Take Home Econ.

Satisfactory Essays
ECON 101 – Macroeconomics Exam 1 (Take-home Part) Name Daniel Martinez

Multiple Choice. Encircle the correct answer. [Bring a pencil on Saturday because you will put all your answers to this exam on a scantron sheet.]

1.
Rice and potatoes are substitutes. Suppose the price of rice rises and and at the same time there is a bumper (bountiful) crop of potatoes, in the market for potatoes one would expect the:

A) equilibrium price to rise, fall, or stay the same and equilibrium quantity to rise.

B) equilibrium price to rise and the equilibrium quantity to fall.

C) equilibrium price and quantity both to fall.

D) equilibrium price to rise and the equilibrium quantity to fall, rise, or stay the same.

2.
Which of the following is the best definition of GDP?

A) the total dollar value of all final goods and services produced in the economy during a given year

B) the total value of all goods and services produced in the economy during a given year

C) the total value of all primary, intermediate, and final goods and services produced in the economy during a given year

D) the total value of all goods and services produced and sold in the economy during a given year

3.
Holding all other things constant, if ramen noodles are an inferior good to Vanessa, then as her income falls, her demand curve for ramen noodles:

A) will shift to the left.

B) will shift to the right.

C) will not shift at all.

D) may shift left or right, but we 're not sure by how much.

4.
Which of the following is an example of a normative economic statement?

A)
The economy grew at an annual rate of 1.5 percent during the first quarter of this year.

B)
The minimum wage should be increased so that low income workers can afford to keep up with the cost of living.

C)
An increase in international trade benefits some workers but hurts others.

D)
The unemployment rate in the United States decreased from 7.4 percent in July

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