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

Exam Information

Material Type:Exam 1
Professor:Cothren
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Spring 2008
Keywords:
  • The Economy
  • Immediately
  • Increase in Demand
  • Inflation Rate
  • Employment at Will
  • Employment-at-Will
  • Seasonal Unemployment
  • Determination
  • Inventories
  • Consumption
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Sample Document Text

Economics 2006, Spring 2008, Exam 1 [1]Which of the following indicates that the average standard of living (per capita output) is rising? 1. Real GDP decreases faster than the price level. 2. Real GDP increases faster than the price level. 3. The population increases. 4. Real GDP increases faster than the population. 5. Population increases faster than real GDP. [2]If the unemployment rate is 6 percent, then 6 percent of 1. the population is not working 2. potential workers do not have jobs 3. the individuals who are looking for work cannot find jobs 4. people who want to work cannot find jobs 5. None of the above [3]Since World War II which of 1-3 is a false statement about the U.S. economy? 1. Per capita output has remained relatively constant. 2. In a typical year, the rate of inflation has been greater than zero. 3. The price level, measured, say, by the CPI has risen steadily. 4. Each of 1-3 is false. 5. Each of 1-3 is true. [4]Which of 1-2 is true? ...

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