Answer Key to Sample MC Questions for Test 1

Let me know if you think there are any errors.

1-D, 2-C, 3-A, 4-D, 5-A, 6-D,
7-A, 8-C, 9-D, 10-C, 11-C, 12-A, 13-D,
14-D, 15-C, 16-C, 17-D, 18-A,
19-D, 20-F, 21-C, 22-D,
23-C, 24-C*, 25-B, 26-A, 27-B, 28-B.

*The test bank from which I get this question says the answer is C. However I don't seem to come up with that answer. If someone comes up with -15 billion, tell me how you get that answer.

JJ

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One thing that may make your life easier:

I will provide you with a copy of the US Balance of Payments accounts for 2006, the same handout we looked at in class. It may help you answer some of the questions. It will be your only cheat sheet allowed.

Please bring a calculator. NO PHONE CALCULATORS PERMITTED.

Preparation for Test #1

Just a reminder that your first test is Friday, February 8.

The material is our class discussions / notes, and the relevant readings from the Pugel text (Ch. 16 and 17 in their entireties). Also, there is a pdf of the appendix to chapter 16 on the I-drive. It has examples of double-entry bookkeeping along with how the examples impact the balance of payments accounts.

The test will have up to 25 multiple choice questions and one or two problems where you may need to write a brief essay and/or perform some calculations.

There are sample multiple choice problems on the I-drive. I'll post an answer key later today.

Good luck.