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Past Exam for ECON 2006 - Principles of Economics with McLeod at Virginia Tech (VT)

Exam Information

Material Type:Exam 1
Professor:McLeod
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Structural Unemployment
  • Decrease Increase
  • Ceteris Paribus
  • Complements
  • Underground Economy
  • Expenditure Approach
  • Excess Supply
  • Hypothetical
  • Discouraged Workers
  • Normal Good
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Sample Document Text

Econ 2006-11665 FORMA Exam 1 The next 4 questions refer to the following hypothetical information: Durable Goods: $2000 Non-durable Goods: $4000 Services: $12,000 Non-residential Investment: $1200 Residential Investment: $1500 Changes in Business Inventories: -$200 Government Spending (Federal, State and Local combined): $6000 Imports: $2000 Exports: $1500 Capital Stock at the Beginning of the year: $200,000 Capital Stock at the End of the year: $202,000 1. According to the expenditure approach, what is the value of Consumption? A) $500 B) $900 C) $1,300 D) $2,000 E) $2,500 F) $10,000 G) $20,000 H) $22,000 I) The answer can be determined, but it is none ofthe above. J) There is not enough information to determineihe answer. 2. What is the value of Gross Investment? A) $500 E) $2,500 B) $900 F) $10,000 C) $1,300 G) $20,000 D) $2,000 H) $22,000 3. What is the value of Net Exports? A) $500 E) $2,500 B) $900 F) $10,000 C) $1,300 G) $20,000 D) $...

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