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Past Exam for ECON 201 - PRIN MACRO-ECONOMICS with Shea at Maryland (UMD)

Exam Information

Material Type:Exam 1
Professor:Shea
Class:ECON 201 - PRIN MACRO-ECONOMICS
Subject:Economics
University:University of Maryland
Term:Fall 2006
Keywords:
  • Gdp Price Index
  • The Economy
  • Explicit Cost
  • Nominal Wage
  • Classical Economics
  • Employment at Will
  • Employment-at-Will
  • War on Poverty
  • Opportunity
  • Implicit Cost
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Sample Document Text

Name: ___________ Class: ________ Date: ___ _ ID: A ~Cona..b\ TestlFal106 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. cPr: cO In which of the following situations would a worker be happiest? \) 16.\ {"" She receives a pay cut and her nominal wage falls by 5 percent, while the CPI falls by 20 percent. -s - -'2,..D - - -($ 1'5 0/ < ~ She receives a pay cut and her nominal wage falls by 5 percent, while the CPI increases by 10 percent. l c. Her nominal wage remains the same, as does the CPI. cIo:" She receives a raise and her nominal wage increases by 5 percent, while the CPI increases by 10 percent. e. She receives a raise and her salary increases by 5 percent, while the CPI falls by 5 percent. Q According to Keynesian economists, ~fvJ. ir\ t J ('/(1 -.... the economy will return quickly to fUll employment in most cases t'1)) if output is below its potential, the economy will soon return to full e...

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