ECON 2002.01 Study Guide - Midterm Guide: Scantron Corporation, Production Function, Ceteris Paribus

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Published on 28 Sep 2018
School
Ohio State University
Department
Economics
Course
ECON 2002.01
Professor
Midterm 2 AU17 Econ 2002.01
Version 2 Name _________________
Instructions:
1. Write your name on the exam.
2. Write “1 under “IDENTIFICATION NUMBER” on the scantron and fill out the bubble “1.
3. Write your name on the scantron, last name first and first name next. Write the recitation number
under the “SPECIAL CODES” on the scantron. You should fill out the bubbles for both name and the
special code.
4. After you answer all the questions, put the exam and the scantron on the table in the front of the room
and leave the room quietly, no talking and no questions. You cannot keep the exam.
Recitation Number
BLDG
Room
Start
End
Days
TA Name
15166
Ramseyer
115
3:00 PM
3:55 PM
F
Lee, Hyung Koo
15168
Journalism
239
4:10 PM
5:05 PM
F
Lee, Hyung Koo
15174
Arps Hall
12
11:30 AM
12:25 PM
M
Lee, Hyung Koo
15167
Ramseyer
9
4:10 PM
5:05 PM
F
Hua,Junyi
15172
Scott Lab
N054
10:20 AM
11:15 AM
M
Hua,Junyi
15175
Ramseyer
115
4:10 PM
5:05 PM
M
Hua,Junyi
15163
McPherson
2019
1:50 PM
2:45 PM
M
Chakraborty,Pubali
15165
Smith Lab
1048
3:00 PM
3:55 PM
F
Chakraborty,Pubali
24260
Denney
238
8:00 AM
8:55 AM
M
Chakraborty,Pubali
15169
Watts Hall
395
1:50 PM
2:45 PM
M
Okahata,Nobuhide
15171
McPherson
2019
8:00 AM
8:55 AM
M
Okahata,Nobuhide
15173
Macquigg
160
4:10 PM
5:05 PM
M
Okahata,Nobuhide
15164
Scott Lab
N054
1:50 PM
2:45 PM
M
Xu,Shuo
15170
McPherson
1046
5:20 PM
6:15 PM
M
Xu,Shuo
24235
Jennings
60
8:00 AM
8:55 AM
M
Xu,Shuo
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1. The percent increase in the CPI from one year to the next is a measure of the
A) GDP deflator.
B) unemployment rate.
C) real interest rate.
D) inflation rate.
Answer: D
CPI
157
161
163
2. Consider the above values of the consumer price index for 1996, 1997, and 1998: The inflation rate
from 1996 to 1997 was equal to
A) 1.2 percent.
B) 2.0 percent.
C) 2.5 percent.
D) 4.0 percent.
Answer: C
Quantity
(2011)
Expenditure
(2011)
Expenditure
(on base year
quantities)
(2016)
1
$1,200
$900
10
250
300
50
150
200
$1,600
$1,400
3. Suppose an economy has only three goods and the typical family purchases the amounts given in the
table above. If 2011 is the base year, then what is the CPI for 2016?
A) 14.3
B) 87.5
C) 114.3
D) 160
Answer: B
Year
Nominal Average
Hourly Earnings
CPI 1984 = 100
1965
$2.65
32
2010
22.59
219
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The table above reports the nominal average hourly earnings in private industry and the consumer
price index for 1965 and 2010.
4. The real average hourly earnings for 1965 in 1984 dollars equal
A) $3.87.
B) $5.80.
C) $12.10.
D) $8.28
Answer: D
5. An easy approximation for the real rate of interest is
A) the nominal interest rate plus the inflation rate.
B) the nominal interest rate minus the inflation rate.
C) the interest rate determined by the supply and demand in the money market.
D) the nominal interest rate.
Answer: B
6. If the growth rate of real GDP rises from 3% to 4% per year, then the number of years required to
double real GDP will decrease from
A) 24.0 years to 18.0 years.
B) 28.0 years to 21.0 years.
C) 11.2 years to 10.8 years.
D) 23.3 years to 20.6 years.
Answer: A
7. When production in an economy grows more quickly than the population in that economy, which of
the following must be occurring?
A) Real GDP is falling.
B) Incomes are growing at a slower rate than the population.
C) Real GDP per capita is rising.
D) Living standards are falling.
Answer: C
Consider the following data for a closed economy:
Y = $12 trillion
C = $8 trillion
I= $2 trillion
G = $2 trillion
TR = $2 trillion
T = $3 trillion
8. Based on the information above, what is the level of public saving?
A) $0
B) $1 trillion
C) $2 trillion
D) negative $1 trillion (a deficit of $1 trillion)
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Document Summary

Instructions: write your name on the exam, write 1 under identification number on the scantron and fill out the bubble 1 , write your name on the scantron, last name first and first name next. Write the recitation number under the special codes on the scantron. Jennings: the percent increase in the cpi from one year to the next is a measure of the, gdp deflator, unemployment rate, real interest rate, inflation rate. 1998: consider the above values of the consumer price index for 1996, 1997, and 1998: the inflation rate from 1996 to 1997 was equal to, 1. 2 percent, 2. 0 percent, 2. 5 percent, 4. 0 percent. Total: suppose an economy has only three goods and the typical family purchases the amounts given in the table above. If 2011 is the base year, then what is the cpi for 2016: 14. 3, 87. 5, 114. 3, 160.

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