ECO 320 Final Exam Solutions


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ECO 320 Final Exam Solutions

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ECO 320 Final Exam Solutions

 

 

Final Exam 1

Question 1
The FDIC is the main supervisor for

Question 2
A commercial bank that gets a charter from the federal government is called a ________ bank.

Question 3
The OCC is the main supervisor for

Question 4
In regards to the Glass-Steagall Act, banks argued that they

Question 5
A period when an expansion ends and a recession begins is

Question 6
A particularly bad recession (in which output declines much more than usual for a recession) is called

Question 7
The labor-force participation rate equals

Question 8
According to real business cycle (RBC) theory, the main source of the business cycle is

Question 9
The liquidity effect is the

Question 10
A partial-equilibrium model is a model in which

Question 11
A variable that is determined within a model is called

Question 12
The price-level effect is the situation when a higher nominal interest rate results from a(n)

Question 13
A rise in foreign incomes causes net exports to

Question 14
Full-employment output is the amount of output produced when the economy is

Question 15
Consumption spending is about ____ of aggregate demand.

Question 16
The natural rate of unemployment reflects ________ normal job turnover.

Question 17
General equilibrium is a situation in which all markets are in ________ and all economic agents have made decisions

Question 18
Precautionary savings is

Question 19
Because RBC models are complicated, researchers generally

Question 20
DSGE models that contain many different types of households and firms are known as

 

 

Final Exam 2

 

Question 1

A shock is

Question 2

In broad nominal terms, the dollar ____ against other currencies from 1988 to 2001 and ____ from 2001 to 2008.

Question 3
Under absolute purchasing-power parity,

Question 4
The sum of net exports of goods and services plus net income from abroad plus net unilateral current transfers equals

Question 5
Federal Reserve Banks are owned by

Question 6
The chairman of the Federal Reserve Board who reduced the inflation rate from over 10 percent to about 3 percent in the early 1980s was

Question 7
Of the nine directors of each Federal Reserve Bank, ____ are elected by member banks.

Question 8
When the Fed engages in open-market operations, the transactions are conducted by

Question 9
A bank in good condition may take out a loan without the Fed questioning the purpose or nature of the loan. Such a loan is known as

Question 10
If the Open-Market Desk at the Fed buys securities today, the most likely effect is that the

Question 11
If the Open-Market Desk at the Fed buys securities when the federal funds rate is below the primary credit discount rate, the most likely effect is that the

Question 12
In November and December, people use more currency than usual, so the Fed increases the money supply through

Question 13
The actual inflation rate minus the ideal inflation rate is known as

Question 14
The idea that policymakers may not immediately understand the state of the economy is known as the ____ lag.

Question 15
The time it takes from when a policy is enacted to when it affects the economy is known as the ____ lag.

Question 16
The unemployment rate when the economy is producing output equal to its potential is known as?

Question 17
A money-growth rule that responds to the state of the economy is a type of ____ rule.

Question 18
Central banks that use inflation targeting usually communicate their goals and plans in a document known as the

Question 19
The activist terms in the Taylor rule are the.

Question 20
The Fed tightens policy when it ____ money growth and ____ the federal funds rate.

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