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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 2002
Keywords:
  • Protectionism
  • Either...or
  • Infant Industry
  • Decrease Increase
  • Economic Integration
  • Recognition
  • Implementation
  • Consumption
  • Opportunity
  • Determination
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Sample Document Text

2006-11463 Exam 4 McLeod FORM A 1. If the economy is in short run equilibrium at a level of output that is above potential output, if the government takes no action, as the economy moves to long run equilibrium, we would expect prices to ________, output to ________ and wages to _________ a. rise; rise; rise b. rise; fall; rise c. fall; fall; fall d. fall; fall; rise e. fall; rise; fall 2. If the price level rises, ceteris Paribus, which chain of events will occur? a. Demand for money will rise, the interest rate will rise, and planned investment and consumption will fall b. Demand for money will rise, the interest rate will fall, and planned investment and consumption will fall c. Demand for money will fall, the interest rate will fall, and planned investment and consumption will fall d. D...

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