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311Mid02Fall1 - Intermediate Macroeconomics 311(Professor...

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Intermediate Macroeconomics 311 (Professor Gordon) Mid-Term Examination Fall, 2002 YOUR NAME: ________________________________ TA: _____________________ INSTRUCTIONS: 1. The exam is worth 60 points in total: 30 points for the two analytical questions, and 30 points for the multiple choice 2. Write your answers to Part A (the multiple choice section) in the blanks on page 1. YOU WILL NOT GET CREDIT FOR CIRCLED ANSWERS IN THE MULTIPLE CHOICE SECTION 3. Place all of your answers for part B in the spaces provided PART A Answer multiple choice questions in the space provided below. Write clearly, USING CAPITAL LETTERS. 1. _ _ __ 6. _ _ __ 11. _ _ __ 16. _ _ __ 21. _ _ __ 26. _ _ __ 2. _ _ __ 7. _ _ __ 12. _ _ __ 17. _ _ __ 22. _ _ __ 27. _ _ __ 3. _ _ __ 8. _ _ __ 13. _ _ __ 18. _ _ __ 23. _ _ __ 28. _ _ __ 4. _ _ __ 9. _ _ __ 14. _ _ __ 19. _ _ __ 24. _ _ __ 29. _ _ __ 5. _ _ __ 10. _ _ __ 15. _ _ __ 20. _ _ __ 25. _ _ __ 30. _ _ __
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PART A 1) In order to determine personal income, what adjustments have to be made to national income? A) Subtract undistributed corporate profits, corporate income tax, social security taxes, and then add government transfers and private interest payments. B) Subtract corporate income tax and social security taxes and then add corporate dividends, government transfers, and private interest payments. C) Subtract undistributed corporate profits, corporate consumption allowance, corporate income tax, social security tax and then add government transfers and private interest payments D) Subtract corporate income tax and social security taxes and then add corporate dividends, government transfers, and private interest payments. 2) The unemployment-population ratio equals 3) A decrease in real GDP causes 4) The money supply consists of 5) The IS curve would be vertical if A) the government's budget was balanced. B) the demand for money was insensitive to the interest rate. C) the government increased the money supply. D) autonomous expenditures were insensitive to the interest rate.
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