ECON 1120 Final: Econ 1120_2013Fall_prelim1_MakeUp with Solution_finalversion
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ECON 1120 – INTRO MACRO – Fall-2013 –October 21, 2013
PRELIM #1 (Make-up)
PRINT YOUR NAME: ____________________________________ Your C.U. Netid: _____________
YOUR C.U. STUDENT NUMBER: ____________________________
Check YOUR TA’s NAME:
_____________TA = Naoko Iida (Friday sections)
_____________TA = Donghwee Kwon (Tuesday sections)
_____________TA = Jongrim Ha (Thursday sections)
_____________TA = Bryce Little (Wednesday sections)
INSTRUCTIONS:
• There are two parts in this exam.
o Part I: 16 multiple choice questions @ 3 points each (48 points)
o Part II: 4 short essay questions (52 points)
• ANSWER ALL QUESTIONS. TOTAL POINTS=100. TOTAL TIME=90 minutes.
• Prelim1 score weights 25% of final grade.
• You will have five bluebooks. Please number each bluebook from 1 to 5.
• Write your ID, name and section TA on the front page of each book.
• Please write down your answers in different bluebooks with following order.
o Part I (Multiple choice questions) in bluebook 1
o Question 1 in Part II (Short essay) in bluebook 2
o Question 2 in Part II (Short essay) in bluebook 3
o Question 3 in Part II (News essay) in bluebook 4
o Question 4 in Part II (News essay) in bluebook 5
• Read all questions carefully.
• Write legibly and remember to label all graphs and axes in diagrams
EXAM TAKING POLICY:
• NO QUESTIONS CAN BE ASKED DURING THE EXAM ABOUT EXAM CONTENT: If you need
to use the restroom, or you need a pencil or scratch paper, or some other supply that we might have,
raise your hand and wait for the proctor to come to you. Only one person can be out of the examination
room at a time, and the proctor will hold onto your exam papers while you are out at the restroom.
• NO CELL PHONES. NO CALCULATORS. NO INTERNET-ACCESSIBLE DEVICES.
• NO BOOKS. NO NOTES. NO HELP SHEETS.
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AGAIN, please….
PRINT YOUR NAME: ____________________________________ Your C.U. Netid: _____________
YOUR C.U. STUDENT NUMBER: ____________________________
Check YOUR TA’s NAME:
_____________TA = Naoko Iida (Friday sections)
_____________TA = Donghwee Kwon (Tuesday sections)
_____________TA = Jongrim Ha (Thursday sections)
_____________TA = Bryce Little (Wednesday sections)
GRADING
Part I: ________/48
Part II Question 1: ________/13
Part II Question 2: ________/13
Part II Question 3: ________/13
Part II Question 4: ________/13
TOTAL: ___________/100
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Part I: Multiple Choice Questions.
1. Which of the following statement would be true?
A) Market demand is a vertical sum of individual demand curves.
B) The demand curve shows the relationship between the quantities demanded and
total expenditure.
C) Supply curve shows the quantities that sellers are willing to sell at every price.
D) There is a negative relationship between the quantity of a good supplied and price.
E) None of the above
2. Why is the production possibility frontier (PPF) bowed out?
A) Scarce resources
B) Increasing opportunity costs as more goods are produced
C) Constant opportunity costs as more goods are produced
D) The possibility of inefficient production
E) Various goods produced (more than two)
3. Apple iPhone and Samsung Galaxy are popular smartphone brands. Assume that they
are substitutes. When Samsung decides to cut the price of its model, we can expect
that
A) Apple is likely to increase the price of iPhone.
B) There are some people who buy Galaxy instead of iPhone.
C) The demand for Galaxy remains constant.
D) Apple sees high demands for iPhone accessories (complement goods of iPhone).
E) None of the above
4. Which of the following would be counted in the calculation of GDP?
A) Sales of goods that were produced outside our domestic borders
B) Sales of used goods
C) Transfer payments made by the government
Document Summary
Econ 1120 intro macro fall-2013 october 21, 2013. Instructions: there are two parts in this exam, part i: 16 multiple choice questions @ 3 points each (48 points, part ii: 4 short essay questions (52 points, answer all questions. Total time=90 minutes: prelim1 score weights 25% of final grade, you will have five bluebooks. Only one person can be out of the examination room at a time, and the proctor will hold onto your exam papers while you are out at the restroom: no cell phones. The real interest rate is: -1. 70, 1. 80, 1. 70, 0, recently, jane has grown dissatisfied with her job and decides to try a new career in a new city. She quits her job, and begins the process of moving and finding new employment. Before this event, the last time she was unemployed was when her company was forced to dismiss her and some of her coworkers during a severe recession.
