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

Exam Information

Material Type:Exam 2
Professor:McLeod
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Production Period
  • Inventory Changes
  • Actual Investment
  • Increase Output
  • Equilibrium Level
  • Consumption
  • Tax Multiplier
  • The Tax Multiplier
  • Government Spending
  • Determination
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Sample Document Text

Econ 2006-11665 FORMA Exam 2 The next two questions refer to the following scenario: C = 500 + .9Yo; I P = 200; G = 500; T = 400. There is no income tax (t=O). l.lfY = 8000, what is the value of Consumption? A) 7340 E) 8060 B) 7700 F) 8400 C) 8000 G) None of the Above D) 8040 McLeod 2. Suppose you are an economic advisor to the president. The president is happy with the level of output, and does not want it to change. Which of the following policies will make the equilibrium level of output equal to 8000? A) No change is necessary since 8000 is already the equilibrium level of output. B) Increase G to 540 C) Decrease G to 460 D) Increase T to 440 E) Decrease T to 360 F) None of the Above 3. Which of the following is NOT a way to state the equilibrium condition in the goods market? (Assume there is no income tax.) A) S+T=IA+G D) Unplanned inventory changes are zero B) Y=PAE E) Leakages = Injections C) {=I A 4. You have been hired as an economic advisor to the...

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