Economics 402
Fall 2013
Practice Exam #2: Answer Key
Multiple Choice
Form X: 1-B, 2-C, 3-C, 4-D, 5-A, 6-C, 7-B, 8-C, 9-A,B, 10-C,D
Please note! 2, 3, 4, 5, 8, and 10 are important and many people missed them! These will be
tested again on the final exam (
ECO402 CPA 1 for Friday, January 13
_ Meredith
Scott_
Name
Read in the Hubbard/OBrien/Rafferty text Ch. 1, pp. 1-19. Notice question 6 before you start
reading.
1. In the section When You Enter the Job Market Can Matter a Lot, what is the most
sobering ne
ECO
402
CPA
30
for
Wednesday,
April
4
_
_
Name
Read Hubbard/OBrien/Rafferty text Ch. 10, pp. 363-370 and 384-386.
1.
Chapter Opener, What Did the Great Depression Teach Ben Bernanke? Much of this you have
seen previously in the text, but read this chapter
Economics 402
Fall 2013
Dr. Minier
Review for Final Exam
The final exam is scheduled for Monday, December 16, from 3.30-5.30 P.M. It is worth 30% of
your final course grade.
On this page, there are topics that will be on the final. The second page has a s
ECO 402-002: PRACTICE EXAM FOR FALL 2013, ACTUAL EXAM FROM FALL 2012
Economics 402
Fall 2012
Name:
Final Exam: Form X
You will have 2 hours to complete the exam, which consists of 40 multiple choice questions (worth
100 points total). If any question is u
Economics 402 (Minier)
December 3, 2013
Trade (both imports and exports) as a share
of GDP has increased a lot since 1950!
International Trade
December 3, 2013
International Trade
Also2012
notice widening gap between
November 27,
imports and exports = tra
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Economics402(J.Minier)
November26,2013
Intertemporal Budget Constraint
Consumption, Saving, and
Investment Decisions
November 26, 2013
2 periods
Income in both periods: y1 and y2
1st period: consume some (c1), save some (k)
2nd period: consume some (c2)
F
Economics402(J.Minier)
November14,2013
Investment: why do we care?
Investment, briefly
November 14, 2013
Short run: investment strongly procyclical, fluctuates much
more over business cycle than consumption or
government spending
Long run: investment de
Economics 402
Fall 2013
Name:
Practice Exam #2
You have 75 minutes to complete the exam, and points on the exam total 75. Please raise your
hand and ask me for clarification if any question is unclear. Be sure to label your graphs
completely. Good luck!
M
Economics 402
Fall 2013
Name:
PRACTICE EXAM #2 2nd version (2A)
You have 75 minutes to complete the exam, and points on the exam total 75. Please raise your hand and
ask me for clarification if any question is unclear. Be sure to label your graphs complet
PRACTICEFINAL#2FORECO402,FALL2013
Economics 402
Fall 2013
Name:
Practice Final
You will have 2 hours to complete the exam, which consists of 40 multiple choice questions (worth 100
points total). If any question is unclear, raise your hand and ask for cla
Economics 402 (Minier)
December 5, 2013
International Saving
Open Economy, continued
December 5, 2013
Problem set #7 due December 10!
Twin Deficits
(Y T C) + (T G) + (IM X) = I
Rewriting again: Snatl I = NX
Snatl = Sgovt + Sprivate
NX = X - IM
If budget d
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ANSWERKEYTOPRACTICEFINAL#2,FALL2013
Economics 402
Fall 2013
Answer Key: Practice Final
1.
2.
3.
4.
5.
6.
7.
B
A
B
A
A must be something Fed controls directly
C
B substitution effect same for all, future consumption cheaper so decrease current consumption
Economics 402 (Minier)
December 10, 2013
Law of One Price
Open Economy, continued
Why should this hold? Arbitrage!
Could buy product in country with lower price, re-sell in
country with higher price
Ignores transport costs
Big Mac: might be hard to re
ANSWER KEY FOR PRACTICE EXAM FOR FALL 2013, ACTUAL EXAM FROM FALL 2012
Economics 402
Fall 2012
Name:
Final Exam: Form X
1. A
2. B
3. C
4. D [first 4 from group presentations last year not relevant for you]
5. B
6. A
7. A
8. C
9. B
10. B
11. C
12. F sy = (
Economics 402
Fall 2013
Your Name:
Practice Exam #1, version 2
You have 75 minutes to work on the exam, and the points on the exam total 75. Please ask me for
clarification if any question is unclear. Show your work for possible partial credit. Good luck!
Form X
Economics 402
Fall 2013
Name:
Exam #2: Form X
You have 75 minutes to complete the exam, and points on the exam total 75. Please raise your
hand and ask me for clarification if any question is unclear. Be sure to label your graphs
completely. Good l
Economics 402
Fall 2013
Dr. Minier
Problem Set #7: due at the beginning of class Tuesday, December 10
NOTE! Your lowest problem set score is dropped. If youre happy with your problem set grade
so far, you dont need to turn this in. I still recommend doing
Economics 402
Fall 2013
Dr. Minier
Problem Set #6: due by the beginning of class on Thursday, October 31
1. Say that Republicans can persuade firms whether or not to raise prices; Democrats can persuade the Fed
whether or not to increase interest rates (d
Economics 402
Fall 2013
Dr. Minier
Answer Key: Problem Set #6
1. a. Outcome D. (Assume that each side knows the others payoffs, so the Republicans know that if
they raise prices, the Democrats will not increase the interest rate (100>80), so the Republica
Economics 402
Fall 2013
Dr. Minier
Answer Key: Problem Set #2
Remember! Your first exam is in class on Thursday. Be sure to go over the answer key
carefully.
1. If the only difference is A, that doesnt affect the rate of growth, so the two economies will
Economics 402 (Minier)
Fall 2013
Answer Key: Problem Set #1
1., 2. Answers vary.
3. b. 0.6k = 0.15k (Set sy = (n+d)k)
0.6/0.15 = k/k = k
4 = k k* = 16 (square both
sides)
y* = 3k = 34 =12
(substitute k* into y equation)
y
y=3k
(n+d)k = 0.15k
c. An initial
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