Fall_2007_Final_Exam (1)

Fall_2007_Final_Exam (1) - 1 Final Exam 120 minutes Econ...

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Unformatted text preview: 1 Final Exam 120 minutes Econ 1102.30: Principles of Macroeconomics Justin Barnette December 19, 2007 Name: _______________________________________________ On the following pages, please show all of your work. If you need more space, use the back of the page. Clearly state the location of your work/answers. Clearly highlight/circle solutions. Fully label all graphs. Read each question carefully and be sure to answer all parts of every question. When in doubt, write the formula for the solution. The formula alone is worth half the points for each part of the question. There should be 13 pages including this cover sheet. 2 Question 1 (20 Points) Match the following terms with the correct definition number from the last page of the exam. (You can go ahead and tear off the last page of the exam.) Balance of Payments Deficit M1 Capital Account Balance National Debt Crowding Out Nominal GDP Current Account Balance Open-Market Operations Cyclical Unemployment Phillips Curve Floating Exchange Rates Real GDP per capita Frictional Unemployment Recession Gross Domestic Product (GDP) Stagflation Inflation Structural Budget Deficit Intermediate Good Velocity 3 Question 2 (10 Points) Calculate the missing information. 2004 is the base year. Years CPI Inflation Rate Cost of the basket of goods a typical consumer consumes in the economy 2004 ------------ 2005 104 $8,600 2006 108 Question 3 (10 Points) Suppose you have the following initial information for an economy. Assume that the deficit grows at 5% per year. Complete the following: Year Real GDP Debt ($s) Deficit ($s) 2004 10000 2500 500 2005 10200 2006 10400 2007 10600 4 Question 4 (26 points) Consider the following data for a small country for the years 2001 and 2002. 2001 US $ 2002 US$ Consumption 18,375 19,031 Taxes 3,938 4,069 Transfer Payments 2,625 2,691 Investment 1840 2100 Government Spending 15,488 15,881 Imports 2100 2100 Exports 788 1050 CPI 197 230 Population 1,185 1,444 Solve for the following values, showing all your work. a) Gross Domestic Product in 2001 and 2002....
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Fall_2007_Final_Exam (1) - 1 Final Exam 120 minutes Econ...

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