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Midterm 2019 Macroeconomics, Exámenes de Macroeconomía

Universidad Carlos III de Madrid (UC3M)Macroeconomía

Parcial macroeconomia 2019 uc3m

Tipo: Exámenes

2019/2020
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30 Puntos
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Macroeconomics I 2019-20
Midterm Exam (October, 2019)
Name: Version A
Professor:
Group:
EXAM I NST RUC TIO NS
1. This exam lasts 1h 20 minutes.
2. It consists of 15 multiple choice questions and 1 open question.
3. The first part of the exam gets 90 points. The second part gets 10 points. Each right answer
of multiple-choice questions gets 6 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). Otherwise they
will not be graded. Keep the booklet together; exams of which pages are missing are de-
clared invalid.
6. If you have any doubt, write it down on the answer sheet (the last page).
7. You cannot leave the room unless authorized by the professor. Do not stand up and wait
for the professor to collect your exam.
8. 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.
9. No mobile phones or smart watches are allowed at any point during the exam.
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Macroeconomics I 2019-

Midterm Exam (October, 2019)

Name: Version A Professor: Group:

EXAM INSTRUCTIONS

  1. This exam lasts 1h 20 minutes.
  2. It consists of 15 multiple choice questions and 1 open question.
  3. The first part of the exam gets 90 points. The second part gets 10 points. Each right answer of multiple-choice questions gets 6 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). Otherwise they will not be graded. Keep the booklet together; exams of which pages are missing are de- clared invalid.
  6. If you have any doubt, write it down on the answer sheet (the last page).
  7. You cannot leave the room unless authorized by the professor. Do not stand up and wait for the professor to collect your exam.
  8. 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.
  9. No mobile phones or smart watches are allowed at any point during the exam.

Multiple Choice Questions (90 points)

All economies in the exam are closed economies in the long-run.

  1. Assume real output in the economy is 10 and the price level is 10. Output is produced by Y = K^0.^3 L^0.^7. Hence, the total nominal income going to capital owners is (a) 3. (b) 70. (c) 30. (d) 7.
  2. Assume the demand for real money balances is given by L(Y, i), where Y is real output and i is the nominal interest rate. If the central bank promises to lower the growth rate of money tomorrow, then today (a) the nominal interest rate falls and prices are not affected. (b) the nominal interest rate falls and prices rise. (c) the nominal interest rate rises and so do prices. (d) the nominal interest rate falls and so do prices.
  3. Consider a closed economy where a banking crisis leads to a fall in money demand. Given the income level Y and a fixed money supply M s, in the long run, (a) the interest rate should increase. (b) consumption is going to rise. (c) prices are going to rise. (d) the interest rate should decrease.
  4. Consider an economy that produces output according to Y = K^1.^2 + L^1.^05. The production function has ....... returns to scale and ....... marginal returns to labor. (a) increasing, no diminishing. (b) increasing, diminishing. (c) decreasing, diminishing. (d) decreasing, no diminishing.
  5. According to the Solow-model, in the long-run steady state, when the population growth rate in- creases: (a) The lower is capital and consumption per worker. (b) The lower is the investment necessary to keep the capital stock per worker constant. (c) The higher is output per worker. (d) The lower is total production.
  6. Assume output is produced by Y = K^0.^7 L^0.^3 , and capital depreciates at rate δ = 0. 2. Suppose the economy is in steady state with a savings rate of s = 0. 25. To maximize steady state consumption per worker, the economy should (a) increase the savings rate to 0.3. (b) increase the savings rate to 0.7. (c) decrease the savings rate to 0.4. (d) increase the savings rate to 0.6.
  1. Assume the government of a closed economy raises taxes by 500 units and government spending by 100 units. Let the consumption function be C = 100 + 0, 2(Y − T ) What happens to the real interest rate in the long-run? (a) It is unchanged. (b) It rises because national savings rise. (c) It rises because national savings fall. (d) It falls because national savings rise.
  2. Assume today’s quarterly job finding rate is f = 0. 2 , the job separation rate is s = 0. 01 and unem- ployment is in steady state. Due to import competition from China, the quarterly job separation rate rises permanently to s = 0. 02. As a result, (a) the unemployment rate rises the next quarter to the new steady state and is constant from there onwards. (b) unemployment starts increasing gradually towards the new steady state. (c) unemployment starts decreasing gradually towards the new steady state. (d) the unemployment rate falls the next quarter to the new steady state and is constant from there onwards.
  3. What is not a cost of inflation in the long run?

(a) arbitrary redistribution of wealth. (b) menu costs. (c) lower real wages. (d) all are costs of inflation.

  1. Commoria produces a final good with capital and labour, Y = F (K, L) = K^1 /^2 L^1 /^2. Suppose that the savings rate is s = 2/ 3 and the economy is in steady state. With the golden rule savings rate (a) consumption per worker would be higher and total capital depreciation would be lower. (b) consumption per worker would be higher and output would be higher. (c) capital per worker would be higher and output would be higher. (d) capital per worker would be higher and consumption growth would be higher.

Exercise (10 points)

  1. Suppose that the aggregate production in a closed economy can be represented as Y = K^0.^2 (HL)^0.^8 , where Y is the aggregate output, K is the capital stock, H is the skill stock and L is the amount of physical labor (bodies). Suppose that the economy today has an exogenous amount of capital K = 10, H = 5 and L = 10 the skills and the physical labor are supplied inelastically. (a) Denote by p the real market price of skills, and by w the real market price of physical labor. Obtain the firms’ demand for skills as a function of p. That means, solve for H as a function of its price. Similarly, solve for their demand for physical labor, L, as a function of w. (5 points)

(b) Suppose college graduates in this economy possess one unit of skill and one unit of physical labor. Those without college, possess only one unit of physical labor, What is the relative wage of college to non-college educated workers? (5 points)