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School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Section 9.1 and 14.1 Section 9.1 1. a) 2%, 3%, 4%, and 5%. The normal growth rate must increase. As the labor force grows more quickly, employment will rise at a faster rate. b) 1%, 2%, 3%, and 4%. If the labor force
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 8 1. ut < un; when u is below the natural rate, there is pressure for wages to increase. As wages increase, inflation will increase above expected. 2. ut > un; when u is above the natural rate, there is pressu
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 7 1. AD; left 2. Increase; increase; 3. Decrease; cant tell exactly; 4. True. 5. Explain what the aggregate supply curve represents and why it is upward sloping. The AS curve illustrates the effects of output
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 7 Part I 1. A decline in business confidence will shift the AD / AS curve to the left / right. 2. An increase in the oil prices will lead to a decrease / increase in the unemployment rate in the short run, and
School: Washington
Course: ECON301
BEcon 301 Practice Exercises for Chapter 6 Answer key 1. 2. 3. 4. 5. 6. 7. decrease; increase. large. Price-setting; up (Ch. 6, p. 128) The real wage stays unchanged and unemployment rate increases (ch. 6 page 127). false; false; false; (They are typicall
School: Washington
Course: ECON301
BEcon 301 Practice Exercises for Chapter 5 Answer key 1. 2. 3. 4. 5. 6. 7. decrease; decrease; increase; decrease; increase; cant tell exactly; increase; increase; decrease; decrease; false; true; 8. When the Fed sells government bonds it decreases the mo
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Section 9.1 and 14.1 Section 9.1 1. a) 2%, 3%, 4%, and 5%. The normal growth rate must increase. As the labor force grows more quickly, employment will rise at a faster rate. b) 1%, 2%, 3%, and 4%. If the labor force
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 8 1. ut < un; when u is below the natural rate, there is pressure for wages to increase. As wages increase, inflation will increase above expected. 2. ut > un; when u is above the natural rate, there is pressu
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 7 1. AD; left 2. Increase; increase; 3. Decrease; cant tell exactly; 4. True. 5. Explain what the aggregate supply curve represents and why it is upward sloping. The AS curve illustrates the effects of output
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 7 Part I 1. A decline in business confidence will shift the AD / AS curve to the left / right. 2. An increase in the oil prices will lead to a decrease / increase in the unemployment rate in the short run, and
School: Washington
Course: ECON301
BEcon 301 Practice Exercises for Chapter 6 Answer key 1. 2. 3. 4. 5. 6. 7. decrease; increase. large. Price-setting; up (Ch. 6, p. 128) The real wage stays unchanged and unemployment rate increases (ch. 6 page 127). false; false; false; (They are typicall
School: Washington
Course: ECON301
BEcon 301 Practice Exercises for Chapter 5 Answer key 1. 2. 3. 4. 5. 6. 7. decrease; decrease; increase; decrease; increase; cant tell exactly; increase; increase; decrease; decrease; false; true; 8. When the Fed sells government bonds it decreases the mo
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Section 9.1 and 14.1 Section 9.1 1. a) 2%, 3%, 4%, and 5%. The normal growth rate must increase. As the labor force grows more quickly, employment will rise at a faster rate. b) 1%, 2%, 3%, and 4%. If the labor force
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 8 1. ut < un; when u is below the natural rate, there is pressure for wages to increase. As wages increase, inflation will increase above expected. 2. ut > un; when u is above the natural rate, there is pressu
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 7 1. AD; left 2. Increase; increase; 3. Decrease; cant tell exactly; 4. True. 5. Explain what the aggregate supply curve represents and why it is upward sloping. The AS curve illustrates the effects of output
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 7 Part I 1. A decline in business confidence will shift the AD / AS curve to the left / right. 2. An increase in the oil prices will lead to a decrease / increase in the unemployment rate in the short run, and
School: Washington
Course: ECON301
BEcon 301 Practice Exercises for Chapter 6 Answer key 1. 2. 3. 4. 5. 6. 7. decrease; increase. large. Price-setting; up (Ch. 6, p. 128) The real wage stays unchanged and unemployment rate increases (ch. 6 page 127). false; false; false; (They are typicall
School: Washington
Course: ECON301
BEcon 301 Practice Exercises for Chapter 5 Answer key 1. 2. 3. 4. 5. 6. 7. decrease; decrease; increase; decrease; increase; cant tell exactly; increase; increase; decrease; decrease; false; true; 8. When the Fed sells government bonds it decreases the mo
School: Washington
Course: ECON301
BEcon 301 Practice Exam Exercises for Chapter 4 Answer key 1. 2. 3. 4. 5. 6. buying; decrease; decrease; decrease; false; true; false; a) When the interest rate is higher the cost of holding money is higher. We are better of investing it in interest beari
School: Washington
Course: ECON301
BEcon 301, 2009 Practice Exam Exercises for Chapter 3 Answer key 1. smaller / decrease 2. smaller 3. multiplier 4. false. 5. Y = Z 1 1 Y0 = 450 = 2.5 450 = 1,125; multiplier = = 2.5 1 - .8(1 - .25) 1 - .8(1 - .25) 6. a) Equilibrium condition: Y= b) Y=Z 1
School: Washington
Course: ECON301
BEcon 301, 2009 Practice Exam Exercises for Chapter 2 Answer key 1. 2. 3. 4. 5. 6. CPI lose; lose CPI; increase False False a) Nominal GDP2004 = 11,818.02; Nominal GDP2006 = 13,300.29 b) GDP deflator gives the average price level for all domestically prod
School: Washington
Course: ECON301
ANSWERS TO END-OF-CHAPTER PROBLEMS SECTION 9.1 Quick Check 1. a. False. The unemployment rate rises when output growth is less than the normal rate and decreases when output growth is greater than the normal rate. b. True. c. True. 2. a. The unemployment
School: Washington
Course: ECON301
CHAPTER 14 Quick Check 1. a. b. True. True. 4. a. No. If the nominal interest rate were negative, nobody would hold bonds. Money would be more appealing since it could be used for transactions and would earn zeroas opposed to negativeinterest. b. Yes. The
School: Washington
Course: ECON301
ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 8 2. a. No. In the 1970s, we experienced high inflation and high unemployment. The expectations-augmented Phillips curve is a relationship between inflation and unemployment conditional on the natural rate and in
School: Washington
Course: ECON301
ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 7 Quick Check 1. a. b. True. True. In the AS relation, if P=Pe, Y=Yn. Note that Pe must be known to graph the AS curve. False. The AD curve slopes down because an increase in P leads to a fall in M/P, so the nomi
School: Washington
Course: ECON301
ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 6 Quick Check 1. g. h. True. False. Uncertain/False. The degree of bargaining power depends on the nature of the job and the employees skills. True. False. a. W/P=1/(1+)=1/1.05=.952 b. Wage setting: u=1-W/P=4.8%
School: Washington
Course: ECON301
ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 5 Quick Check 1. a. b. c. d. e. f. g. 2. True. True. False. False. The balanced budget multiplier is positive (it equals one), so the IS curve shifts right. False. Uncertain. An increase in government spending le
School: Washington
Course: ECON301
ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 4 Quick Check 1. a. b. c. d. e. f. g. h. 2. False. False. False. Money demand describes the portfolio decision to hold wealth in the form of money rather than in the form of bonds. The interest rate on bonds is r
School: Washington
Course: ECON301
ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 3 Quick Check 1. a. b. c. d. e. f. g. True. False. Government spending without transfers was 19% of GDP. False. The propensity to consume must be less than one for our model to be well defined. True. False. False
School: Washington
Course: ECON301
ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 2 Quick Check 1. a. b. c. d. e. f. g. 4. True. True/Uncertain. Real GDP increased by a factor of 25; nominal GDP increased by a factor of 21. Real GDP per person increased by a factor of 4. False. True. False. Th
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Section 9.1 and 14.1 Section 9.1 1. a) 2%, 3%, 4%, and 5%. The normal growth rate must increase. As the labor force grows more quickly, employment will rise at a faster rate. b) 1%, 2%, 3%, and 4%. If the labor force
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 8 1. ut < un; when u is below the natural rate, there is pressure for wages to increase. As wages increase, inflation will increase above expected. 2. ut > un; when u is above the natural rate, there is pressu
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 7 1. AD; left 2. Increase; increase; 3. Decrease; cant tell exactly; 4. True. 5. Explain what the aggregate supply curve represents and why it is upward sloping. The AS curve illustrates the effects of output
School: Washington
Course: ECON301
BEcon 301 Practice EXAM Exercises for Chapter 7 Part I 1. A decline in business confidence will shift the AD / AS curve to the left / right. 2. An increase in the oil prices will lead to a decrease / increase in the unemployment rate in the short run, and
School: Washington
Course: ECON301
BEcon 301 Practice Exercises for Chapter 6 Answer key 1. 2. 3. 4. 5. 6. 7. decrease; increase. large. Price-setting; up (Ch. 6, p. 128) The real wage stays unchanged and unemployment rate increases (ch. 6 page 127). false; false; false; (They are typicall
School: Washington
Course: ECON301
BEcon 301 Practice Exercises for Chapter 5 Answer key 1. 2. 3. 4. 5. 6. 7. decrease; decrease; increase; decrease; increase; cant tell exactly; increase; increase; decrease; decrease; false; true; 8. When the Fed sells government bonds it decreases the mo
School: Washington
Course: ECON301
BEcon 301 Practice Exam Exercises for Chapter 4 Answer key 1. 2. 3. 4. 5. 6. buying; decrease; decrease; decrease; false; true; false; a) When the interest rate is higher the cost of holding money is higher. We are better of investing it in interest beari
School: Washington
Course: ECON301
BEcon 301, 2009 Practice Exam Exercises for Chapter 3 Answer key 1. smaller / decrease 2. smaller 3. multiplier 4. false. 5. Y = Z 1 1 Y0 = 450 = 2.5 450 = 1,125; multiplier = = 2.5 1 - .8(1 - .25) 1 - .8(1 - .25) 6. a) Equilibrium condition: Y= b) Y=Z 1
School: Washington
Course: ECON301
BEcon 301, 2009 Practice Exam Exercises for Chapter 2 Answer key 1. 2. 3. 4. 5. 6. CPI lose; lose CPI; increase False False a) Nominal GDP2004 = 11,818.02; Nominal GDP2006 = 13,300.29 b) GDP deflator gives the average price level for all domestically prod