311Fin02Fall - Intermediate Macroeconomics 311 Professor...

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Intermediate Macroeconomics 311 Professor Gordon Final Examination, Fall 2002 NAME: ___________________________________________________________ INSTRUCTIONS: 1. This is a closed book exam. You may use a calculator 2. Write your answers to Part A (multiple-choice) in the space provided below. DO NOT WRITE YOUR ANSWERS ON THE MULTIPLE-CHOICE QUESTIONS. 3. Write your answers for Part B in the spaces provided and to Part C in the bluebook. Be sure to put your name and Student ID number on the cover of both this exam package and of the bluebook. 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. WRITE LEGIBLY, USING CAPITAL LETTERS!!!!! 1. _ A ___ 11. _ B ___ 21. _ C ____ 31. _ E ____ 2. _ D ___ 12. _ D ___ 22. _ B ____ 32. _ E ____ 3. _ B ___ 13. _ A ___ 23. _ C ____ 33. _ D ____ 4. _ D ___ 14. _ B ___ 24. _ A ____ 34. _ C ____ 5. _ A ___ 15. _ C ___ 25. _ D ____ 35. _ C ____ 6. _ B ___ 16. _ C ____ 26. _ C ____ 36. _ C ____ 7. _ B ___ 17. _ C ____ 27. _ D ____ 37. _ B ____ 8. _ C ___ 18. _ D ____ 28. _ E ____ 38. _ B ____ 9. _ D ___ 19. _ A ____ 29. _ C ____ 39. _ E ____ 10. _ D ___ 20. _ B ____ 30. _ A ____ 40. _ D ____
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PART A (40 points) Multiple Choice Questions 1) In the context of the neoclassical growth model, which of the following does not explain the growth rates of countries which are initially poor? A) Nations which are below their steady-state growth paths will grow more slowly until they reach the steady state. B) The rate of return is higher in poor countries. C) Capital flows from rich countries to poor countries. D) The passage of time allows poor countries to adopt the productive techniques of rich countries. 2) Flexible exchange rates, proving to be much ________ volatile than economists predicted, have led to ________ calls for a return to fixed exchange rates. A) less, few B) less, many C) more, few D) more, many 3) Government debt places a burden on future generations if A) the debt is used to fund the production of investment goods. B) the debt is used to fund the current consumption of its citizens. C) the debt is used to fund schools and highways. D) All of the above are correct. 4) The U. S. current account balance was negative in each of the past 20 years but one. What happened in that year? A) Microsoft discovered Windows, leading to a boom in exports B) U.S. economy went into a recession, causing a slump of imports C) Foreigners financed the gulf war D) B) and C) 5) Unemployment that results when individuals who have voluntarily quite their jobs are seeking jobs is called A) turnover unemployment. B) mismatch unemployment. C)
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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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311Fin02Fall - Intermediate Macroeconomics 311 Professor...

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