Intermediate Macroeconomic Theory II
First Take-Home Midterm Examination
代写中级宏观经济理论 Instructions 1.You have 50 minutes to complete the exam. 2.There are 100 points in total for the exam. Answer all of them.
1.You have 50 minutes to complete the exam.
2.There are 100 points in total for the exam. Answer all of them.
3.There will be no communication of any formwith your teaching assistants or me during the examination period. If you believe a question contains an error or an ambiguity, say so on your answer sheets; then make an attempt to correct the alleged error or to resolve the ambiguity, and answer the question as well as you can.
Suppose an economy’s real GDP was $1,000 in 2019 Moreover, the inflation rate was 100% and the growth rate of real GDP was 10% between 2019 and 2020. Using 2020 as the base year, what are the values of this economy’s (a) real GDP in 2020, (b) GDP price index in 2019, (c) nominal GDP in 2019, and (d) nominal GDP in 2020? Show your work.
2.[20 points] 代写中级宏观经济理论
(a) [10 points] In an open economy, if GDP = $1,000, government expenditure = $250, consumption = $500, net exports = $100 and the budget deficit = $40, what is the value of disposal income? Show your work.
(b) [10 points] In an open economy, if GDP = $500, consumption = $350, transfer – taxes = $20, investment = $150 and the budget deficit = $120, what is the value of net exports? Show your work.
3.[40 points] 代写中级宏观经济理论
(a) [10 points] What is precisely meant by a macroeconomic time series being “procyclical”?
(b) [10 points] Give two examples of procyclical variables in the U.S. economy over the last hundred years.
(c) [10 oints] Explain in words what the correlation coefficient between two different variables measure?
(d) [10 points] Use the concept of the correlation coefficient to precisely define what is meant by a macroeconomic time series being “persistent” over the business cycle?