Deflator (2002 = 100)
2002
125
125
100
2003
250
200
?
2004
360
240
150
2. From the data in Table 20.3, what is the GDP deflator in 2003?
A) 80
B) 120
C) 125
D) 160
E) 250
3. From the data in Table 20.3, what is the growth rate of real GDP between 2003 and 2004?
A) 60%
B) 40%
C) 25%
D) 20%
E) none of the above

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AS/ECON1010 P, Q 3 Term Test #1, 2010
4. Which of the following is not a reason for GDP incorrectly measuring the value
of total output?
A) environmental quality
B) household production
C) underground economic activity
D) leisure time
E) depreciation
5. The existence in the economy of part-time workers who wish to work full-time means that
official measures of unemployment
A) rise when these workers find full-time jobs.
B) fall when these workers find full-time jobs.
C) tend to understate the unemployment problem.
D) tend to overstate the unemployment problem.
E) count these workers as discouraged.
6. The difference between the value of a firm’s output and the value of intermediate goods
bought from other firms is equal to
A) net exports.
B) net profits.
C) net taxes.
D) payments to factors of production.
E) investment in inventories.
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