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Econ 1 Exam 2: F21 ECON DOO1...
E F21 ECON DOO1 O2Z Prin Macroeconomics > Quizzes > Econ 1 Exam 2
Fall 2021
Econ 1 Exam 2
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Due Oct 30 at 12pm Points 80
Questions 80
Available Oct 29 at 12pm - Oct 30 at 12:10pm 1 day
Time Limit 120 Minutes
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Fall 2021
Econ 1: Principles of Macroeconomics
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Mark Brady
2006
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Second Exam
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Noon on Friday, October 29
Noon on Saturday, October 30
a
Instructions. You have two hours (120 minutes) for this exam, which
consists of 80 questions (each worth one point for a total of 80
points) and counts 20% toward your final grade. Most of the
questions are multiple choice with one correct answer. And a few
are multiple answers with one or more correct options. You may
choose any two-hour time-slot within the 24-hour period that begins
at noon on Friday, October 29, and concludes at noon on Saturday,
October 30.
This exam is open book, but you won't have time to look up the
answers to all the questions. The more familiar you are with the
material, the better you will perform.
K
(Remember that the Latin phrase ceteris paribus means "with
everything else being equal.")
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Question 1
1 pts
Fall 2021
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Questions 1-10 are based on the simple quantity
theory of money, and in each case we assume that
ceteris paribus holds.
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1. In this model, the purchasing power of money
(the price of money) is an
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A
endogenous variable
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B
exogenous variable
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B
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Question 2
1 pts
?
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Questions 1-10 are based on the simple quantity
theory of money, and in each case we assume
that ceteris paribus holds.
2. In the dynamic version of this model, the rate
of inflation (the rate at which the average level of
prices rises) is an
A
endogenous variable
B
exogenous variable
OA
B
Question 3
1 pts
K
10:20 AM Sat Oct 30
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Fall 2021
Question 3
1 pts
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Questions 1-10 are based on the simple quantity
theory of money, and in each case we assume
that ceteris paribus holds.
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3. If people decide to hold more of their wealth in
the form of money, the demand for money would
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А.
fall
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B
rise
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ОА
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B
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606
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Question 4
1 pts
?
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Questions 1-10 are based on the simple quantity
theory of money, and in each case we assume
that ceteris paribus holds.
4. If the demand for money falls, and there is no
change in the stock of money, the exchange value
of money would
A
fall
B
rise
ОА
B
Question 5
1 pts
K
10:20 AM Sat Oct 30
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Fall 2021
Question 7
1 pts
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Questions 1-10 are based on the simple quantity
theory of money, and in each case we assume
that ceteris paribus holds.
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7. If the stock of money increases at a slower rate
than previously, the rate of inflation would
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А.
fall
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B
rise
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B
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OA
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606
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Question 8
1 pts
?
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Questions 1-10 are based on the simple quantity
theory of money, and in each case we assume
that ceteris paribus holds.
8. If the exchange value of money rises, the
average level of prices would
A
fall
B
rise
ОА
B
Question 9
1 pts
K
Questions 1-10 are based on the simple quantity
10:20 AM Sat Oct 30
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Question 5
1 pts
Fall 2021
Home
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Questions 1-10 are based on the simple quantity
theory of money, and in each case we assume
that ceteris paribus holds.
Account
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Files
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5. If the stock of money decreases, and there is
no change in the demand to hold money, the
exchange value of money would
Modules
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Courses
A
fall
Zoom
B
rise
Calendar
C
B
Inbox
ОА
History
606
Studio
Question 6
1 pts
?
Help
Questions 1-10 are based on the simple quantity
theory of money, and in each case we assume
that ceteris paribus holds.
6. If the exchange value of money falls, the
average level of prices would
А.
fall
B
rise
B
OA
Question 7
1 pts
I
10:45 AM Sat Oct 30
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Question 79
1 pts
Fall 2021
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79. Which event(s) listed below would shift the
production possibilities frontier OUTWARD?
(Choose one or more.)
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A more people of working age leaving a
country
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B more rapid depreciation of capital
equipment and structures
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С a period of international peace that
enables capital to accumulate
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C
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A
B
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✓ C
606
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?
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Question 80
1 pts
80. Adam Smith (1723-1790) lived in the
A
sixteenth century
B
seventeenth century
C eighteenth century
D
nineteenth century
B
C
A
I
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Question 75
1 pts
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75. Ceteris paribus, which economies would you
expect to rely MORE on foreign trade as a
percentage of their economic activity? (BE
CAREFUL!)
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А.
larger, more populous, economies like India
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B smaller, less populous, economies like
South Korea
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A
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OB
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Question 76
1 pts
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Question 76 tests your knowledge of two
distinguished figures of the Scottish
Enlightenment
76. Who is the author of this passage?
“Every step and every movement of the multitude,
even in what are termed enlightened ages, are
made with equal blindness to the future; and
nations stumble upon establishments, which are
indeed the result of human action, but not the
execution of any human design.”
A
Adam Ferguson
B
Adam Smith
B
A
K
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Fall 2021
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Question 77
1 pts
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77. Which statement(s) below is (are) TRUE?
(Choose one or more.)
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A Adam Smith's account of the division of
labor illustrates the deductive method.
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B David Ricardo's explanation of
comparative cost illustrates the inductive method.
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С
Neither statement is true.
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A
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Question 78
1 pts
78. If you were the only person on a desert island
with ranked goals (e.g., fresh water, food, etc.),
and if there were an abundance of natural
resources but production always took time, you
would
A
face an economic problem
B
not face an economic problem
B
A
K
11:24 AM Sat Oct 30
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Question 13
1 pts
Fall 2021
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Questions 11-14 test your understanding of real
versus nominal values.
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Questions 13-14 assume that real GDP is falling.
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13. If the average level of prices (as measured by
a price index) is rising, nominal GDP would
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A
rise
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B
fall
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either A or B
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A
B
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?
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Question 14
1 pts
Questions 11-14 test your understanding of real
versus nominal values.
Questions 13-14 assume that real GDP is falling.
14. If the average level of prices (as measured by
a price index) is falling, nominal GDP would
A
rise
B
fall faster than real GDP
С
fall slower than real GDP
ОА
B
K
11:24 AM Sat Oct 30
4%
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Question 12
1 pts
Fall 2021
Home
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Questions 11-14 test your understanding of real
versus nominal values.
Account
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Questions 11-12 assume that real GDP is rising.
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12. If the average level of prices (as measured by
a price index) is falling, nominal GDP would
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A
rise faster than real GDP
Courses
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B
rise slower than real GDP
圖』
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С
fall
D
either A or B
Inbox
E
either B or C
History
ОА
606
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B
?
Help
OE
Question 13
1 pts
Questions 11-14 test your understanding of real
versus nominal values.
Questions 13-14 assume that real GDP is falling.
13. If the average level of prices (as measured by
a price index) is rising, nominal GDP would
A
rise
B
fall
K
С
either A or B
11:24 AM Sat Oct 30
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Question 15
1 pts
Fall 2021
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Questions 15-18 test your understanding of
economic growth.
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15. Which statement below is TRUE?
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A If real GDP grows slower than population,
real GDP per person would fall.
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B If population grows slower than real GDP,
real GDP per person would increase.
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Both A and B are true.
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C
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B
3.
History
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Question 16
1 pts
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Questions 15-18 test your understanding of
economic growth.
16. Rising gross domestic product (GDP) per
person is known as
A
extensive growth
B
intensive growth
B
ОА
Question 17
1 pts
I
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