311FFall03 - Intermediate Macroeconomics 311 Professor...

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Intermediate Macroeconomics 311 Professor Gordon Final Examination, Fall 2003 NAME: ___________________________________________________________ INSTRUCTIONS: 1. This is a closed book exam. You may use a calculator, but no formulas must be stored in it. 2. Write your answers to Part A (multiple-choice) in the space provided below . 3. Write your answers to Part B in the spaces provided 4. Write your answers to Part C in the bluebook. 5. Be sure to put your name and Student ID number on the cover of both this exam package and of the bluebook. 6. GOOD LUCK! TIME ALLOCATION POINT ALLOCATION PART A 40 40 PART B 50 50 PART C 30 30 TOTAL 120 120 PART A (40 points) Write your answers to the multiple-choice questions in the space below. USE CAPITAL LETTERS. 1. _ _ ___ 11. _ _ ___ 21. _ _ ____ 31. _ _ ____ 2. _ _ ___ 12. _ _ ___ 22. _ _ ____ 32. _ _ ____ 3. _ _ ___ 13. _ _ ___ 23. _ _ ____ 33. _ _ ____ 4. _ _ ___ 14. _ _ ___ 24. _ _ ____ 34. _ _ ____ 5. _ _ ___ 15. _ _ ___ 25. _ _ ____ 35. _ _ ____ 6. _ _ ___ 16. _ _ ____ 26. _ _ ____ 36. _ _ ____ 7. _ _ ___ 17. _ _ ____ 27. _ _ ____ 37. _ _ ____ 8. _ _ ___ 18. _ _ ____ 28. _ _ ____ 38. _ _ ____ 9. _ _ ___ 19. _ _ ____ 29. _ _ ____ 39. _ _ ____ 10. _ _ ___ 20. _ _ ____ 30. _ _ ____ 40. _ _ ____
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PART A (40 points) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The Maastricht Treaty requires that A) France cannot have an inflation rate below 3 percent B) Italy cannot have a budget deficit below zero C) Germany cannot adopt automatic stabilization D) Spain cannot have a budget deficit below 3 percent 2) Money sent home by Mexicans causes A) Greater U.S. international indebtedness B) Lesser U. S. international indebtedness C) An increase in the U. S. capital account deficit D) An increase in U. S. net international investment income 3) After a period of sustained unexpected inflation, it is likely that the renegotiation of nominal wages will A) shift the SAS curve downward thereby increasing output. B) shift the SAS curve upward thereby decreasing output. C) shift the SAS curve upward thereby increasing output. D) shift the AD curve downward thereby increasing output. 4) The long-run aggregate supply curve is A) vertical at the natural level of income. B) horizontal at the natural price level. C) downward-sloping for all income levels above the natural level of income. D) upward-sloping for all income levels below the natural level of income. 5) The difference between actual and natural unemployment rates is called ________ unemployment. A) cyclical B) mismatch C) measured D) turnover 6) The sacrifice ratio for disinflations is the cumulative A) loss of real GDP/cumulative loss of nominal GDP. B) gain in real GDP/total population.
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This note was uploaded on 09/04/2010 for the course ECON 311 taught by Professor Gordon during the Spring '08 term at Northwestern.

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311FFall03 - Intermediate Macroeconomics 311 Professor...

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