papers_econ1002_030603

papers_econ1002_030603 - THE UNIVERSITY OF HONG KONG School...

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THE UNIVERSITY OF HONG KONG School of Economics & Finance 2002-2003 2nd Semester Examination Economics: ECON1002 A&B Introduction to Economics I1 A&B Dr J Yetman June 3, 2003 2:OO-4:OOp.m. Candidates may use any self-contained, silent, battery-operated and pocket-sized calculator. The calculator should have numeral-display facilities only and should be used only for the purposes of calculation. It is the candidate’s responsibility to ensure that his calculator operates satisfactorily. Candidates must record the name and type of their calculators on the front page of their examination scripts. -1-
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4) Answer the following questions about the macroeconomy in the short run. a) In the short run, Keynesian economists argue that prices and wages are slow to adjust. In models with sticky prices, what adjusts instead? (4 points) b) When discussing multiplier analysis in both open and closed economies, with and without governments, what identity was relied upon each time to determine the short run equilibrium? (4 points)
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papers_econ1002_030603 - THE UNIVERSITY OF HONG KONG School...

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