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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:Spring 2006
Keywords:
  • Inventory Changes
  • Actual Investment
  • The Economy
  • Lump-Sum Tax
  • Decrease Increase
  • E-Government
  • Increase Output
  • Equilibrium Level
  • The Tax Multiplier
  • Tax Multiplier
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Sample Document Text

~ I fA ~ < Y iiIlt n {l v M~ lttLvt 05Z- 0 lAtp tA t unr ˇInv.l-h~n~t ~ y~ rAf S ~ ~ OrC, ECON 2006-11462 MCLEOD Wl6.v~inliM2 ~ b L ~OR~nAan economy with no P~vetlent~O~c~~~e :01111 is NOT an 2. 3. expression of the equilibrium condition? c9. 0utput equals planned aggregate expenditure b. Actual investment equals savings . Unplanned inventory changes are zero d. Actual investment equals planned investment e. Planned investment equals savings The difference between what a government spends and what it collects in taxes in a given period is called ______ __ /ii) the budget deficit or surplus '". pin If) "-<' _I-. V ~ disposable income .JI ~r I (J .) 10\ I' c. saving d. government purchases e. the unplanned inventory change If the MPC is 0.6, and there is no income tax, then the lump-sum tax multiplier equals I ~M~ -s'M m ~J!tS - 0 G c V - ~ -~ ~r~ -2.5. .- a. - b. 2.5. # . - ['''MfL (-(:O.c) c. 1. 5. Wlifllhf(I{V Q -1.5. . -1. 67....

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