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Problem+Set+_1 - Name(Last name first name SID GSI Econ...

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Name: _________________________ (Last name, first name) SID: _________________________ GSI: _________________________ Econ 100B Macroeconomic Analysis Professor Steven Wood Fall 2011 Problem Set #1 Due: September 20, 2011 (in class before 3:50:01 p.m.) Place your completed problem set in the box near the entrance. Please sign the following oath: The answers on this problem set are entirely my own work. I neither copied from the work of others nor allowed others to copy from my work. _______________________________________ Signature Any problem set turned in without a signature will be assigned a grade of zero. Problem Set Instructions 1. You MUST complete your problem set on this template. 2. Graphs and equations MAY be drawn by hand. When drawing diagrams, clearly and accurately label all axis, lines, curves, and equilibrium points. 3. Explanations MUST be word-processed. Your explanations should be succinct and to the point. Problem Set #1 (Fall 2011) 1/4
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A. Multiple Choice Questions (15 points) . Circle the letter corresponding to the best answer (3 points each). 1. A sustained increase in housing prices makes people feel much wealthier. If the primary effect of this increased wealth is felt on labor supply, what happens to the level of employment and the real wage rate if the labor supply function is positively related to the real wage? a. Both employment and the real wage rate would increase.
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