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

Exam Information

Material Type:Exam 2
Professor:Charalambous
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Spring 2007
Keywords:
  • Provided That
  • Reserve Ratio
  • The Economy
  • Information
  • Following Events
  • Paradox of Thrift
  • Equilibrium Level
  • Required Reserve Ratio
  • Answer Questions
  • Consumption
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Sample Document Text

ECON 2006 MIDTERM EXAM 2 Instructions 1) The exam is comprised of 26 (+1 bonus) multiple choice questions. You have the full class time to take the exam. 2) Make sure that your exam consists of 11 numbered pages. 3) Please answer all questions. Omitting a question will hurt your exam grade. 4) Read the questions CAREFULLY. Think before you answer! 5) You may use a calculator. 6) Good luck! Useful formulas: GDP = national income + depreciation + (indirect taxes – subsidies) + net factor payments to the rest of the world + other GNP= GDP + receipts of factor income from the rest of the world - payments of factor income to the rest of the world Net National Product = GNP – Depreciation National Income = NNP – (indirect taxes - subsidies) Personal Income = National Income – ( corporate profits - dividends) - social insurance payments + personal interest income received from the government and consumers + transfer payments to persons Disposable Personal Income = Personal Income – Direct taxes Personal S...

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