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Saka Econ 010 F12 Final Exam.pdf
Saka_Econ_010_F12_Final_Exam.pdf
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Saka Econ 010 F12 Final Exam.pdf-Final Exam ECON 0...
Saka_Econ_010_F12_Final_Exam.pdf-Final Exam ECON 010, Fall 2012
Saka Econ 010 F12 Final Exam.pdf-Fi...
Saka_Econ_010_F12_Final_Exam.pdf-Final Exam ECON 010, Fall 2012
Page 14
NAME:
RI’s NAME:
c. (5 points) Calculate the inflation rate in the economy between Year 2 and 3, using the GDP deflator.
14
Page 15
NAME:
RI’s NAME:
Problem 2 (17 points): Equilibrium Output , Multipliers, SR and LR Policy Impact.
The spending in an economy is characterized by the following equations:
C
=
200 + 0
.
8
Y
D
T
=
100
I
=
200
G
=
100
a. (5 points) Compute the equilibrium value of GDP.
b. (2 points) What is the new equilibrium value of GDP if G is increased by 100?
15
Page 16
NAME:
RI’s NAME:
c. (5 points) Using the AD-SRAS-LRAS graph, show the Short run and long run effects of expansionary
fiscal policy.
d.
(5 points) Suppose that the government increases its spending.
Give 1 pro, 1 con of such an
expansion. (You may assume that initially the economy was operating below its potential GDP)
16
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