Econ_199_Win_07_Exam__3

Econ_199_Win_07_Exam__3 - Introduction to Macroeconomics...

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Introduction to Macroeconomics Allen R. Sanderson Economics 19900 Winter 2007 THIRD HOUR EXAMINATION Name (Please Print): ______________________________________ [41 Points Possible] Part I. Multiple Choice. Circle letter corresponding to your answer. One point each; 19 points total. 1. Policymakers in the 1960s believed that there was a structural relationship between inflation and unemployment. This meant that: a. the cost of lower unemployment was a higher inflation rate. b. the unemployment rate would approach its natural rate in the long run. c. rising inflation would result in comparable increases in wages. d. workers and firms were well-informed and rational in their forecasts of inflation. e. the flatter the Phillips curve, the smaller would be the change in the unemployment rate for a given decrease in the inflation rate. 2. For the last 20 years, in practice the Fed has generally followed: 3. In the long run the Fed can control or determine: 4. Which one of the following is not usually considered a cause of demand-pull inflation? 5. “Open market operations” refer to: a. attempts by the U.S. Treasury to sell bonds to pay for some fraction of the government’s bills.
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