Economics 320L, Fall 2017
Practice Midterm 1
Please put all papers away.
No calculators, no cell phones, no computers:
nothing electronic is allowed.
The exam is scheduled for 80 minutes.
There are 90 points total on the exam, plus 3 extra credit points.
Definitions (3 points each)
Extensive Margin of Labor Supply:
Natural level of output:
Random walk hypothesis: