Macroeconomics

THE UNIVERSITY OF THE WEST INDIES

OPEN CAMPUS

Midsemester Examinations October 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

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Non Programmable Alphabetical

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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 13 pages and 33 questions.  Section A has 50 multiple choice questions and Section B has 3 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 9/18/2013 ________________________________________________________________________________________

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: 9/18/2013

............................................ Second Examiner Date: 9/18/2013

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SECTION A: SELECT THE CORRECT ANSWER [RECOMMENDED TIME: 75 MINUTES] 1. A typical society strives to get the most it can from its scarce resources. At the same time, the society attempts to distribute the benefits of those resources to the members of the society in a fair manner. In other words, the society faces a tradeoff between guns and butter. efficiency and equity. inflation and unemployment. work and leisure.

a. b. c. d.

2. a. b. c. d.

Which of...