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SEMESTER EXAM

GOV. ECON. SEMESTER EXAM. Federal Courts. Money . The Fed . AS/AD . MPC/ MPS Multiplier . Other Key Stuff. Competition + t o be Posted + Review on Monday/Tuesday. fig extra credit. oh wait.... :( all i want for christmas is extra credit, mr. guanguan !.

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SEMESTER EXAM

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  1. GOV ECON SEMESTER EXAM Federal Courts Money The Fed AS/AD MPC/MPS Multiplier Other Key Stuff Competition + to be Posted + Review on Monday/Tuesday

  2. fig extra credit oh wait.... :( all i want for christmas is extra credit, mr.guanguan!

  3. Battle of the ? ? ?

  4. Draw a Production Possibilities graph for an economy producing Consumer goods and Capital goods. Label the following:(A) a point where the economy is inefficient, with a greater emphasis on consumer goods.(B) a point where the economy is efficient, with a greater emphasis on capital goods.(C) a point which is not currently possible.

  5. Draw a Supply and Demand graph for Widgets.(A) Illustrate the effect of an increase in Supply.(B) What would happen to the equilibrium Price?(C) What would happen to the equilibrium Quantity?

  6. Draw the Business Cycle.Label, with correct terms, the following:* The “top”* The “bottom”* The “going up” phase* The “going down” phase

  7. Draw a correctly labeled AS/AD graph for an economy. What would happen to each of the following if Aggregate Demand increases?(A) GDP(B) Price level(C) Unemployment

  8. An economy has the following:* 150,000 people over 16 years old* 100,000 people in the civilian labor force* 92,500 people have a jobQuestion: What is the unemployment rate? (round answer to tenths)

  9. Draw a correctly labeled AS/AD graph for an economy. What would happen to each of the following if Aggregate Supply increases?(A) Output(B) Price level(C) Employment

  10. The CPI was 180 in year one and 216 in year two.Question: What was the inflation rate from year one to year two? (round answer to tenths)

  11. Draw a correctly labeled AS/AD graph for an economy. What would happen to each of the following if families start feeling pessimistic about the world economy?(A) Ouput(B) Price level(C) Unemployment

  12. Income rises by $1,000, resulting in an initial increase in spending of $800.(A) What is the marginal propensity to consume?(B) What is the spending multiplier?

  13. Draw a correctly labeled AS/AD graph for an economy. What would happen to each of the following if the price of oil rises?(A) GDP(B) Price level(C) Employment

  14. Income rises by $10,000, resulting in an initial increase in saving of $1,000.(A) What is the marginal propensity to consume?(B) What is the spending multiplier?

  15. Draw a correctly labeled AS/AD graph for an economy experiencing an inflationary gap. Which of the following may move the economy to full employment equilibrium?(A) increase in productivity(B) decline in wealth(C) increase in costs of productionmay be more than one answer

  16. There is an autonomous increase in investment spending of $500 when the marginal propensity to consume is 0.75. Question: By how much might GDP increase?

  17. Draw a correctly labeled AS/AD graph for an economy experiencing an deflationary gap. Which of the following may move the economy to full employment equilibrium?(A) decrease in costs of production(B) rise in consumer optimism(C) decline in the stock marketmay be more than one answer

  18. There is an autonomous increase in consumer spending of $1,000 when the marginal propensity to consume is 0.80. Question: What would be the third stage increase in spending?

  19. Draw a Production Possibilities graph for an economy producing Consumer goods and Capital goods. Label the curve “A”.Assume that over time the productivity of the economy improves and the level of natural resources available increases. Illustrate (and label) the resulting change in the Production Possibilities curve.

  20. An economy has the following:* 120,000 people over 16 years old* 80,000 people in the civilian labor force* 72,000 people have a jobQuestion: What is the unemployment rate?

  21. Draw a correctly labeled AS/AD graph for an economy. What would happen to each of the following if the value of real estate rises?(A) Output(B) Price level(C) Unemployment

  22. Draw the Business Cycle.Label, with correct terms, the top, bottom, and up and down phases.Also, indicate the place where a recession would occur.

  23. The CPI was 200 in year one and 215 in year two.Question: What was the inflation rate from year one to year two? (round answer to tenths)

  24. Draw a correctly labeled AS/AD graph for an economy. What would happen to each of the following if labor costs decline?(A) GDP(B) Price level(C) Employment

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