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Past Exam for ECN 001B - Princ Of Macroecon with Modjtahedi at UC Davis (UCD)

Exam Information

Material Type:Exam 1
Professor:Modjtahedi
Class:ECN 001B - Princ Of Macroecon
Subject:Economics
University:University of California - Davis
Term:Winter 2006
Keywords:
  • Natural Unemployment Rate
  • Explanation
  • The Judgement
  • Supply-Side Policy
  • Unemployment
  • Unemployment Rate
  • Structural Unemployment
  • Normative Statement
  • Inflation Rate
  • Value-Added
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Sample Document Text

University of California, Davis Department of Economics ECN 1B Midterm Examination 1 Winter Quarter 2006 Bagher Modjtahedi ________________________________________________________________ Questions 1 through 3 are based on the following income statement for a steak house in Yuba City, California, for the year 2001. The steak house did not have any changes in inventories. Revenue Costs: Meat Potatoes Vegetables Bread Wages Rent $85,000 $5,000 $2,000 $1,000 $3,000 $20,000 $9,000 Question 1 This firm’s value added equals: A. $56,000 B. $90,000 C. $11,000 D. $74,000 E. None of the above Explanation: This firm’s value added = Wages + Rent + Profit Profit = Revenue – Cost = 85000 – 5000 – 2000 – 1000 – 3000 – 20000- 9000 = 45000 ($) Hence, this firm’s value added = Wages + Rent + Profit = 20000+9000+45000 =74000($) Question 2 This firms’ contribution to GDP equals: A. $85,000 B...

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