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Practice Paper - Ecs Economics for Business and Management

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ECS1260-65 ECONOMICS (FOR BUSINESS AND) MANAGEMENT

2012-13
Seminar Exercises 13 (to take place in Week 16 starting 11th February 2013) 1) Please say whether the following statements are true or false:

a. An economy experiences growth if it produces more goods and services than the year before. (T) (An increase in the production means an increase in the GDP) b. Investment in physical capital means hiring more employees. (F) (Human capital is used for workforce) c. The convergence hypothesis asserts that poor countries grow slower than rich countries, thereby widening the income gap between the two sets of countries. (F) d. Trend output fluctuates around actual output, since it is latter that matters most. (F) (Actual output fluctuates around Trend output due to change in trends) e. Real business cycles assume that cycles reflect fluctuations around output, while political cycles reflect fluctuations around the political establishment. (T) ( f. In the business cycle, recession follows boom, and is followed by slump. (T) g. During recession, business profits increase. (F)
Multiple Choice: 2) An increase in living standards generally takes place when:

a) GDP grows vigorously over a long period of time. b) GDP declines only moderately. c) GDP is volatile. d) GDP long-term trend is flat.

3) Which of the following is NOT an example of an increased standard of living?

a) Lower life expectancy. b) Indoor plumbing. c) Medical advances. d) Telephones in every home.

4) Long-term growth is measured by:

a) Looking at real GDP per capita for a long period of time. :: b) Looking at real GDP per capita over one year. c) Looking at nominal GDP per capita over a long period of time. d) Looking at nominal GDP compared to real GDP

5) The pattern of recovery, boom,…...

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