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Midterm

ECON 1010 Study Guide - Midterm Guide: Pencil, Mobile Phone, Scantron CorporationExam


Department
Economics
Course Code
ECON 1010
Professor
Zafar Kayani
Study Guide
Midterm

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1
AP ECON 1010 R
(INSTRUCTOR: Z. KAYANI)
MIDTERM TEST 1 – VERSION B (WHITE COLOR)
WINTER 2017 – FEBRUARY 13
TH
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. On the top of the pink computerized answer sheet, use an HB pencil to fill-in scantron sheet.
2. Print and sign your name and enter student number in the space provided above NOW
3. 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.
4. Do not remove the staple of detach the pages during the exam.
5. NO CALCULATORS. Calculator is not allowed during exam.
6. Only answers on the scantron sheet are graded. Any writing on the exam paper will not be read
for grading.
7. 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.
8. 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.
9. Total exam time is 60 minutes

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30- MULTIPLE CHOICE QUESTIONS.
1) This is Version B of the test. For question 1 on the pink scantron answer sheet, fill in answer rectangle B
Use the table below to answer the questions 2-3:
Other factor incomes
$570
Indirect taxes
230
Depreciation
250
Wages, salaries and supplementary labour income
1,350
Consumption expenditure
1,400
Government expenditure on goods and services
500
Government transfer payments
50
Net exports
40
Subsidies
2) Refer to Table above. Gross domestic product is equal to
A) $1,920. B) $1,940. C) $2,150. D) $2,350. E) $2,400.
3) Refer to Table above. Gross investment is equal to
A) $250. B) $400. C) $260. D) $560. E) $460.
4) Nominal GDP will increase
A) only if both the average level of prices rises and the quantity of goods and services produced increases.
B) only if the unemployment rate rises.
C) if either the average level of prices rises or the quantity of goods and services produced increases.
D) only if the quantity of goods and services produced increases.
E) only if the average level of prices rises.
5) The cost of the CPI basket in base-period prices is $200 and the cost of the CPI basket in current-period prices is $450.
The CPI in the current year is
A) 44.44. B) 300. C) 450. D) 225. E) 250.
6) A decrease in the real interest rate leads to a ________ the demand for loanable funds curve, and a decrease in expected
profit leads to a ________ the demand for loanable funds curve.
A) movement down along; rightward shift of B) movement down along; leftward shift of
C) rightward shift of; movement up along D) rightward shift of; leftward shift of
E) movement down along; movement up along
7) An increase in ________ will shift the supply of loanable funds curve ________.
A) default risk; rightward B) wealth; leftward C) disposable income; leftward
D) expected future income; rightward E) the real interest rate; rightward
8) Which one of the following people would be counted as unemployed in Canada?
A) Ruth is a 14-year-old student and has been looking for an after-school job every day for the past month.
B) 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.
C) Rebekah is a recent graduate looking for work.
D) Simone is currently working but expects to be laid off by the end of the month, before next month's survey can be
completed.
E) Ron has quit looking because he believes that there is no work available for him.
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