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KSU ECON 1100 - Exam 4 ECON 1100

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ECON 1100 – Global Economics (Section 08) Exam #4 – Spring 2010 (Version A) Multiple Choice Questions (212 points each): 1. “Real GDP Per Capita” is defined as a. the value of Real GDP divided by the value of Nominal GDP. b. the value of Nominal GDP divided by the value of Real GDP. c. the value of Real GDP divided by total population. d. the value of Real GDP multiplied by total population. 2. During Margaret Thatcher’s time as Prime Minister, the highest marginal tax rate on earned income in Britain a. doubled from 35% to 70%. b. decreased from 83% to 40%. c. decreased from 20% to 0% (as a result of all income taxes being eliminated for all workers in the country). d. remained constant at 20%. 3. The Phillips Curve directly illustrates a. different combinations of output that an economy can produce with their available resources. b. the trend over time in the value of a country’s unemployment rate. c. why total tax revenue could actually be lower under very high rates of taxation than under moderate rates of taxation. d. the tradeoff between unemployment and inflation that an economy faces. 4. Per Capita GDP in Canada is approximately $38,200. This figure: a. is greater than the Per Capita GDP of any other country in the world (since the Per Capita GDP in Germany – the country with the second highest value worldwide – is only $34,000). b. is less than the Per Capita GDP of the United States as a whole (which is approximately $46,000), but is greater than the Per Capita GDP of the state of Mississippi (which is approximately $27,850). c. is exactly equal to the Per Capita GDP of the United States (which is also $38,200), since Canada, the United States, and Mexico are now essentially “one single economy.” d. None of the above answers are correct. 5. The ___________________ gave the French government control of the banking, electricity, gas, and coal industries within the country. a. Beveridge Report b. Nationalization Acts of 1945 and 1947 c. Community Reinvestment Act of 1977 d. Treaty of Rome6. Imposing a “Price Ceiling” in a market will generally a. result in a greater quantity of trade taking place. b. make all sellers in a market better off. c. make all buyers in a market better off. d. None of the above answers are correct. 7. Which of the following events bolstered patriotism within Great Britain and increased Margaret Thatcher’s popularity, allowing her to remain in office as the Prime Minister following the June 1983 general election in the U.K.? a. The government support and ultimate international success of the comedian Russell Brand (and other popular British entertainers), which enhanced the image of Great Britain throughout the world. b. The success of British athletes in the 1982 Summer Olympics in New Orleans, LA. c. The military success of Britain over Argentina in the Falklands War from April 1982 to June 1982. d. The expansion of the welfare state during Margaret Thatcher’s initial time in office, which allowed many Britons to enjoy high standards of living without having to work. 8. At the end of World War II, a. most countries in Europe essentially had “full employment,” with an unemployment rate of roughly 0%. b. the industrial capacity of all European Countries was at an all time high. c. tens of millions of people were starving throughout Europe, as part of a “global food crisis.” d. None of the above answers are correct. 9. The “Economic Calculation Problem” argues that a. calculating the true economic value of a worker can only be done under a socialist system. b. prediction markets can always identify the eventual winner of “American Idol,” several months before the end of the show. c. labor unions are able to negotiate less aggressively with privatized enterprises than they could with government enterprises. d. without the information provided by market prices it is impossible to allocate resources in an effective manner. 10. ___________________ refers to a general decrease in the level of overall prices. a. Deflation b. Hyperinflation c. Inflation d. Per Capita GDP11. “The General Theory of Employment, Interest and Money” was written by a. Keith Joseph b. Margaret Thatcher c. John Maynard Keynes d. Jean Monnet 12. The British enterprise “National Freight Corporation” was privatized by “employee or management buyout.” This technique of privatization is one in which a. the enterprise is sold to current managers and employees, typically at a price well below “fair market value.” b. the entire enterprise is sold to a single buyer, at terms agreed upon by the buyer and the government. c. shares of stock are sold to the general public, at a price calculated to ensure the sale of all shares. d. ownership of the entire enterprise is given to one randomly chosen individual free of charge. 13. In most industrialized countries, the role of government in the economy _____________ during the first part of the twentieth century and _____________ during the last part of the twentieth century. a. increased; then decreased. b. decreased; then increased. c. increased; then continued to increase. d. decreased; then continued to decrease. 14. The Unemployment Rate in the U.S. (reported on a monthly basis) a. was above 10% for 11 months in 2009, the first time ever that the rate has gone above 10%. b. was above 10% for 3 months in 2009, the first time that the rate had gone above 10% since the early 1980’s. c. reached 16.2% in February 2009, which was the seventeenth consecutive month during which the rate was above 10%. d. has never been above 10%. 15. According to the classification in the textbook, which of the following is not an “Industrially Advanced Country”? a. Australia b. New Zealand c. Japan d. Thailand16. Totalitarianism refers to a. an economic system in which the government plays no role whatsoever. b. a political system in which government has a primary goal of respecting individual liberties and places minimal restrictions on the behavior of people in both public and private matters. c. a regime in which the state regulates nearly all aspects of both public and private behavior. d. the idea that the most effective way to manipulate macroeconomic outcomes is by way of active monetary policy. 17. ______________________ is the study of the performance


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KSU ECON 1100 - Exam 4 ECON 1100

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