KSU ECON 1100 - Exam 2 ECON 1100 (9 pages)

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Exam 2 ECON 1100



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Exam 2 ECON 1100

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Pages:
9
School:
Kennesaw State University
Course:
Econ 1100 - Global Economics
Global Economics Documents

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ECON 1100 Global Economics Section 05 Exam 2 Summer 2011 Version A Multiple Choice Questions 2 12 points each 1 The Gini Coefficient provides a quantitative measure of A the level of economic corruption within a society B the fraction of the workforce that is currently unable to find a job C income equality inequality within a society D the rate at which prices are increasing in an economy over time 2 During the past six decades inflation rates in the U S reported on an annual basis were A relatively high from 1949 through 1972 then relatively low from 1973 through 1995 and finally relatively high from 1996 through 2010 B relatively low from 1949 through 1967 then relatively high from 1968 through 1982 and finally relatively low from 1983 through 2010 C relatively high from 1949 through 1978 but relatively low from 1979 through 2010 D relatively low from 1949 through 1986 but relatively high from 1987 through 2010 3 Bobby owns a one of a kind Kitty Karry All doll His reservation price as a seller of this item is 20 Cindy s reservation price as a buyer of this item is 120 If Bobby sells this doll to Cindy the resulting Social Surplus would be equal to A 50 B 100 C 140 D None of the above answers are correct since we need to know the transaction price in order to determine the magnitude of Social Surplus from the trade 4 refers to the production of goods and services valued in each period according to current period prices A Real GDP B Real GDP per capita C Nominal GDP D Nominal GDP per capita 5 The present economic system of Germany would be most accurately described as A a pure Capitalist system B a pure Communist system C a Mixed Economy D a pure Socialist system 6 Suppose that between 2012 and 2015 the Unemployment Rate in Japan decreased from 9 6 to 8 1 while the inflation rate increased from 1 1 to 3 4 It follows that the value of the Misery Index in Japan in 2015 would be the value of the Misery Index in Japan in 2012 A less than B exactly equal to C greater



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