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Economics 19900 Autumn 2006

Economics 19900 Autumn 2006 - Economics 19900 Autumn 2006...

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Economics 19900 Autumn 2006 THIRD HOUR EXAMINATION Name (Please Print): ______________________________________ [40 Points Possible] Part I. Multiple Choice. Circle letter corresponding to your answer. One point each; 19 points total. 1. On which – or whose – balance sheet would U.S. government securities be listed as a liability? a. the Fed’s b. commercial banks in the United States c. the Treasury Department d. private pension funds accounts e. banks in Beijing 2. With respect to Real Business Cycle theory, which of the following is not correct? 3. In the long run, an increase in the quantity of money in circulation: 4. Which of the following does not describe a function of money? 5. Checking deposits at commercial banks are: a. money. b. not money until they are converted into currency. c. part of M2 but not M1. d. not money until converted into loans or some other interest-earning asset for the bank. e. less liquid than savings deposits. 6. Robert Lucas, in his “Talking with” interview from Parkin, finds fault with Real Business Cycle Theory for:
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