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Unformatted text preview: Second challenge: Review Eco 212: Summer 2011 The challenge is closed book. All questions come from class notes. Additional study materials are chapters 21, 22, and 28 (7, 9, 10, 17 in the macro only book) homeworks 2, and this review sheet. These formulas may be useful. M MB = k + 1 k + rrr , MV = PY, money multiplier = k + 1 k + rrr , M = multiplier MB k = CU D , BR = rrrD, M = CU + D, MB = CU + BR, M = ( k + 1) D NFI = outflows- inflows = X- M = net exports , S = I + X- M, e = P E P f growth rate Y = 1 3 growth rate K + 2 3 growth rate, N + g T growth rate, Y/N = 1 3 growth rate, K/N + g T contribution, T = g T growth rate, Y/N contribution, K/N = 1 3 growth rate, K/N growth rate, Y/N 1 Short answer questions (1-3 sentences) Question 1. Explain the effect on long run growth and embodied or disembodied technical change of each of the following (if any): a. b. Research subsidies to economists....
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- Summer '08