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PMA512S- PRINCIPLES OF MACROECONOMICS- 1ST OPP- NOV 2023 |
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nAm I BI A un IVE RSITV
OF SCIEnCE Ano TECHnOLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT ECONOMICS, ACCOUNTING AND FINANCE
COURSE NAME: PRINCIPLES OF
MACROECONOMICS
DATE: NOVEMBER 2023
DURATION: 3 HOURS
COURSE CODE: PMA512S
SESSION: PAPER
THEORY
MARKS: 100
FIRST OPPORTUNITY EXAMINATION MEMORANDUM
EXAMINER(S)
MODERATOR:
Ms. Precious Mwikanda
Ms. Lavinia Hofni
Mr. Eslon Ngeendepi
INSTRUCTIONS
I. This question paper consists of 83 questions with total marks of 100.
2. Answer ALL sections on the Answer Sheet provided on page 21
3. Shade your student number correctly with similar layer of shading.
4. Shade your answers correctly and neatly.
5. Remember, only ONE correct shaded answer per number, shading TWO circles on one
number will result in loss of your point/mark even if one of them was correct.
PERMISSIBLE MATERIALS
I. Scientific calculator
2. Pen and Pencil
3. Ruler
THIS QUESTION PAPER CONSISTS OF 21 PAGES (Including this front page and answer
sheet)
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('
TOTAL MARKS 100
Instructions:
• Read all questions carefully.
• Answer all questions on the provided sheet by shading one correct answer on each number.
1. Macroeconomics is concerned with.
A. individual consumers.
B. government decision making concerning farm price supports.
C. economy-wide variables.
D. the effects on Ford Motor of a strike by the United Auto Workers.
(1 mark)
2. The fact that wants cannot be fully satisfied with available resources reflects the
definition of
(1 mark)
A. trade-off.
B. scarcity.
C. the big trade-off.
D. for whom to produce.
3. In economics, the term "land" means.
A. land that is used in agricultural production.
B. natural resource used to produce goods and services.
C. land that is devoted to economic pursuits.
D. land used for agricultural and urban purposes.
(1 mark)
4. The night before a midterm exam, you decide to go to the movies instead of studying
for the exam. You score 60 percent on your exam. If you had studied the night before,
you'd have scored 70 percent. What was the opportunity cost of your evening at the
movies?
(1 mark)
A. 10 percent off your grade
B. 60 percent
C. 70 percent
D. zero
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Figure 1: Production possibilities curve
Houses
5A
40-
30
20
10
0
1
-· •IH
D- - - E- : IG
I
I
I
I
I
I
I
I
'F
2 3 4 5 Food
5. Using figure 1 above, the production possibilities curve is not a straight line but is
bowed outward, this is because.
(1 mark)
A. some resources are better suited to produce houses than they are to produce food.
B. Not all resources are better suited to produce houses and food.
C. Technology is constantly evolving.
D. Because of the law in Namibia
6. Using figure 1 above, if this economy is operating at point H, which of the following
statements is TRUE?
(1 mark)
I. The opportunity cost of producing more houses is zero.
II. The opportunity cost of producing more food is zero.
III. Point H is inefficient.
A. III only.
B. I and II only.
C. I and III only.
D. I, II, and III.
7. The word "final" in the definition of GDP refers to.
A. not counting intermediate goods or services.
B. the time when production took place.
C. valuing production at market prices.
D. counting the intermediate goods and services used to produce GDP.
(1 mark)
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8. The circular flow model shows that consumer goods and services produced by
business firms are sold in the
(1 mark)
A. goods market.
B. factor market.
C. labour market.
D. financial market.
Figure 2: Four sector circular flow model
E
Factor
markets
9. In figure 2 above, flow B represents ___ _
A. household purchases of goods and services
B. household borrowing
C. household income
D. firms' payments for labour services
10. In figure 2 above flow E represents ___ _
A. taxes
B. payment for goods and services
C. transfer payments
D. imports
Answer: A
(1 mark)
(1 mark)
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11. In figure 2 above, household income is shown by flow.
A. A.
B. B.
C. C.
D. F.
(1 mark)
12. GDE equals
A. C + S + G + (X - M)
B. C+l+ G
C. C + I + G + (X - M)
D. C+S+ G
(1 mark)
13. The expenditure approach measures GDP by adding.
(1 mark)
A. consumption expenditure, gross capital formation, net exports of goods and services
compensation of employees and proprietors' income.
B. compensation of employees, rental income, corporate profits, net interest, proprietors'
income, subsidies paid by the government, indirect taxes paid, and depreciation.
C. consumption expenditure, rental income, corporate profits, net interest, proprietors'
income, indirect taxes paid, and depreciation and subtracting subsidies paid by the
government.
D. consumption expenditure, gross capital formation, net exports of goods and services,
and government expenditure on goods and services.
14. ____ is a component of GDP in the expenditure approach.
A. consumption expenditures by households.
B. Subsidies
C. Net operating surplus
D. Consumption of fixed capital
(1 mark)
15. A new 2022 VW Golf produced in 2022 and purchased in 2023 is
(1 mark)
A. part of GDP in 2022.
B. part of GDP in 2023.
C. not part of GDP in either year because it was produced in one year and sold in another
year.
D. part of GDP in both 2022 and 2023.
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16. A Namibian firm buys a new industrial sewing machine from a company located in
Botswana. Which of the following is true?
(1 mark)
I. Namibia net exports decrease.
II. Namibia investment increases.
A. only I
B. only II
C. both I and II
D. neither I nor II
Table 1: Measuring performance of an economy.
Item
Consumption expenditure by
households
Government expenditure on
goods and services
Net taxes
Gross capital formation
Imports of goods and services
Exports of goods and services
Millions of
dollars
80
30
35
20
10
20
17. Using the information in table 1 above, calculate the value of GDP.
A. N$185 million
B. N$145 million
C. N$ 195 million
D. N$140 million
(2 marks)
18. The approach to GDP that sums compensation of employees, net operating surplus,
consumption of fixed capital and indirect taxes and subtracts subsidies is the (1 mark)
A. opportunity cost approach.
B. expenditure approach.
C. added cost approach.
D. income approach.
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Table 2: Measuring performance of an economy.
Item
Millions of
dollars
GDP at Market prices
t70
Personal Income
t30
Consumption of fixed capital ~2
Personal taxes
37
Net factor payments
11
19. Use the information in table 2 above to calculate the value of GNP at market prices.
(2 marks)
A. N$217 million
B. N$259 million
C. N$241 million
D. N$193 million
20. Use the information in table 2 above to calculate the value of NNP at market prices.
(2 marks)
A. N$217 million
B. N$259 million
C. N$241 million
D. N$193 million
21. Use the information in table 2 above to calculate the value of PDI at market prices.
(2 marks)
A. N$217 million
B. N$259 million
C. N$241 million
D. N$193 million
22. The difference between nominal GDP and real GDP is that real GDP eliminates the
effects from
(1 mark)
A. depreciation.
B. inflation.
C. the unemployment rates.
D. changes in productivity.
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23. The Executive Committee (EC) is responsible for the formulation of monetary policy
in Namibia and meets every ____ months to deliberate on monetary policy issues.
(1 mark)
A. 4
B. 2
C. 12
D. 6
24. The repo rate is the interest rate...
A. banks charge each other on overnight loans.
B. commercial banks borrow money from the Central Bank
C. the percentage of a bank's deposits that must be kept at the Central Bank
D. also known as the prime rate.
(1 mark)
25. To increase the quantity of money in the economy, the Central Bank is likely to
(1 mark)
A. print more money and give it to the banks.
B. lower tax rates
C. sell government securities in an open market operation.
D. buy government securities in an open market operation.
26. Suppose the reserve requirement is 10%. The value of the money multiplier will then
be ____ . A N$1 000 deposit can be increased to____
(2 marks)
A. 10%;N$10000
B. 10; N$10 000
C. 10%; N$1 000
D. 10; N$1 000
27. The ____
is the most important financial institution in any country.
A. Insurance company
B. Central Bank
C. Commercial bank
D. Internet bank
(1 mark)
28. Which of the following bodies are responsible for the conduct of monetary policy?
(1 mark)
A. the Central Bank
B. Government
C. the President
D. Government and the President, jointly
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29. People need to hold wealth in some form and the most common way of holding wealth
is gold.
(1 mark)
A. True
B. False
30. The most important financial institution in any country is the Central Bank. The Bank
of Namibia is our Central Bank.
(1 mark)
A. True
B. False
31. Banks cannot lend out the total amount of deposits, but they are obliged to keep a
certain percentage of all deposits with the Bank of Namibia in the form of repo rate.
(1 mark)
A. True
B. False
32. All coins, notes and deposits held at the Bank of Namibia do not form part of the
supply of money since they are not in circulation.
(1 mark)
A. True
B. False
33. Macroeconomics
unemployment.
A. True
B. False
is the study of aggregate variables such as national production and
(1 mark)
34. The tools, instruments, machines, and buildings that people use to produce goods
and services are called human capital.
(1 mark)
A. True
B. False
35. Fiscal policy attempts to achieve all the following objectives EXCEPT ___ _
(1 mark)
A. a stable money supply.
B. price level stability
C. full employment
D. sustained economic growth.
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36. In Namibia, the National Pension Scheme (NPS), known as the Universal Pension
Scheme, is a social pension, which provides a flat-rate benefit, is non-contributory,
non-taxable, and payable regardless of other income. The pension is funded from
Government taxation. Most pensioners (85%) receive their money at a designated
cash pay point, with the rest via a post office or bank account. This benefit is classified
as
(1 mark)
A. debt interest.
B. purchases of goods and services.
C. production of goods and services.
D. transfer payment.
37. The government's budget deficit or surplus equals the
A. change in expenditure divided by change in revenue.
B. average expenditure divided by average revenue.
C. change in revenue minus change in expenditure.
D. total tax revenue minus total government expenditure.
(1 mark)
38. The Government of the Republic of Namibia, in collaboration with stakeholders and
development partners adopted a Stimulus and Relief Package amounting to N$8.1
billion in total. The stimulus package passed by Government in 2020 was an example
of
(1 mark)
A. automatic stabilizer
B. expansionary fiscal policy
C. monetary policy
D. increased taxation
39. Which of the following are limitations of fiscal policy?
(1 mark)
I. There is a lag between recognizing that fiscal policy might be needed
II. Economic forecasts might be incorrect.
Ill. Fiscal policy changes need approval by the national assembly before it can be
implemented, and the process can take months
A. III only
B. I and II
C. I and III
D. I, II and III
JO
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40. A decision to delay a tax increase recognizes the fact that a tax increase will ___ _
disposable income and ____ real GDP.
(2 marks)
A. decrease; increase
B. decrease; decrease
C. increase; increase
D. increase; decrease
41. ____ are the largest source of revenue for the Government.
(1 mark)
A. Borrowings
B. Personal income taxes
C. Grants
D. Loans
42. The term Tax evasion is defined as
(1 mark)
A. Tax evasion is an illegal act when people do not pay the taxes they are supposed to pay.
B. Tax evasion is a legal act and involves the exploitation of tax loopholes to pay as little
tax as possible.
C. Tax evasion refers to VAT.
D. Tax evasion is defined as the deliberate act to pay taxes.
43. The fundamental force that drives international trade is
A. absolute advantage.
B. importation duties and tariffs.
C. expo11licenses.
D. comparative advantage.
(1 mark)
44. Who benefits from imports?
A. domestic consumers
B. domestic producers
C. foreign consumers
D. Both answers A and Bare correct.
(1 mark)
45. A tariff is a
A. tax on an exported good or service.
B. tax on an imported good or service.
C. subsidy on an expo11edgood.
D. subsidy on an imported good.
(1 mark)
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46. If a country imposes a tariff on an imported good, the tariff ____
importing country and ____ the quantity of imports.
A. raises; decreases
B. raises; increases
C. raises; does not change
D. lowers; does not change
the price in the
(2 marks)
47. If portable disk players made in China are imported into the United States, the
Chinese manufacturer is paid with.
(1 mark)
A. dollars.
B. yuan, the Chinese currency.
C. international monetary credits.
D. euros, or any other third currency.
48. Which of the following statements is correct?
(1 mark)
I. The exchange rate is a price.
II. The exchange rate is different from other prices because it is NOT determined by supply
and demand.
A. only I
B. only II
C. I and II
D. neither I nor II
49. A decrease in the value of a currency in terms of other currencies is known as (1 mark)
A. an appreciation.
B. a depreciation.
C. a par value.
D. a gold points.
50. When the U.S. dollar depreciates against the yen, the yen becomes ____
and the U.S. exchange rate
A. more; rises
B. less; rises
C. more; falls
D. less; falls
expensive
(2 marks)
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51. Last year the exchange rate between U.S. dollars and Mexican pesos was 10 pesos per
dollar. Today it is 11 pesos per dollar. Here, the dollar ____ against the peso, and
the peso ____
against the dollar
(2 marks)
A. appreciated; depreciated
B. depreciated; appreciated
C. appreciated; appreciated
D. depreciated; depreciated
52. According to Adam Smith,
(1 mark)
A. government intervention in markets is not desirable because an invisible hand leads
decisions made in pursuit of self-interest to unintentionally promote the social interest.
B. politicians are well-equipped to regulate corporations and intervene in markets to
improve market outcomes.
C. when big corporations pursue their self-interest of maximum profit, they will
inevitably conflict with social interest.
D. in a market transaction buyers can either get what they want for less than they would
be willing to pay, or sellers can earn a profit, but both buyers and sellers can't gain
simultaneously.
53. Which of the following is true?
(1 mark)
A. The structural deficit changes over the business cycle.
B. MPS+ MPC= 1.
C. At equilibrium expenditure, unplanned changes in inventory must be positive.
D. In the real business cycle model, there is no AD curve.
54. Suppose the consumption function is given by the equation C = 100 + 0.8YD, where
YD is disposable income. What is the marginal propensity to consume? (1 mark)
A. 0.2
B. 0.8
C. 2.0
D. 100
55. Using the answer obtained in question 54 above, what is the value of the multiplier in
the economy.
(1 mark)
A. 2
B. 5.
C. 1
D. 8
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Figure 3: Aggregate planned expenditure/Total spending
45° line
AEo
3
0
3
6
9
12 15 18
Real GDP (trillions of 2005 dollars}
56. In figure 3, autonomous expenditure along AE1 equals.
A. N$3 trillion.
B. N$6 trillion.
C. N$ l 2 trillion.
D. an amount not given in the above answers.
(1 mark)
57. If AEo is the Total spending curve, then equilibrium income in figure 3 is.
(1 mark)
A. N$3 trillion.
B. N$6 trillion.
C. N$ l 2 trillion.
D. None of the above answers is correct.
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Table 3: Economy level of expenditure
Real GDP
(N$)
3,000
4,000
5,000
6,000
7,000
8,000
Consumption
expenditure
(N$))
2,500
3,250
4,000
4,750
5,500
6,250
Investment
(N$))
500
500
500
500
500
500
Government
expenditure
(N$))
500
500
500
500
500
500
58. In table 3 above, there are no taxes and no imports or exports. Therefore, Real GDP
is equal to Income. The equilibrium level of expenditure for this economy is. (2 marks)
A. any level because investment always equals government expenditures.
B. no level because consumption expenditure is always less than real GDP.
C. N$3,000.
D. N$5,000.
59. In table 3 above, suppose that investment increases from N$500 to N$750 at each level
of real GDP. After the increase, what is the level of expenditure when real GDP equals
N$5,000?
(2 marks)
A. N$5,000
B. N$5,250
C. N$1,000
D. N$250
60. In table 3 above, investment increases from N$500 to N$750. After the increase in
investment, the new equilibrium level of output is.
(2 marks)
A. N$5,000.
B. N$7,000.
C. N$6,000.
D. N$5,750.
61. Equilibrium expenditure occurs were.
A. the aggregate expenditure curve crosses the 45-degree line.
B. planned expenditures exceed national income.
C. savings exceed planned investment.
D. All the answers are correct.
(1 mark)
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62. The sum of the components of aggregate expenditure that are not influenced by real
GDP is called.
(1 mark)
A. induced expenditures.
B. theMPC.
C. autonomous expenditures.
D. autonomous consumption.
63. Consumption expenditure decreases when ____
A. the interest rate
B. the price level
C. disposable income
D. saving
decreases.
(1 mark)
Figure 4: Consumption function
Q) - .,.
:::,
-0
"g -8 20
XQ) O10,1")
·co0-:._=. N.0., 16
E c:
"'= :::, 0
u5=-.i:: 12
8
4
45° line
CF
0
4
8
12
16
20
24
Disposable income (trillions of 2005 dollars)
64. In figure 4 above, autonomous consumption is.
A. zero.
B. N$2 trillion.
C. N$4 trillion.
D. N$6 trillion.
(1 mark)
65. In figure 4 above, the induced consumption when real GDP is N$12 trillion is.
(1 mark)
A. zero.
B. N$2 trillion.
C. N$8 trillion.
D. N$ I 2 trillion.
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66. In figure 4 above, negative saving occurs.
A. at all levels of disposable income.
B. when disposable income is N$8 trillion.
C. when disposable income is N$12 trillion.
D. when disposable income is N$ l 6 trillion.
Table 4: Disposable income and consumption expenditure
(1 mark)
Disposable income
(billions of dollars)
400
600
800
1000
1200
Consumption expenditure
(billions of dollars)
450
600
750
900
1050
67. Based upon table 4 above, if disposable income is N$400 billion, saving equals.
(1 mark)
A. -N$50 billion.
B. N$0 billion.
C. N$50 billion.
D. -N$ l 00 billion.
68. Based upon table 4 above, saving equals N$100 billion when disposable income equals.
(1 mark)
A. N$800 billion.
B. N$1000 billion.
C. N$1200 billion.
D. some amount but we need more information to calculate the amount.
69. The ____ equals the number of ___ _
A. labour force; persons over 16 years old
B. labour force; unemployed and employed persons
C. working age population; employed persons
D. unemployment rate; people unemployed
(2 marks)
70. Full-time students and prisoners are ___ _
A. not in the labour force
B. in the labour force
C. counted as discouraged workers
D. counted as unemployed
(1 mark)
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71. Suppose the working-age population is 220 million, the labor force is 150 million, and
the unemployment rate is 10 percent. The number of unemployed people is. (2 marks)
A. 15 million.
B. 22 million.
C. 37 million.
D. 7 million.
Table 5: Disposable income and consumption expenditure
Component
Under sixteen
Working full-time
Working part-time
Retired
Unemployed
Number of people
(millions)
50
90
30
40
5
72. Using the data in table 5 above, the unemployment rate is.
A. 4.0 percent.
B. 4.16 percent.
C. 5.55 percent.
D. 28.0 percent.
73. Using the data in table 5 above, the labor force is ____
A. 215
B. 120
C. 125
D. 165
million.
(2 marks)
(2 marks)
74. An individual who has stopped looking for a job because he is convinced that he
cannot find a job is referred to as
(1 mark)
A. a contingent worker.
B. a productive worker.
C. a discouraged worker.
D. an unemployed worker.
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75. Bob inherits a generous sum of money from his dead uncle's estate. Bob decides to
retire young, so he quits his job and heads to the Bahamas. Bob is an example of
(1 mark)
A. frictional unemployment.
B. structural unemployment.
C. cyclical unemployment.
D. None of the above is correct.
76. An individual is structurally unemployed if.
(1 mark)
A. there is a recession, and the individual is laid off.
B. the individual wants to work just during certain months of the year.
C. the individual quits a job to search for a better one.
D. the individual lacks marketable job skills because technology has changed.
77. The consumer price index (CPI)
(1 mark)
A. com pares the cost of the typical basket of goods consumed in period 1 to the cost of a
basket of goods typically consumed in period 2.
B. reflects the cost of a "basket" of goods and services that the typical household in
Namibia purchases.
C. measures the increase in the prices of the goods included in GDP.
D. is the ratio of the average price of a typical basket of goods to the cost of producing
those goods.
78. Suppose the CPI last year was 121 and the CPI this year is 137. The correct method
to calculate the inflation rate is.
(2 marks)
A. (137 - 121)/100 = 0.16.
B. 137 x 121 = 258.
C. [(137- 121)/121] x 100 = 13.2.
D. (137/121) x 100 = 113.2.
79. Business cycles result when.
(1 mark)
A. aggregate demand grows faster than potential GDP.
B. the labour force participation rate changes.
C. there is an upward and downward movement of production (GDP), employment and
inflation.
D. real GDP equals potential GDP.
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80. Demand-pull inflation starts with
A. an increase in aggregate demand.
B. a decrease in aggregate demand.
C. an increase in sho11-run aggregate supply.
D. a decrease in short-run aggregate supply.
(1 mark)
81. The term "stagflation" refers to the situation when.
(1 mark)
A. a decrease in aggregate supply that results in decreased output, increased
unemployment, and rising prices.
B. real GDP and the price level both rise because of an increase in aggregate demand.
C. prices become stagnant and do not increase or decrease.
D. the short-run aggregate supply curve and the aggregate demand curve shift in opposite
directions.
82. Which of the following statements is CORRECT?
I. Higher savings rates can stimulate economic growth.
II. Limiting international trade can stimulate economic growth.
(1 mark)
A. I only
B. If only
C. both I and II
D. neither I nor II
83. Economic growth tends to be higher in a country that.
A. has a low savings rate.
B. has an economy open to international trade.
C. has an undeveloped system of property rights.
D. does not grant patents to inventors.
(1 mark)
TOTAL 100
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