Econ 1103- Practice Midterm Exam

Scholastic Dishonesty Acts prohibited by the college for which discipline may be administered include scholastic dishonesty, including but not limited to cheating on an exam or quiz, plagiarizing, and unauthorized collaboration with another in preparing outside work. Academic work submitted by students shall be the result of their thought, research or self-expression. Academic work is defined as, but not limited to tests, quizzes, whether taken electronically or on paper, projects, either individual or group; classroom presentations, and homework. Students with Disabilities Each ACC campus offers support services for students with documented physical or psychological disabilities. Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes. Students are encouraged to do this three weeks before the start of the semester.

A fiscal deficit is when a government's total expenditures exceed the tax revenues that it generates. A budget deficit can be cut by either reducing public expenditure or raising taxes. In this essay, I am going to analyse the benefits and costs of increasing tax rates to reduce fiscal deficits instead of cutting government expenditure.

Which of the following statements about striving to reduce labor costs per pair produced at each of the company's plants is true?

B. This would not only add more revenue, but also provide thousands of jobs to those unemployed which would of course greatly benefit the overall US/Global economy.

c. Explain how the location of each curve graphed in question 7b would be altered if (1) total fixed cost had been $100

Answer the next question on the basis of the following production possibilities tables for countries Alpha and Beta:

THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS ECON1202/2291 QUANTITATIVE MEHODS A FINAL EXAMINATION SESSION 2 2008

The bank rate is the interest rate at which the Bank of Canada stands ready to lend reserves to chartered banks. The banker 's deposit rate is the interest rate that the Bank of Canada pays banks on their deposits at the Bank of Canada. Changes to these rates by the Bank of Canada typically spread to other interest rates and therefore will influence the amount of lending done by the banks.

Question 34 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the growth rate of real GDP between the two years?

Refer to Figure 18-4. The shift of the labor demand curve from D1 to D2 could possibly be explained by

With new technological advances in machinery the average production of a miner is at a continual rise while the employment of the miners is at a downfall.

Equator - imaginary line at 0° latitude that divides the earth into the northern and southern hemispheres

price is $25 per share. The most recent dividend was $1 and the growth rate is 5%.

C. the increased amount of output achievable from a given quantity of labor and capital due to technological innovation.[pic]correct

Cuts in government spending as a strategy for economic growth have become accepted as have tax cuts on the top income earners in keeping with President Reagan, who cut top marginal tax rates in the 1980s from 70 percent to 28 percent. In a way quaint, both strategies have been perceived as the appropriate solution for economic growth. Such cuts, though, have differential impacts on their targets. It is believed that cuts in top marginal tax rates reward success, while the cuts in spending punish low-income cohorts. The latter cuts are aimed at education, Supplemental Nutrition Assistance Program (SNAP), Medicare and Medicaid benefits, all of which disproportionately affect folks at the bottom the income ladder. These cuts allegedly punish