Macro Econ Exam 1
Version 111
THE UNIVERSITY OF WESTERN ONTARIO
LONDON
CANADA
Jeannie Gillmore
ECONOMICS 1022B-002/004
February 11, 2012
MIDTERM 1
INSTRUCTIONS:
1. The examination begins at 4:00 p.m. and ends at 6:00 p.m.
2. Check that your examination paper contains 14 pages.
3. Use a BLACK PENCIL to complete your Scantron Form.
Print your NAME and complete your SIGNATURE.
Enter your STUDENT NUMBER.
Enter your SECTION NUMBER, which is either 002 or 004.
4. Please hand in Scantron Form only.
5. You may use a calculator but your cell phone may not be used as a calculator.
6. Your cell phone must be switched off and left in your bag at the front of the exam room.
7. You must remain in the examination room until you have finished the exam. No breaks outside of the examination room will be allowed.
NOTE: QUESTIONS ARE PRINTED ON BOTH SIDES OF EACH PAGE
Economics 1022B - 002/004 Mid-term 1
February 11, 2012
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following statements is true?
A) Final goods and services produced in Canada by foreigners are part of Canada's GDP.
B) Final goods and services produced in Canada by foreigners are exports.
C) Final goods and services produced in Canada by foreigners are part of the foreign country's
GDP.
D) Final goods and services produced in Canada by foreigners are imports.
E) Final goods and services produced abroad by Canadians are part of Canadian GDP.
Use the figure below to answer the following question.
Figure 1
2) Refer to Figure 1, which shows the circular flow of expenditure and income for Venus. During
2008, A was $100, B was $50, C was $30 and D was $10. How much is GDP?
A) $50.
B) $75.
C) $90.
D) $100.
E) None of the above.
A-1
Use the table below to answer the following question.
Table 1
Data From Eastland
Wages, salaries, and supplementary labour income
Farmers' income
Government expenditures on
THE UNIVERSITY OF WESTERN ONTARIO
LONDON
CANADA
Jeannie Gillmore
ECONOMICS 1022B-002/004
February 11, 2012
MIDTERM 1
INSTRUCTIONS:
1. The examination begins at 4:00 p.m. and ends at 6:00 p.m.
2. Check that your examination paper contains 14 pages.
3. Use a BLACK PENCIL to complete your Scantron Form.
Print your NAME and complete your SIGNATURE.
Enter your STUDENT NUMBER.
Enter your SECTION NUMBER, which is either 002 or 004.
4. Please hand in Scantron Form only.
5. You may use a calculator but your cell phone may not be used as a calculator.
6. Your cell phone must be switched off and left in your bag at the front of the exam room.
7. You must remain in the examination room until you have finished the exam. No breaks outside of the examination room will be allowed.
NOTE: QUESTIONS ARE PRINTED ON BOTH SIDES OF EACH PAGE
Economics 1022B - 002/004 Mid-term 1
February 11, 2012
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following statements is true?
A) Final goods and services produced in Canada by foreigners are part of Canada's GDP.
B) Final goods and services produced in Canada by foreigners are exports.
C) Final goods and services produced in Canada by foreigners are part of the foreign country's
GDP.
D) Final goods and services produced in Canada by foreigners are imports.
E) Final goods and services produced abroad by Canadians are part of Canadian GDP.
Use the figure below to answer the following question.
Figure 1
2) Refer to Figure 1, which shows the circular flow of expenditure and income for Venus. During
2008, A was $100, B was $50, C was $30 and D was $10. How much is GDP?
A) $50.
B) $75.
C) $90.
D) $100.
E) None of the above.
A-1
Use the table below to answer the following question.
Table 1
Data From Eastland
Wages, salaries, and supplementary labour income
Farmers' income
Government expenditures on