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Midterm_2_-_Version_B_-_solutions

Midterm_2_-_Version_B_-_solutions - Midterm 2 Principles of...

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Midterm 2 – Principles of Macroeconomics (Econ 3) – Spring 2009 – UC San Diego Wednesday, 2:00-2:50pm, May-20, 2009 Version B DO NOT OPEN YOUR EXAM UNTIL INSTRUCTED TO DO SO! SOLUTIONS Last name: _____________________ First name: _____________________ Student ID: _____________________ INSTRUCTIONS: 1. Write your name and Student ID clearly on this sheet. 2. Make sure you have all 8 pages. There are 10 multiple-choice questions and 3+1 short- answer questions. 3. Answer the multiple-choice questions in the space provided below. 4. Answer the short-answer questions in the space provided below the questions. 5. You may use a calculator. 6. Use a pen. (If you use pencil you will not be able to request a re-grade.) 7. Show your work so that we can give you partial credit. 8. There are a total of 100 points. Part I (multiple-choice) counts for 40 points, Part II (short- answer) counts for 60 points. Academic dishonesty : Cheating will result in both academic and administrative consequences. MULTIPLE CHOICE ANSWERS (4 points each) 1. 6. 2. 7. 3. 8. 4. 9. 5. 10. 1 Part I (MC) Part II (SA) Question 1 Question 2 Question 3 Extra credit Total Score
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Part I – Multiple Choice (40 points) 1. Recessions begin at _____ and end at _____. A. the highest unemployment rate; the lowest unemployment rate B. the lowest unemployment rate; the highest unemployment rate C. a peak; a trough D. the highest inflation rate; the lowest inflation rate. 2. If the natural rate of unemployment equals 5% and the actual rate of unemployment equals 6%, then cyclical unemployment equals: 3. Pat pays $10,000 for a newly issued two-year government bond with a $10,000 face value and a 6 percent coupon rate. One year later, after receiving the first coupon payment, Pat sells the bond. If the current one-year interest rate on government bonds is 5 percent, then the price Pat receives is:
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