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quiz3questions - 14.02 Fall 2001 QUIZ 3 STOP Please read...

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14.02 — Fall 2001 — QUIZ 3 STOP! Please read instructions fi rst: Read all questions carefully and completely before beginning the exam. Everything you write on this booklet will be graded. For scratch work, please use the blue book provided. If you make use of any simplifying assumptions, state them clearly. Label all of your graphs, including axes, clearly; if we can’t read the graph, you will lose points on your answer. Show your work on all questions in order to receive partial credit. The quiz is worth a total of 100 points. No notes, calculators, or books may be used during the quiz. You will have 2 hours to complete the quiz. Good luck! NAME: TA: SECTION/RECITATION TIME: 1
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PART 1: True, False or Uncertain. (30 points) Explain your answer completely but brie fl y. a. The natural level of output can be determined by looking only at the ag- gregate supply relation. (5 points) b. Fiscal policy cannot a ff ect investment in the medium run, because output always returns to its natural level. (5 points)
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