Econ 311Fall2005Final

Econ 311Fall2005Final - Intermediate Macroeconomics 311...

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Intermediate Macroeconomics 311 (Professor Robert J. Gordon) Final Examination Fall, 2005 YOUR NAME: TA (Circle One): Jimmy Zahra INSTRUCTIONS: 1. The final exam lasts 2 hours. 2. The exam is worth 120 points in total: 35 points for the multiple choice, 55 points for the analytical questions and 30 points for the essays. USE YOUR TIME WISELY! 3. Write your answers to Part A (the multiple choice section) in the blanks on page 1. YOU WON’T GET CREDIT FOR CIRCLED ANSWERS IN THE MULTIPLE CHOICE SECTION 4. Place all of your answers for Part B in the spaces provided 5. Answer the essays pen and write clearly. 6. GOOD LUCK and have a great holiday! PART A: Multiple Choice Questions ( 35 points ) Answer multiple choice questions in the space provided below. USE CAPITAL LETTERS. 1. _ _A __ 7. ___ B _ 13. __ E __ 19. _ _C __ 25. _ _E __ 31. _ _D __ 2. _ _C __ 8. __ A _ _ 14. _ _D _ 20. _ _D __ 26. _ _D _ 32. _ B _ 3. __ A _ _ 9. _ _D __ 15. __ C __ 21. _ _B __ 27. _ _B __ 33. _ _D _ 4. __ B _ _ 10. _ D_ _ 16. _ A_ _ 22. _ _C __ 28. _ _D __ 34. _ _A __ 5. _ _A __ 11. _ _B __ 17. _ _C __ 23. _ _B __ 29. _ _D __ 35. _ _B _ 6. _ _D __ 12. _ _B __ 18. _ _A,B,D _ 24. _ _B __ 30. __ B_ _
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2 1) Which of the following does NOT describe the U. S. economic model compared to the European economic model A) Lower fertility rates B) More flexible labor markets C) Lower unemployment D) Higher labor force participation E) None of the above 2) Which of the following changes would NOT eliminate the problem of exhaustion of the Social Security trust fund A) A sufficient increase in Social Security tax rates B) A sufficient increase in the payroll tax rate C) A sufficient increase in the income tax rate D) A sufficient increase in the retirement age E) A sufficient increase in the percent of immigration to the total population 3) The Great Depression of the 1930s opened the door to the __________ revolution in macroeconomic theory. A) Keynesian B) New classical C) old classical D) New Keynesian 4) The main criticism of Fed monetary policy in the reading packet is that in 1997-2000 the Fed _______________ while in 2001-04 the Fed ________________. A) raised interest rates too little; decreased interest rates too little B) raised interest rates too little; decreased interest rates too much C) raised interest rates too much; decreased interest rates too little D) raised interest rates too much; decreased interest rates too much 5) The slope of the SP curve is determined in large part by the A) the extent of diminish returns to labor B) the slope of the LP curve. C) the expected inflation rate D) the level of the real wage. 6) If labor's share of national income is to remain constant, then __________. A) labor productivity must grow faster than the real wage B) the combined growth rates of labor productivity and the real wage must equal the growth rate of national income C) the real wage must grow faster than labor productivity D) the real wage must grow at the same rate as labor productivity
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3 7) Which of the following will not affect the natural rate of unemployment? A) websites like Monster.com (a website where many employers can post job listings) B) monetary policy open-market operations C) employer discrimination against minority groups D) geographic immobility of labor 8) The fundamental reason that Milton Friedman wants Social Security to be “privatized” is A)
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This note was uploaded on 04/07/2008 for the course ECON 311 taught by Professor Gordon during the Fall '08 term at Northwestern.

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Econ 311Fall2005Final - Intermediate Macroeconomics 311...

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