Econ Midterm

THE UNIVERSITY OF THE WEST INDIES

OPEN CAMPUS

Midsemester Examinations 2012

Course Code and Name Title: ECON1002 INTRODUCTION TO MACROECONOMICS Date: Duration ___2_______Hrs. Materials required: Answer booklet: Calculator:

(where applicable)

Time: Paper No:

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Normal Numerical

Special

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Non Programmable Alphabetical

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Included

Multiple Choice Answer Sheets:

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Auxiliary/Other material(s) – Please specify: …………………………………………………………………………………………………………… ………………………………………………………………………………………………………….... Candidates are permitted to bring the following items to their desks: …………………………………………………………………………………………………………....

INSTRUCTIONS TO CANDIDATES:  This paper has 9 pages and 34 questions.  Section A has 30 multiple choice questions and Section B has 4 applied problems  ANSWER ALL QUESTIONS INCLUDING MULTIPLE CHOICE IN YOUR EXAMINATION BOOKLET. DO NOT ANSWER THE MULTIPLE CHOICE ON THE QUESTION PAPER.

©The University of the West Indies Course Code: ECON1002 3/1/2012 ________________________________________________________________________________________

DO NOT WRITE OR TYPE ON THE BACK OF THIS SHEET: USE ONE SIDE ONLY

INSTRUCTIONS: Each page must be signed by the FIRST AND SECOND EXAMINERS. Completed forms should be handed to the Assistant Registrar (Examinations).

..................................... First Examiner Date: 3/1/2012

............................................ Second Examiner Date: 3/1/2012

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SECTION A: SELECT THE CORRECT ANSWER [RECOMMENDED TIME: 45 MINUTES] 1. The opportunity cost of taking this exam is equal to a. the value of the time that you spend taking the exam. b. the expense of your textbook. c. the tuition payment for this class. d. the number of questions. Markets are efficient because they allocate scarce economic resources to the a. people that value them the least. b. people that the government chooses. c. people that value them the most. d....