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Text unformatted Overview TOTAL SCORE______ MC____ 1____ EXE EXE 2____ Econ 002 INTRO MACRO Prof Luca Bossi February 11, 2016 MID-TERM 1 My signature below certifies that I have complied with the academic integrity of the University's Code of Pennsylvania to fill that particular exam, I declare that I have not used a graphing calculator to complete this exam ____________________________ printed student name PennID ____________________ ______________________________ ______________ Your signature date ___________________________ name TA INSTRUCTIONS the review is printed the closed book exam consists of 20 multiple choice questions and two exercises Unless otherwise indicated, all multiple choice question worth 3 points total of 60 points for the multiple choice part of the exercises are worth 20 points each total is 40 points for the exercise part you can remove the answer sheet MC for the party at the end of the review if this is more comfortable for you if that is the case, make sure to put your name and tell your TA stapling return for consideration when finished If you do not fill the MC part-time and request additional time at the end of the review to write up the answers, a supervisor will take your name and you will receive a penalty of 5 points please follow the instructions on how submit your review at the end of 60 minutes If you do not follow these instructions and your submission or delay consideration, a proctor will take your name and you will receive a penalty that will depend on your behavior lacks answer any cONSUMER iSSUES 100 oF TOTAL TIME 60 minutes Provide your answers on the exam paper directly read all questions carefully Write legibly examinations to take the political If you have to use the bathroom, raise hand and wait for the proctor you come one person can be out of the examination room at a time, and the supervisor take your examination papers while you are in the bathroom fOR PERIOD OF TIME oF REVIEWS AND WI TH YOUR EXCEPTIONAL SCIENTIFIC CALCULATOR ALLOWED YOU TO TURN THE OTHER WHO HAS A POWER BUTTON FREE CELL PHONES NOT BOOK NOTES NO NO NO SHEETS HELP TALKING TO EACH NOT ASK ANY QUESTIONS OR HELP Supervisors tO SOLVE THE REVIEWS yOU CAN nOT CONNECT tO THE INTERNET wRITING PEN OR PENCIL iN you want, but if you write PENCIL IS nOT SEEK RE dE dE pOSSIBILITY LISTING PLEASE wRITE yOUR NAME oN FIRST pAGE ThE dE L REVIEW aND thE MC BUBBLE pAGE PLEASE DO NOT Ec examinations before QCM signal LUCK SO GOOD Identify the letter that best completes the statement or answers the question Mark your answer fill the letter e your choice in the bubble answer sheet for the MC provided on the last page of the examination 1 The residents of country A gain 500 million in revenue from abroad in other countries residents earn the country 200 A million revenue that the country abroad residents earn are recorded in country A's GDP is more than GDP in country A b GNP which is smaller than the GDP in the countries GDP c that is larger GNP in the country a GDP that is smaller than the GNP in country a 2 which of the following is not done on the factors of production markets in the pie chart a Jason provides plumbing services for plumbing company and receives an hourly wage of the company for its services b Jennifer works as a marriage counselor and his clients pay him on a per hour for his services c Brody owns several shopping centers and Rec ilo rent payments the companies operating these centers Bree sells advertising for a newspaper and receives a newspaper company's commission for each ad it sells 3 Darla, a Canadian citizen, only works in the United States the value added production from employment is included only in the US GDP b included in the US GDP and the GDP of Canada v included only in Canada GDP not included in both the GD US P or Canada GDP 4 Arnold left his job because he was unhappy at work Michael was fired because he had often work late Who is eligible for unemployment insurance benefits once Arnold and Michael b Arnold c but not Michael but Michael not for Arnold or Arnold or Michael 5 Suppose that over the past twenty-five years, the country's nominal GDP grew three times its original size in the meantime, the population increased by 40 percent and p rices rose 100 percent What happened to real GDP per person has more than doubled b it increased, but less than double c he has not changed it fell 6 The city of Ann Arbor Michigan buys a police car made in Germany in the GDP accounts this transaction is included in public expenditure and exports b public spending and imports c exports but not public spending imports, but not spending public page 2 of 10 7 James has two houses he rents a house legally to the Johnson family for 10,000 by you ar he lives in the other house If he had to rent the house in which he lives, it was estimated he could earn 12,000 a year in rent How housing services provided by these two houses contribute to GDP 0 10 000 b c d 22 12 000 000 8 Rocket Energy drink Company buys the sugar to produce energy drink has end of that art both its sugar inventory and inventory of energy drinks has increased investment for the quarter include after rising sugar stocks and inventory increased energy drinks b rising stocks of sugar, but not the increase in energy drinks stocks c rising energy drinks stocks, but not the increase in sugar stocks and an increase in sugar stocks or rising energy drinks stocks 9 Consider two cars made by Chevrolet in 2009 in 2009, Chevrolet sold one of the two cars to Sean to 24000 later in the same year Sean selling the car in Kati to 19000 the second car, with a market value of 30,000, is unsold at end of 2010, and it remains in the inventory of Chevrolet operations just described how contribute to GDP for 2009 was 24000 43000 b c d 54000 73000 10 When the sala ire is above the level of balance, a labor market functions more effectively it would work otherwise b there is a labor shortage c the amount of work exceeds the required amount of research work job is the main explanation of unemployment is observed 11 guess some unemployed people looking for jobs only in places where they are not likely to be hired, so they can still qualify for unemployment benefits these people are officially considered unemployed if these people were counted as labor and not as unemployed, then both the unemployment rate and the participation rate in the labor force would be b both the unemployment rate and the participation rate of the labor force would lower the c unemp loyment rate would be lower and the rate of participation in the workforce would be p read high of unemployment would be higher and the rate of participation in the labor force would be lower 12 Steph buy a designer dress produced by an American-owned fashion store in France As a result, US consumption increases, US net exports decreased, US GDP is affected, and the US GDP increases decrease b, US GDP increases, and the US GNP is unaffected decrease c, US GDP increases, and the French GDP is assigned to are not affected, US GDP is affected, and the French GDP rises page 3 of 10 Table 1 data for 2010 work for adults aged 16 and over in drafting men Inactive 45 million women in the labor force 35 million people unemployed 5 million unemployed 5 million employed men employed 85 million women 65000000 13 See table 1 What is the adult population in a Meditor 90 million 160 million 230 million bc s to 240 million 14 refer to Table 1 What is the male unemployment rate adult in Medi tor March 1 7 percent b 5 percent C 5 to 6 percent from 5 9 percent 15 Refer to Table 1 What is the rate of activity of the active population of adult women in Meditor a 38 b 1 percent 61 percent 9 66 c 7 percent to 95 percent 2 16 the CPI is different from the GDP deflator in that the CPI is a price index, while the GDP deflator is an inflation index substitution bias b is not a problem with the CPI, but there is a problem with the GDP deflator c increase in prices of goods foreign products that are sold to US consumers appear in the CPI but not in the GDP deflator of rising prices of domestic products that are sold to the US government appear in the CPI, but not in the GDP deflator 17 Suppose an apartment complex turns into a con dominium, so the former tenants now own their housing units is further assumed that a current estimate of the value of housing services for condominium owners is the same as the rent they paid previously Qu ' happens to GDP because of this conve rsion GDP necessarily increase GDP b necessarily reduce GDP c is not affected because neither the rent nor the estimated value of owner occupied housing services is included in GDP GDP n ' is not affected because previously rent payments were included in the GDP and now rent payments are replaced in GDP by estimating the value of owner occupied housing services 18 at the University of Trinidad and Tobago, the 1972 tuition was 15 per credit hour in 1999 it was 77 per credit hour the consumer price index for Trinidad and Tobago has fl 26 1 1972 110 9 1999 What was an 18-12b 63 1972 tuition per credit hour in 1999 dollars 74 c 13 26 to 74 21 Page 10 April 19 Which statement about the GDP is correct a measure of GDP two things at once total income of everyone in the economy and total expenditure on the production of economic goods and services b continuous cash flow from households to businesses and households, and GDP measures the flow of money c PIBR per capita is generally considered the only measure of economic well-being of a society being of all these are correct 20 presences When we studied in class inflation, to introduce the subject and make you understand that the price of economy quite a change over time, the Bossi teacher showed you the evolution of prices of items that are related to Marvel superheroes in this class, Professor Bossi you also said that his personal favorite super hero Please name abed Hulk Wolverine Superman Spiderman Page 5 of 10 for a full credit in these exercises below you really need to show your work If you write just a number as the answer and even if this number is correct, you will not get full credit in the exercise unless you fully show the formulas and your work how you got this number and stage of your exercise I calculate 20 points total use of the table below to answer the questions below assume that the reference year is 2016 and tha t the packet representing urban consumers includes the following 10 cookies, 5 envelopes, 2 chestnuts total number of total units units total number of units per unit per unit per unit produced in product product prices prices prices in 2010 2013 to 2016 2010 2013 2016 Envelopes 100 150 200 0 50 0 60 0 70 Cookies 300 275 250 5 00 6 00 7 00 Chestnuts 50 52 55 3 00 3 25 3 50 4 POINTS What are the nominal and real GDP for this economy in 2010 b 8 POINT in 2015, the nominal GDP was 10 higher than it was in 2013 and was rgdps 5 higher than it was in 2013 use GDP deflator to compute the inflation rate for 2016 use 2 decimal digit precision for your answer c 8 POINT Use the CPI to calculate the inflation rate for the period of 3 years from 2010 to 2013 and for the period of 3 years from 2013 to 2016 to compare the figures with the corresponding figures you would get the core inflation using the CPI Use 2 decimal precision numbers to your answer sheet fOR yOUR USE page 6 of 10 page 7 PAPER USE yOUR 10 YEAR II Consider the following information to the fantasy land of Mordor population Stats e Mordor in year 1 100 employed unemployed 20 Since this is a magical world, all Mordorians are born adults, capable of working immediately No Mordorian never dies you know that 50 of the population is engaged by the company Gandalf company Gandalf is the only employer of Mordor Mordor is an island and no movement is possible in and out of Mordor 2 POINTS What is the size of the labor power Mordor b 4 POINTS How many of Mordorians not in the labor force in year 1 Note that you must use this number to the exercise part below 10 POINTS c Frodo runs a census study 1 year Mordorians He stumbles on a ring and loses some information Help him recover that it has lost 60 of Frodo knows that elves are Mordorians while others are trolls what are the value of a, B, C, D, E and F in the following table Show your calculations and how you obte nose your tip results carefully match the column information with online information to find your Mordorians Elves answers Trolls employees 100 80 A jobless 20 May 15 BCEF Inactive Total population of part b above D d 4 POINTS What is the rate unemployment elves and trolls Use 2-digit decimal precision for your answer sheet fOR yOUR USE page 8 10 PAPER fOR yOUR USE page 9 of 10 MARK FILL CLEARLY iN thE lETTER oF yOUR CHOICE fOR BUSINESS MULTIPLE-CHOICE THIS ONLY pAGE sera grader for CD PART 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 10 See page 10 of the entire document.
This test preparation has been downloaded 4 July 2017 for ECON 002 course taught by Professor Eudey during the autumn term to 08 UPenn.
TOTAL SCORE______ MC____ 1____ EXE EXE 2____ Econ, total, score______, mc____.
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