08 Jun Question I have a intermediate Macroeconomic Analysis e
Question
I have a intermediate Macroeconomic Analysis exam contains
1. To recognize that there are targets or optimums with regard to unemployment rates, GDP growth, and inflation
2. Get familiar with economic performance in the US since the 1970s
3. Understand the importance of policy lags and how they differ with regard to fiscal and monetary policy
4. Realize that GDP can be calculated by adding up all the incomes in the economy as well as by adding up all the expenditures in the economy
5. Understand exactly what a real wage is and what determines changes in the real wage
6. Understand the important difference between nominal and real interest rates as well the important difference between ex-post and ex-ante real rates of interest
7. Understand why deflation is so bad
8. Know how to deflate nominal GDP using the GDP deflator to calculate real GDP
9. Learn about the production function and it’s determinants
10. Learn how the firms maximize profits and how/why they adjust to various shocks
11. Learn about labor supply and it’s determinants
12. Understand the interaction between labor demand and labor supply
13. Solve for labor market equilibrium and the corresponding full employment level of output, our first endogenous variable that we encounter
14. Formally model consumption and it’s determinants in a two period setting
15. Discuss the income and substitution effects in consumption of a change in the real rate of interest and understand why the income effects depend on whether the consumer is a saver or a borrower
16. Derive a savings function from the two period consumption model
17. Understand what determines the user cost of capital and how/why the firm changes its behavior when the user cost of capital changes
18. Understand the determinants of the expected marginal product of capital
19. Understand what is meant by the desired capital stock
20. Connect the user cost / desired capital stock model to the determination of investment
21. Understand that goods market equilibrium in a closed economy requires that desired investment is equal to desired saving (aka, Y = C + I + G)
22. Be able to do some problems employing the goods market equilibrium condition in a closed economy
23. How issue of crowding out is modified once we account for an open economy world
24. Through international capital markets, we discover that we cannot ignore how economic conditions here influence other economies and vica versa
1. This exam is worth 220 points, with all points coming from short-answer questions.
2. Some questions will require you to draw out information on a sheet of paper, to be scanned and submitted.
3. To prepare, have several sheets of blank paper ready. Put your name and last 4 digits of your PSU ID number on the top of each page.
4. Answer each exam question on a separate sheet of paper. Use as many sheets as you need for each question, but when you start a new question, start a new sheet. On your paper(s), clearly indicate which problem you are working on.
5. Show your work.
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