Econ 311 Quiz 4 solutions

Econ 311 Quiz 4 solutions - Intermediate Macroeconomics 311...

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Intermediate Macroeconomics 311 (Professor Gordon) Quiz 4: November 9, 2007; 9AM Note : This is a closed book assignment. You may use calculators. YOUR NAME: ________________________________ Directions : Answer each of the following questions. You must show all your work. Partial credit will be awarded (but it will be easier to do so if you show your work!). QUESTION 1: Multiple Choice (10 Points) Choose the one alternative that best completes the statement or answers the question. Figure 1 (1) In Figure 1, the shifts F 0 to F 1 and N 0 d to N 1 d may have occurred in an economy subjected to a (A) permanent fiscal deficit. (B) temporary fiscal deficit. (C) permanent increase in the relative price of energy. (D) permanent increase in the rate of growth of the money supply. (2) Which of the following factors will NOT cause the AD curve to shift? (A) tax rates. (B) consumer confidence. (C) changes in the marginal product of labor. (D) autonomous exports.
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(3) The long-run aggregate supply curve is (A) vertical at the natural level of output. (B) horizontal at the natural price level. (C) upward-sloping for all output levels below the natural level of output. (D) downward-sloping for all output levels above the natural level of output. (4) An increase in the nominal money supply will shift (A) AD curve up and raise the price level at any given level of output. (B) AD curve down and lower the price level at any given level of output. (C) SAS curve up and raise the price level at any given level of output. (D) SAS curve down and lower the price level at any given level of output.
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Econ 311 Quiz 4 solutions - Intermediate Macroeconomics 311...

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