Part 1 :

B/ Multiple choice questions and give the correct answer : 1. According to the quantity theory of money, an increase in the money supply increases the price level a) but has no effect on real GDP or on the speed of circulation b) as well as real GDP and the velocity of circulation of money c) as well as real GDP, but reduces the velocity of circulation of money d) as well as real GDP, but increases the velocity of circulation of money e) has no effect on real GDP, and reduces the velocity of circulation of money

2. Real money is equal to nominal money a) divided by real GDP b) minus real GDP c) divided by the price level d) minus the price level e) divided by the velocity of circulation of money 3. The bank of Saint-Glinglin has reserves of $40, which is also the amount of its desired reserves. She has loans of $460 and deposits of $500. What is its desired reserve ratio? a) 4% b) 8% c) 12.5% d) 25% e) 40%

4. A bank that receives short-term deposits and grants long-term loans a) acts as a lender of last resort b) reduces the cost of borrowing c) creates liquidity d) takes unnecessary risks e) dilutes the risk 5. Which of the following is a function of money a) Serve as an instrument of exchange b) Serve as a measure of liquidity c) Diluting the risk d) Serve as an exchange reservoir e) Reduce transaction costs

Part 2 :

B/ Multiple choice questions and give the correct answers : 1. If the exchange rate between the Canadian dollar and the British pound is 0.5 for 1 CAD and a radio costs 38 in Great Britain, what is the price of this radio in CAD? a) CAD 19 b) CAD 25 c) CAD 38 d) CAD 57 e) CAD 76

2. The requested quantity of Canadian dollars depends on all of the following factors except a) the exchange rate b) the interest rate in Canada c) the interest rate in the rest of the world d) Canadian import demand e) the anticipated exchange rate 3. If interest rates are higher in Canada than in Japan, based on interest rate parity, this means that a) the inflation rate is higher in Japan b) Japanese financial assets are bad investments c) a depreciation of the yen against the dollar is expected d) an appreciation of the yen against the dollar is expected e) Canadian financial assets are bad investments

4. If the demand for Canadian dollars increases, it follows a) an increase in the demand for foreign currency b) an increase in the supply of foreign currency c) an increase in the supply of Canadian dollars d) a decrease in the demand for foreign currency e) a decrease in the supply of foreign currency 5. If a country's public expenditure on goods and services is $400 billion, net taxes $300 billion, savings $300 billion, and investment $250 billion, the public sector of this country shows a a) surplus, as does the private sector b) surplus, but the private sector runs a deficit c) deficit, but the private sector has a surplus d) deficit, as well as the private sector e) surplus, and the private sector balance remains balanced

Part 3 :

B/ Multiple choice questions and give the correct answers 1. Which of these factors would cause demand inflation? a) A sharp rise in the price of oil b) A wage increase negotiated by the unions c) An increase in exports d) A decrease in the money supply e) A decrease in exports

2. The short-term Phillips curve illustrates the relationship between a) The price level and real GDP in the short term b) The price level and short-term unemployment c) Unemployment and real GDP in the short term d) Inflation and unemployment when inflation expectations may vary e) Inflation and unemployment when there is no change in inflation expectations 3. When the inflation rate is lower than the expected rate, a) Unemployment is above its natural rate b) The natural rate of unemployment increases c) The expected inflation rate increases d) Unemployment falls below its natural rate e) The economy is not located on the CPCT

4. Which of these statements about rational expectations is false? a) They are based on all available information b) They may be wrong c) They are always exact d) These are the best possible predictions e) Economic agents sometimes pay to obtain them 5. According to which theory of the business cycle does an increase in aggregate demand lead to the smallest increase in real GDP? a) Keynesian theory b) The monetarist theory c) The neo-Keynesian theory d) The neoclassical theory e) The theory of the cycle of real origin (COR)

Part 4 :

B/ Multiple choice questions and give the correct answers : 1. Which of these events would not increase a budget deficit? a) A rise in the interest rate on the public debt b) An increase in public spending on goods and services c) An increase in transfer payments d) An increase in indirect corporate taxes e) A decrease in government investment income

2. Which of the following is an expenditure in the public budget? a) Personal income tax b) Income from government investments c) Interest payments on the debt c) Indirect taxes e) Corporate income tax 3. If the nominal interest rate is 11%, the inflation rate 4%, and the tax rate 25%, and the real interest rate after tax is a) -1.25% b) 4.25% c) 5.25% d) 8% e) 10%

4. Which of these measures is an example of a fiscal measure to counter a recessionary gap? a) An increase in interest payments on the public debt b) An increase in taxes c) A reduction in transfer payments d) An increase in transfer payments e) A decrease in public spending on goods and services 5. How an increase in the marginal tax rate affects the size of the multiplier a) It has no effect b) The multiplier increases c) The multiplier decreases d) The multiplier decreases, but only if the new tax rate is higher than the PmC e) The multiplier becomes smaller, but only if the new tax rate is lower than the PmC

Part 5 :

B/ Multiple choice questions and give the correct answers : 1. If the Canadian widget market integrates into the world market, and the world price is higher than the domestic price a) the higher price will benefit consumers b) the higher price will disadvantage producers c) increased production will benefit consumers d) the decrease in production will disadvantage producers e) there will be exports

2. With an import quota, the difference between the domestic price and the import price is a) consumers in the importing country (b) domestic producers of the good (c) the government of the importing country d) foreign exporters (e) holders of a right to import 3. With a customs tariff, the difference between the national price and the export price is a) consumers in the importing country (b) domestic producers of the good (c) the government of the importing country d) foreign exporters (e) domestic importers of the good

4. Protectionist measures make losers a) because they incite business partners to retaliate b) because the losers receive no compensation c) because they go against environmental standards d) because they must endanger national security e) because they drive down wages 5. International trade is restricted a) because collecting fare revenue is costly b) to increase consumption possibilities c) to gain from trade d) because of the rent-seeking phenomenon e) because, on average, free trade leads to economic losses

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