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

Exam Information

Material Type:Exam 4
Professor:McLeod
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Fall 2001
Keywords:
  • Inventory Changes
  • Lump-Sum Tax
  • Actual Investment
  • Equilibrium Level
  • Increase Output
  • The Economy
  • Decrease Increase
  • Tax Multiplier
  • The Tax Multiplier
  • E-Government
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Sample Document Text

ECON 2006-11463 MIDTERM 2 MCLEOD FORM A 1. In an economy with no government, which of the following is NOT an expression of the equilibrium condition? a. Output equals planned aggregate expenditure b. Actual investment equals savings c. Unplanned inventory changes are zero d. Actual investment equals planned investment e. Planned investment equals savings 2. The difference between what a government spends and what it collects in taxes in a given period is called _________. a. the budget deficit or surplus b. disposable income c. saving d. government purchases e. the unplanned inventory change 3. If the MPC is 0.6, and there is no income tax, then the lump-sum tax multiplier equals a. -2.5. b. 2.5. c. 1.5. d. -1.5. e. -1.67. 4. Refer to Scenario 3. Assuming there is no income tax, the value of the MPC is a. 0.75. b. 0...

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