U6301_Midterm1_Sample_S2019.pdf - 1 Midterm 1 U6301...

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1 Midterm 1 U6301: Macroeconomics for International and Public Affairs Sample Instructions: Please read each question carefully, and ask questions when necessary. You are allowed to use a non-programmable calculator, straight edge, various colored pencils/pens, and your reminder card. Don’t cheat. Use words, math, and/or graphs to support your answers. Unsupported answers will receive little or no credit. Optimize your time: Be precise and to the point. Make sure that all of your diagrams are clearly drawn and labeled. Blue Books: You are free to choose the order within a blue book but clearly highlight the question number. Please use the blue books in the following way: Blue Book A – Problem 1 and 2 (include your “reminder card”) Blue Book B – Problem 3 Blue Book C – Problem 4 Labeling: On each blue book write Book A, B, or C First and Last Name (on your “reminder card” too) UNI The following takes between 13:00 and 15:00. GOOD LUCK! U6301: Macroeconomics for International and Public Affairs Spring 2019
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2 BLUE BOOK A: Problem 1 and Problem 2. Problem 1 (15mins.): Pick any five and provide a brief intuitive explanation for the high- 15pts. lighted keyword. Do not write more than a few sentences. a) GDP with Product Approach b) Investment c) Marginal Product of Labor d) Real Wage e) Wealth f) Current Account g) Substitution Effect Problem 2 (15mins.): Pick any three and state whether the statement is true or false and 12pts. explain your judgment in at most a few sentences or combined with a simple graph. If any part of the statement is incorrect, then the overall statement is false. The quality and not the length of your answer determines your score. a) The Gross Domestic Product (GDP) is a universal measure for economic well-being. b) According to our production model differences in GDP per capita can be explained by differ- ences in total factor productivity and capital per capita.
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