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finalexam060203 - Econ 52 Economic Analysis III Spring 2003...

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Econ 52 Mark L.J. Wright Economic Analysis III [email protected] Spring 2003 Landau 336 Final Exam Date: Friday 6th June, 2003 Instructions 1. Read all of these instructions before attempting the exam. 2. Answer each part of the exam in a separate blue book. 3. Write your name, student number, TA section and the part attempted on the front page of each blue book that you use. 4. On the front of each blue book, write the number of blue books you have used above a copy of your own signature. When you hand in your exam, you must wait for the person collecting the exam to verify the number of blue books you have used by signing their own name next to the number. 5. Write your answers in either blue or black ink. Answers submitted in pencil will receive a score of zero. 6. Take care to write your answers clearly. Answers that are deemed to be illegible by the grader will receive a score of zero. 7. You have 180 minutes to answer this exam. 8. The exam has fi ve (5) pages. Please check that you have all pages. 9. There are one hundred and eighty (180) points worth of questions. Answer all questions. 10. This is a “closed book” exam. You may not consult your notes or textbooks during the exam. 11. No calculators are to be used on the exam. 12. You may not talk to any other student while completing the exam. Exam answers are to be completed, and handed in, individually. 13. You must give full economic explanations for all of your answers. Answers without explana- tions will be penalized. 14. Professor Wright will be available to answer questions during the fi rst ten minutes of the exam. If you are confused about a question on the exam after the fi rst ten minutes, explain why you are confused in your answer, state what you think is necessary to resolve your confusion, and then proceed to answer the question accordingly. 1
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Part A (Short Answer Questions) (54 points total) Evaluate each of the following statements. State whether they are true, false or uncertain, and give a short explanation of your reasoning. No points will be awarded without the correct explanation. 1. If a government reduces social security bene fi ts, in the National Income and Product Accounts both government expenditure and the level of GDP will fall. (6 points) 2. If a Paasche index for real GDP is less than one, and a Laspeyres index for real GDP is greater than one, we can conclude with absolute certainty that living standards in this country have increased. (6 points) 3. According to the Solow-Swan growth model, if two countries are identical in every respect
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finalexam060203 - Econ 52 Economic Analysis III Spring 2003...

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