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Economics 19900 Autumn 2007

Economics 19900 Autumn 2007 - Economics 19900 Autumn 2007...

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Economics 19900 Autumn 2007 THIRD HOUR EXAMINATION Name (Please Print): ______________________________________ [42 Points Possible] Part I. Multiple Choice. Circle letter corresponding to your answer. One point each; 20 points total. 1. Which of the following statements about money is not correct? a. Federal Reserve Notes are an example of fiat money. b. Demand deposits count (or are included) in M1 but not in M2. c. Money is a liquid asset used as a medium of exchange, a unit of account and a store of value. d. The Quantity Equation is MV=PY. e. The value of money falls when the price level rises. 2. According to the Phillips curve theory, there exists: 3. If households and businesses set their spending plans in advance – and for the “long haul,” 4. In the long run,
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