Your Name: _
Econ 471/571
Spring 2014
Midterm Exam 1
Take 10 minutes to look through the exam. You will then have 100 minutes in which to complete the
exam. The exam is worth a total of 100 points. That works out to one minute per point. Allocate your
tim
EC 471/571 Spring 2014
Answer Key for Homework #1
Descriptio The purpose of this homework is to insure that you are reasonably comfortable with the
n
components of the IS/LM model and to give you a chance to work the "kinks" out of some
of the basic math
EC 471/571 Spring 2014
Homework #2, due Monday, April 14 by 7:00 PM
Do not turn in this worksheet. Answers must be submitted electronically through
Blackboard.
Descriptio This homework includes questions on the AD/AS model, the effects of debtn
financed,
EC 471/571 Spring 2014
Answer Key for Homework 3
Description. This homework covers the short-run and long-run consequences of a government's
financing decisions, with emphasis on the longer-term consequences of bond and money
finance.
Instructions. The qu
EC 471/571 Spring 2014
Answer Key for Homework 4
Description: This homework covers finishes our work on the government budget constraint and its relationship to
inflation and indebtedness. It also introduces the next topic, the Keynesian consumption funct
EC 471/571 Spring 2014
Homework #8, due Monday, May 26 by 7:00 PM
Do not turn in this worksheet. Answers must be submitted electronically through Blackboard.
Description: This homework covers additional material related to myopic and mobile households.
Qu
EC 471/571 Spring 2014
Answer Key for Homework 7
Description This homework covers reading related to government debt and deficits, and an introduction to
Ricardian equivalence.
Instructions For the reading checks, you will want to consult chapter 15 of Ma
Econ 471/571
Spring 2014
Partial Answer Key to Homework #7
Worksheet on Debt, Deficits, and Ricardian Equivalence
Part I
Part I: Ricardian Equivalence / Baseline Scenario
In this section of the worksheet, we are expanding Fishers simple model of a househo
Econ 471/571
Spring 2014
Worksheet on Debt, Deficits, and Ricardian Equivalence
Part I
Part I: Ricardian Equivalence / Baseline Scenario
In this section of the worksheet, we are expanding Fishers simple model of a households
intertemporal (over time) choi
EC 471/571 Spring 2014
Answer Key for Homework 6
Description:
This homework covers the empirical consumption function, Fisher's theory of
intertemporal choice, and the life-cycle hypothesis. The homework lays the
groundwork for resolving the apparent cont
EC 471/571
Spring 2014
Answer Key for Homework 5
Description. This homework covers the the last two pages of The Government Budget Constraint
(reading #2 in the packet), Keynesian consumption function as described in "Consumption Theory and
Fiscal Policy"
Econ 471/571 - Spring 2014
Answer Key for Midterm 2 V2
Part I. Debt, Deficits, and Inflation in a Growing Economy. (2 points each 14 points total)
The questions below refer to the following economy:
At the beginning of the year
o High-powered money is eq
Name _ (2 points)
Econ 471/571 - Spring 2014
Midterm 2 V1
Take 10 minutes to look through the exam. You then have 100 minutes in which to complete the exam. The exam is
worth a total of 100 points. That works out to one minute per point. Allocate your tim
Econ 471/571 - Spring 2014
Answer Key for Midterm 2 V1
Part I. Debt, Deficits, and Inflation in a Growing Economy. (2 points each 14 points total)
The questions below refer to the following economy:
At the beginning of the year
o High-powered money is eq
Name: _
Econ 471/571
Spring 2014
Midterm Exam 1
Take 10 minutes to look through the exam. You will then have 100 minutes in which to complete the
exam. The exam is worth a total of 100 points. That works out to one minute per point. Allocate your
time acc
Name: _
Econ 471/571
Spring 2014
Answer Key for Midterm Exam 1 V2
Take 10 minutes to look through the exam. You will then have 100 minutes in which to complete the
exam. The exam is worth a total of 100 points. That works out to one minute per point. Allo
1
Econ 471/571
Jo Anna Gray
Baseline Macroeconomic Theory
I. Introduction: Demand and Supply Reconsidered
The central organizing concepts of economics are demand, supply, and equilibrium. The
simplest and most useful representation of these concepts is th