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Unformatted text preview: Exam #2 (Fall 2011) 1/9 Name: _________________________ (Last name, first name) SID: _________________________ GSI: _________________________ Econ 100B Macroeconomic Analysis Professor Steven Wood Fall 2011 Exam #2 ANSWERS Please sign the following oath: The answers on this test are entirely my own work. I neither gave nor received any aid while taking this test. I will not discuss the questions on this test until after 5:00 p.m. on November 8, 2011. _______________________________________ Signature Any exam turned in without a signature will be assigned a grade of zero. Exam Instructions 1. When drawing diagrams, clearly and accurately label all axis, lines, curves, and equilibrium points. 2. Explanations should be written in pencil or black . Legibility is a virtue; practice good penmanship. 3. Explanations should be succinct and to the point; make use of bullet points and common mnemonics. 4. If you have a question, go to the aisle and ask one of the GSIs. 5. If you need to re-draw a diagram or need more room to write your answers, use pages 2, 12, 13 and/or 14. 6. When time is called, STOP writing, immediately CLOSE your exam packet, and turn it in to me. You WILL BE PENALIZED if you continue to write past the official end of the exam. 7. If you finish your exam before 4:55 p.m. you may turn in your exam to me and quietly exit the room. If you finish your exam after 4:55 p.m., close your exam packet but remain seated until time is called. Once time is called, you should immediately turn in your exam to me. Do NOT open this test until instructed to do so. Exam #2 (Fall 2011) 2/9 A. Multiple Choice Questions (30 points) . Circle the letter corresponding to the best answer (3 points each). 1. Suppose that a new technology provides faster and better matching between people seeking jobs and business firms seeking qualified workers. This would: a. Shift both the short-run and long-run Phillips Curves to the left. b. Shift both the short-run and long-run Phillips Curves to the right. c. Shift the short-run Phillips Curve to the left and the long-run Phillips Curve to the right. d. Shift the short-run Phillips Curve to the right and the long-run Phillips Curve to the left. 2. Suppose that the central bank conducts an open market purchase of government securities of $100 billion while the commercial banking system increases its excess reserves by $100 billion. This would: a. Increase the monetary base and increase the money supply. b. Increase the monetary base but decrease the money supply. c. Increase the monetary base but not change the money supply. d. Decrease the monetary base and decrease the money supply. e. Decrease the monetary base but increase the money supply....
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