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Examen final macro 2016, Exámenes de Macroeconomía Avanzada

Universidad Carlos III de Madrid (UC3M)Macroeconomía Avanzada

Examen final del año 2016 en macroeconomia UC3M

Tipo: Exámenes

2017/2018

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Macroeconomics I, 2015-16
“Extraordinario” Exam, June 22, 2016
Name: Versi´on A
Professor:
Group:
EXAM I NS TR UC TIO NS .
1. This exam lasts 2 hours and 30 minutes.
2. It consists of 25 multiple choice questions and 1 open question.
3. The first part of the exam gets 75 points. The second part gets 25 points. Each right answer
of multiple-choice questions gets 3 points whereas each wrong answer gets -0.5 points.
4. Write your name, the name of your professor, and your group number on the front sheet.
5. Answer the multiple choice questions on the answer sheet (the last page) or in the optical
sheet. Keep the booklet together; exams of which pages are missing are declared invalid.
6. You can use the last page in the booklet to do scratch work.
7. If you have any doubt, write it down on the exercise sheet.
8. You cannot leave the room unless authorized by the professor. Do not stand up and wait
for the professor to collect your exam.
9. If caught talking during the exam, or copying answers from a neighbor, you will be asked
to leave the exam. In this case, your mark automatically will be a zero.
10. No mobile phones are allowed at any point during the exam.
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Macroeconomics I, 2015-

“Extraordinario” Exam, June 22, 2016

Name: Versi ´on A

Professor: Group:

EXAM INSTRUCTIONS.

  1. This exam lasts 2 hours and 30 minutes.
  2. It consists of 25 multiple choice questions and 1 open question.
  3. The first part of the exam gets 75 points. The second part gets 25 points. Each right answer of multiple-choice questions gets 3 points whereas each wrong answer gets -0.5 points.
  4. Write your name, the name of your professor, and your group number on the front sheet.
  5. Answer the multiple choice questions on the answer sheet (the last page) or in the optical sheet. Keep the booklet together; exams of which pages are missing are declared invalid.
  6. You can use the last page in the booklet to do scratch work.
  7. If you have any doubt, write it down on the exercise sheet.
  8. You cannot leave the room unless authorized by the professor. Do not stand up and wait for the professor to collect your exam.
  9. If caught talking during the exam, or copying answers from a neighbor, you will be asked to leave the exam. In this case, your mark automatically will be a zero.
  10. No mobile phones are allowed at any point during the exam.

Multiple Choice Questions

  1. Consider two countries, in both of which the quantity theory of money holds. In country A, the value of V is 0.2; in country B, the value of V is 0.1. In both countries, output grows at 5%, and the money growth is 7%. What is the Inflation in country A relative to inflation in country B? (a) we cannot answer this question with the information above (b) inflation in country A is higher than in country B (c) inflation in country B is higher than in country A (d) inflation levels in both countries are equal
  2. Suppose there are currently 80 million people employed and 20 million people unemployed. The separation rate from employment is s = 4% per quarter, and the job finding rate is f = 36% per quarter. What will be the steady-state natural unemployment? (a) 10%. (b) 8%. (c) 9%. (d) None of the above.
  3. Consider a closed economy in the short run. The government increases government expenditures by 100. Consumption is given by C = C¯ + 0.5(Y − T ). By how much will output increase in the Keynesian Cross, and by how much in the equilibrium of the IS-LM model? (a) In the Keynesian Cross by 200, somewhere between 0 and 200 in the (new) equilibrium of the IS-LM model (b) Increase of 200 in both Keynesian cross, and the equilibrium of the IS-LM model (c) Increase by more than 200 in the Keynesian cross, and increases by 200 in equilibrium of the IS-LM model (d) Somewhere between 0 and 200 in both Keynesian cross, and the equilibrium of the IS-LM model
  4. Consider a country with the following production function Y = H^0.^5 L^0.^5 , where H is human capital, and L is raw labor (effort). The economy has quantity 1 of H in total, and quantity 1 of L in total. Households consume according to C = 0.1 + 0. 7 Y ; there are no taxes. How much is consumption in this country? (a) 0. (b) 0. (c) 0. (d) 1
  5. Consider a small open economy in the long run. The government forbids imports from the current moment onwards. What happens to exports, and net exports. (a) Total exports fall, net exports rise (b) Total exports fall, net exports are equal (c) Total exports are unaffected, net exports go up (d) Total exports and net exports go up
  1. The government creates a subsidy of 0.05% in all bank deposits. The result of this measure is:

(a) a fall of the currency-deposit ratio and of money supply. (b) an increase of the currency-deposit ratio and a fall of money supply. (c) a fall of the currency-deposit ratio and an increase in money supply. (d) an increase of the currency-deposit ratio and of money supply.

  1. Suppose there are currently 90 million people employed and 10 million people unemployed. The separation rate from employment is s = 1% per quarter, and the job finding rate is f = 24% per quarter. What will be the unemployment rate in the following quarter.

(a) 10%. (b) 8.5%. (c) 4%. (d) None of the above.

  1. Consider a closed economy, that in the short run it is initially at the output level of full employment. The government raises taxes and increases the money supply such that output initially goes up. In the long run, do we expect the price level to go up or down? (You may assume that velocity is constant, in this question) (a) The price level does not respond, even when we move from the short to the long run (b) The price level goes down when moving from the short to the long run (c) The price level goes up when moving from the short to the long run (d) We cannot derive what happens to the price level when going from the short to the long run
  2. An economy’s production function is given by Y = K^0.^1 L^0.^9. What percentage of the GDP is paid to workers (in exchange for labor)? (a) 10% (b) 50% (c) 90% (d) 100%
  3. Consider a closed economy in the short run. The government changes a policy and the result is a higher output than before, and a higher interest rate than before. What did the government do? (a) it increased G or decreased T (b) it decreased G or increased T (c) it increased M (d) it decreased M
  4. Consider a country with the following production function Y = H^0.^5 L^0.^5 , where H is human capital, and L is raw labor (effort). The economy has quantity 1 of H in total, and quantity 1 of L in total. What will be the total income going to workers? (a) 0. (b) 0. (c) 1 (d) 1.
  1. Assume a small open economy that is currently at full employment ( Y¯ ).Let net exports depend on the real exchange rate, (ǫ), and e denote the nominal exchange rate (units of foreign currency per unit of domestic currency). Let’s assume a fixed exchange rate. An increase in public spending (i.e., ∆G > 0 ) will imply: (a) An increase in the production in the short run, an increase in prices in the long run and an increase in net exports in the long run. (b) An increase in the production in the short run, a decrease in prices in the long run and an increase in net exports in the long run. (c) An increase in the production in the short run, an increase in prices in the long run and a decrease in net exports in the long run. (d) A decrease in imports in the short run, an increase in the nominal exchange rate in the long run.
  2. In a small open economy in the long run, the rest of the world lowers government expenditures and raises taxes permanently. If the PPP does not hold, what is the effect on the real exchange rate? (a) the real exchange rate goes down (b) the real exchange rate goes up (c) the real exchange rate does not move (d) we cannot tell in which direction the real exchange rate moves as a result of the changes in G and T mentioned above
  3. Despite a tax increase of 20 units, ∆ T = 20, the public deficit has increased by 10 units. In the long run, considering that output Y is unchanging, (a) Aggregate savings fall by more than 10 units. (b) Private savings rise. (c) Aggregate savings rise by 30 units. (d) Aggregate savings are constant.
  4. The government lowers government expenditures. Suppose that the quantity theory holds, in the long run, what is the effect on the nominal interest rate and why? (a) Nominal interest rate rises, because both inflation and the real interest rate rises (b) Nominal interest rate rises, because real interest rate rises (c) Nominal interest rate drops, because real interest rate drops (d) We cannot say, because real interest rate drops while inflation rises
  5. Brobdingnag is a small open economy with perfect capital mobility. The real interest rate equals the world real interest, r = r∗. The government has increased public expenditures and taxes by 300 units, ∆ G = ∆ T = 300. In the long run, given that output Y is given, (a) Net exports fall by less than 300 units. (b) Net exports rise by an amount that is not equal to 300 units (c) Net exports rise by exactly 300 units (d) Net exports do not change.

Section 2. Exercise ( 5 × 5 = 25 points)

  1. Zufro is a closed economy. Private consumption is represented by C = 45 (Y − T ), and the level of public spending is G = 500. The government budget is balanced so that T = 500. In addition, in- vestors in Zufro respond negatively to an increase in interest rates and taxes. In particular, investment is represented by I = 500 − 100 r − 25 T , where r is the real interest rate and T represents the level of taxes.

(a) If the income of the long run equilibrium was equal to 1000, what should have been the equilib- rium interest rate?

(b) Using information from (a) and assuming that the demand for real liquidity is represented by L(Y, r) = Y − 100 r and money supply is equal to 4000 units, find the price level of the long run equilibrium.

(c) Assume that the economy is in a short run equilibrium (the income is not an exogenous variable). Suppose the price level is P = 20. Derive the IS and LM curves for Zufro

(d) Find the equilibrium interest rate and equilibrium income in the short run.

(e) Zufro decides to open the economy with a floating exchange rate regime. Assuming X = 500 + 200 ǫ denote the exports while^ IM^ = 800^ −^

100 ǫ represent imports. The international interest rate equals r∗^ = 2. We are still in the short run with P = 20. Foreign price is P ∗ = 20. Find the short- run level of output. [Hint: Which curve determines the short run output in the Mundell-Fleming model?]