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ECON 301: Intermediate Macro Spring 2019 Problem Set #1 Due: Monday, April 22, 10:30 AM Directions: Put the names of up to 3 group members at the top of this page. Please clearly mark each of your answers to the multiple choice questions in capital letters in the spaces provided below. Please mark your solutions (preferably typed) to each of the short answer questions on separate sheets of paper (with clean edges if using notebook paper) and staple or paper clip your solutions to the multiple choice answer sheet. Hand it in (one per group) on or before the due date during class time. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. SECTION 1: MULTIPLE CHOICE QUESTIONS 1. Based on your understanding of the aggregate expenditure model, we know with certainty that an equal and simultaneous increase in G and T will cause: (a) an increase in output (b) no change in output (c) a reduction in output (d) an increase in investment (e) a decrease in investment For the following two questions, suppose an economy produces only milk and butter. As- sume that all production is consumed in each year, and that price and quantity data are given in the tables below. Year 1 Good Quantity Price Milk 500 $2 Butter 2000 $1 Year 2 Good Quantity Price Milk 900 $3 Butter 3000 $2 2. (Refer to the above tables) Between Year 1 and Year 2, real GDP (based on Year 1 as a base year) grew by (a) 58.18% (b) 158.18% (c) 160% (d) 60% (e) 260% 3. (Refer to the above tables) Between Year 1 and Year 2, the GDP deflator (based on Year 1 as a base year) rose (a) 81.25% (b) 90% (c) 190% (d) 83.33 (e) 183.33% ECON 301: Intermediate Macro Problem Set #1 1 4. Which of the following generally occurs when a central bank pursues expansionary monetary policy? (a) the central bank purchases bonds and the interest rate increases (b) the central bank purchases bonds and the interest rate decreases (c) the central bank sells bonds and the interest rate increases (d) the central bank sells bonds and the interest rate decreases (e) an increase in the reserve requirement ratio 5. The marginal propensity to consume represents (a) the level of consumption that occurs if disposable income is zero. (b) the ratio of total consumption to disposable income. (c) total income minus total taxes. (d) the change in output caused by a one-unit change in autonomous demand. (e) the change in consumption caused by a one-unit change in disposable income. 6. Suppose a one-year discount bond offers to pay $1000 in one year and currently has a 15% interest rate. Given this information, we know that the bond’s price must be approximately: (a) $870 (b) $1150 (c) $850 (d) $950 (e) $985 7. Equilibrium in the goods market requires that (a) production equals income. (b) production equals demand. (c) consumption equals saving. (d) consumption equals income. (e) government spending equals taxes minus transfers. 8. The LM curve shifts down when which of the following occurs.

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