Midterm 1 (Fall 2017).pdf - Name Economics 320L Fall 2017...

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1Name: Economics 320L, Fall 2017 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 80 points total on the exam. WRITE NEATLY. Part 1: Definitions (2 points each)
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5)Intensive margin of labor supply:
2Part 2: Long Question on IS-LM Model (20 points total) I-IS-LM Analysis a) Draw the IS-LM diagram and illustrate the effects of a decrease in money technology (MTon the interest rate and output. Be sure to label each axis and curve, as well as equilibrium values. (5 points) )
Y b) Using your answer to part a), demonstrate how a decrease in money technology will affect consumption, investment, and savings. Show all of your work.(5 points)
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