Course Introduction
Applied Macroeconomics Review
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Applied Macroeconomics explores the practical implementation of macroeconomic theories and models in real-world scenarios, equipping students with the skills necessary to analyze national and global economic issues. The course covers topics such as economic growth, inflation, unemployment, fiscal and monetary policy, exchange rates, and the impact of government interventions. Through case studies, data analysis, and policy evaluation, students learn to use macroeconomic tools to interpret economic indicators, forecast trends, and make informed decisions relevant to businesses, governments, and international organizations.
Recommended Textbook Macroeconomics 7th Edition by Olivier Blanchard
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Page 2
Chapter 1: A Tour of the World
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Q1) In 2010,output per capita in China was approximately equal to
A)$2,100.
B)$7,627.
C)$22,100.
D)$32,100.
Answer: B
Q2) Discuss what is meant by labor market rigidities and explain how they might cause the relatively high unemployment in Europe.
Answer: Examples of labor market rigidities are: relatively high minimum wage,relatively high unemployment benefits,and relatively high level of worker protection.All three of these are hypothesized to cause a reduction in employment and,therefore,an increase in the unemployment rate.
Q3) What are the two primary sources of economic growth in China since 1980?
Answer: The relatively high output growth in China has occurred as a result of capital accumulation and technological progress.
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3
Chapter 2: A Tour of the Book
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Q1) The Phillips curve describes the relationship between
A)output growth and unemployment.
B)inflation and output growth.
C)output growth and money supply.
D)inflation and unemployment .
Answer: D
Q2) GDP in current dollars is equivalent to which of the following?
A)real GDP
B)GDP in terms of goods
C)GDP in 2000 dollars
D)GDP in constant dollars
E) none of the above
Answer: E
Q3) Changes in GDP in the short run are caused primarily by A)demand factors.
B)supply factors.
C)technology.
D)capital accumulation.
E) all of the above
Answer: A
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Chapter 3: The Goods Market
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Q1) Based on our understanding of the paradox of saving,we know that a reduction in the desire to save will cause
A)an increase in equilibrium GDP.
B)a reduction in GDP.
C)an increase in the desire to invest.
D)no change in equilibrium GDP.
E) a permanent reduction in the level of saving.
Answer: A
Q2) Let the consumption function be represented by the following equation: C = c + c YD.For this equation,we assume that c is
A)negative.
B)larger than c .
C)different at different levels of income.
D)equal to one.
E) none of the above
Answer: E
Q3) Explain the difference between endogenous and exogenous variables.
Answer: Endogenous variables are determined by the model.Exogenous variables are taken as given and,for example in this model,do not change as income changes.
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Page 5
Chapter 4: Financial Markets
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Q1) First,explain why the money demand curve is downward sloping.Second,explain what factor(s)will cause shifts in the money demand curve.
Q2) For this question,assume that individuals do not hold currency (i.e.,c = 0).If the ratio of reserves to deposits is .10,the money multiplier is A) .1.
B) 0.9.
C) 4.
D) 5.
E) 10.
Q3) Discuss the tools of the Federal Reserve and explain how each can be used to change the money supply and equilibrium interest rate.
Q4) Which of the following countries has adopted the U.S.dollar as its own currency?
A)Ecuador
B)Mexico
C)Canada
D)France
E) Australia
Q5) What is the money multiplier and what factors determine its size?
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Chapter 5: Goods and Financial Marketsthe Is-Lm Model
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Q1) Suppose the demand for money is not very sensitive to the interest rate.Given this information,we know that
A)the IS curve should be relatively flat.
B)the IS curve should be relatively steep.
C)the LM curve should be relatively flat.
D)the LM curve should be relatively steep.
E) neither the IS nor the LM curve will be affected.
Q2) Which of the following occurs as the economy moves leftward along a given IS curve?
A)An increase in the interest rate causes investment spending to decrease.
B)An increase in the interest rate causes money demand to increase.
C)An increase in the interest rate causes a reduction in the money supply.
D)A reduction in government spending causes a reduction in demand for goods.
E) An increase in taxes causes a reduction in demand for goods.
Q3) An increase in the reserve deposit ratio, ,will most likely have which of the following effects?
A)a rightward shift in the IS curve
B)a leftward shift in the IS curve
C)an upward shift in the LM curve
D)a downward shift in the LM curve
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Chapter 6: Financial Markets Ii: the Extended Is-Lm Model
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Sample Questions
Q1) The policy rate is
A)determined by monetary policy.
B)a real interest rate.
C)a risk premium.
D)entering the IS equation.
Q2) If the nominal interest rate 8% and expected inflation 3%,the expected real interest rate in year t is approximately A)2%.
B)3%.
C)5%.
D)8%.
E) 11%.
Q3) By 2006,about ________ of all U.S mortgages were subprimes.
A)10%
B)20%
C)30%
D)25%
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8
Chapter 7: The Labor Market
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Q1) Based on price setting behavior,we know that an increase in the unemployment rate will cause
A)no change in the real wage.
B)a reduction in the real wage.
C)an increase in the real wage.
D)an upward shift of the PS curve.
Q2) A reduction in the unemployment rate will tend to cause which of the following?
A)an increase in the separation rate
B)a reduction in the nominal wage
C)a reduction in the duration that one is unemployed
D)none of the above
Q3) Suppose we wish to examine the determinants of the equilibrium real wage and equilibrium level of employment (N).In a graph with the real wage on the vertical axis,and the level of employment on the horizontal axis,the price-setting relation will now be
A)a vertical line.
B)a horizontal line.
C)an upward sloping line.
D)a downward sloping line.
E) kinked at the natural rate of unemployment.
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Chapter 8: The Phillips Curve, the Natural Rate of Unemployment,
and Inflation
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Q1) As of 2009,what was the last year that U.S.experienced deflation?
A)1933
B)1955
C)1973
D)1991
E) 2001
Q2) Which of the following does not represent a "labor market rigidity" to which critics refer when discussing unemployment in Europe?
A)generous unemployment insurance
B)restrictive monetary and fiscal policies
C)a high degree of employment protection
D)relatively high minimum wages
E) none of the above
Q3) What is the difference between deflation and disinflation?
Q4) Explain how the unexpectedly high rate of productivity growth at the end of the 1990s affected inflation and unemployment during this period.
Q5) Based on the 'early incarnation' of the Phillips curve,explain what effect a decrease in the unemployment rate will have on the inflation rate.
Page 10
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Chapter
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Q1) The zero lower bound refers to the situation that
A)the lowest the central bank can decrease the nominal policy rate is 0%.
B)real interest rate is 0%.
C)inflation rate is 0%.
D)risk premium is 0%.
Q2) An increase in the price of oil will cause which of the following in the medium run?
A)no change in the level of output
B)no change in the price level
C)an increase in the unemployment rate
D)a reduction in the interest rate
E) none of the above
Q3) When the policy rate decreases,
A)IS curve does not change.
B)IS curve shifts to the right.
C)IS curve shifts to the left.
D)LM curve shifts upward.
E) LM curve shifts downward.
Q4) Use the IS-LM-PC model to illustrate how the economy adjusts to an increase in taxes both in the short run and in the medium run.
Page 11
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Chapter 10: The Facts of Growth
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Q1) "Convergence" has been occurring among the OECD countries because
A)the richer countries give away more of their output than the poorer ones.
B)the poorer countries have had higher growth rates than the richer ones.
C)the richer countries have had higher growth rates than the poorer ones.
D)the poorer countries have had positive growth rates, while the richer ones have had negative growth rates.
E) the procedures for measuring output per capita have been changing.
Q2) Which of the following countries had the lowest level of output per capita in 1950?
A)United States
B)France
C)Japan
D)United Kingdom
Q3) Which of the following best characterizes the economic growth for OECD countries since the mid-1970s?
A)Growth has come to a complete halt.
B)Growth has slowed down.
C)Growth has not changed since the 1950s and 1960s.
D)Growth has increased slightly.
E) Growth has increased dramatically.
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Page 12
Chapter 11: Saving, capital Accumulation, and Output
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Q1) Suppose the saving rate is greater than the golden rule saving rate (sG).First,explain what must happen to the saving rate in order to increase steady state consumption.Second,what are the advantages and disadvantages of this policy to increase steady state consumption.
Q2) Suppose the saving rate is initially greater than the golden rule saving rate.We know with certainty that an increase in the saving rate will cause
A)an increase in the rate of growth in the long run.
B)a reduction in output per worker.
C)a reduction in consumption per worker.
D)all of the above
E) none of the above
Q3) In the absence of technological progress,an increase in the saving rate will cause which of the following?
A)increase temporarily the growth of output per worker
B)increase the steady state growth of output per worker
C)decrease temporarily the growth of output per worker
D)decrease the steady state growth of output per worker
E) have an ambiguous effect on the growth of output per worker
Q4) Explain the relationship among output,saving,and investment.
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Chapter 12: Technological Progress and Growth
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Q1) Assume that an economy experiences both positive population growth and technological progress.A reduction in the saving rate will cause
A)no change in K / NA.
B)a permanent reduction in the rate of growth of output per worker.
C)a permanent reduction in the rate of growth of output.
D)no change in Y / NA.
E) none of the above
Q2) Suppose output per worker in a country has grown at the same rate as technology over for many years.This country's growth would be described as
A)"appropriable" growth.
B)"balanced" growth.
C)"effective" growth.
D)"diffuse" growth.
E) none of the above
Q3) Explain what is meant by the fertility and appropriability of the research process.
Q4) Explain what factors determine how much investment is required to maintain a given level of capital per effective worker.
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14
Chapter 13: Technological Progress: the Short, the Medium, and
the Long Run
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Q1) Which of the following statements about the United States during the twentieth century is correct?
A)Output growth has been approximately equal to employment growth.
B)Output growth has been slower than employment growth.
C)Output growth has been faster than employment growth.
D)Output has increased largely due to monetary and fiscal policy.
E) Output has decreased largely due to monetary and fiscal policy.
Q2) Some commentators will argue that increases in productivity may have no effect or even a negative effect on employment in the short run.Explain what must occur for an increase in productivity to have no effect or even a negative effect on employment in short run.
Q3) For this question,assume that expectations of P and A are correct.Now suppose that there is a 4% increase in A.Given this information,which of the following will occur?
A)The PS relation will shift up by 4%.
B)The WS relation will shift up by less than 4%.
C)The WS relation will shift down by 4%.
D)The PS relation will shift down by 4%.
Q4) Explain some of the causes of increased wage inequality.
Q5) Explain how technological change can cause changes in wage inequality.
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Chapter 14: Financial Markets and Expectations
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Q1) Suppose the yield curve is downward sloping.How should one interpret this particular yield curve?
Q2) Suppose that financial market participants now expect a future tax cut and that the yield curve is initially upward sloping.Given this information,we would expect which of the following to occur?
A)The yield curve will become steeper.
B)The yield curve will become flatter.
C)The yield curve will become horizontal.
D)The yield curve will become downward sloping.
Q3) Suppose individuals expect an increase in future taxes.Explain what effect this expected increase in future taxes will have on the yield curve and on stock prices in the current period.
Q4) Give two explanations why stock prices might deviate from their fundamental values.
Q5) An expected tax cut will tend to cause
A)an increase in stock prices.
B)a reduction in stock prices.
C)no change in stock prices.
D)an ambiguous effect on stock prices.
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Chapter 15: Expectations, consumption, and Investment
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Q1) Which of the following would cause an increase in human wealth?
A)a permanent increase in salary
B)an increase in the value of one's house
C)an increase in the value of one's stock portfolio
D)all of the above
E) none of the above
Q2) Which of the following will occur when the capital stock falls?
A)profit per unit of capital will increase
B)profit per unit of capital will decrease
C)there will be no change in profit per unit of capital
D)there will be an ambiguous effect on profit per unit of capital
E) none of the above
Q3) An increase in the rate of depreciation will cause the discounted present value of expected profits to
A)decrease.
B)increase.
C)remain unchanged if the real interest rate increases by the same amount.
D)none of the above
Q4) Explain how expectations affect consumption.
Q5) What is Tobin's q? How tight is the relation between Tobin's q and investment?
Page 17
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Chapter 16: Expectations, output, and Policy
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Q1) Suppose individuals now believe that there will be an increase in the future expected interest rate.This increase in the expected future interest rate will cause which of the following to occur in the current period?
A)an upward shift of the LM curve
B)a leftward shift of the IS curve
C)the IS curve to become flatter
D)the LM curve to become steeper
E) none of the above
Q2) Suppose there is an increase in expected future taxes.This will cause which of the following to occur?
A)the IS curve to shift left in the current period
B)the IS curve to shift right in the current period
C)the LM curve to shift up in the current period
D)the LM curve to shift down in the current period
Q3) Compare the following three ways to model expectations: animal spirits,adaptive expectations,and rational expectations.
Q4) Explain whether a fiscal policy that causes an increase in current and future government spending can cause a reduction in current output.
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Page 18
Chapter 17: Openness in Goods and Financial Markets
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Q1) Suppose the interest parity condition holds.Also assume that the one-year interest rate in the United States is 6% and that the one-year interest rate in Canada is 6%.What does this imply about the current versus future expected exchange rate (for the U.S.and Canadian dollars)? Explain.
Q2) America's largest trading partner is
A)Canada.
B)Japan.
C)Mexico.
D)European Union.
E) none of the above
Q3) Which of the following has occurred for the United States since 1960?
A)The ratio of exports to GDP (X / Y)and the ratio of imports to GDP (IM / Y)have both decreased.
B)X / Y has increased while IM / Y has decreased.
C)X / Y has decreased and IM / Y has increased.
D)X / Y and IM / Y have stayed relatively constant.
E) none of the above
Q4) Assuming that the interest parity condition holds,what type of information is contained in interest rate differentials between domestic and foreign bonds? Explain.
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Chapter 18: The Goods Market in an Open Economy
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Q1) An increase in the budget deficit can be reflected in A)an increase in private saving.
B)a reduction in investment.
C)a reduction in net exports.
D)all of the above
E) none of the above
Q2) Suppose the rest of the world experiences a recession that causes a reduction in foreign income (Y*).From the domestic economy's perspective,this reduction in foreign income will cause which of the following as the domestic economy adjusts to the drop in Y*?
A)a reduction in income and a reduction in imports
B)a reduction in imports and an increase in net exports
C)the NX line to shift up
D)an ambiguous effect on net exports
Q3) The quantity of imports will decrease when there is
A)an increase in the real exchange rate.
B)a reduction in domestic output.
C)a reduction in foreign output.
D)all of the above
E) none of the above
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Chapter 19: Output, the Interest Rate, and the Exchange Rate
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Q1) In an open economy under flexible exchange rates,a reduction in the interest rate will cause a reduction in which of the following?
A)investment
B)the exchange rate, E
C)net exports
D)all of the above
E) none of the above
Q2) Assume policy makers in a fixed exchange rate regime decide to peg the exchange rate at a higher level.This is called
A)a devaluation.
B)a revaluation.
C)a depreciation.
D)an appreciation.
Q3) In the early 1990s,European unemployment rose largely because of A)reductions in stock prices.
B)undervalued currencies.
C)overvalued currencies.
D)high inflation.
E) none of the above
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Chapter 20: Exchange Rate Regimes
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Q1) Assume that policy makers are pursuing a fixed exchange rate regime and that the economy is initially operating at the natural level.Which of the following will occur as a result of a evaluation?
A)The real exchange rate will be permanently higher in the medium run.
B)The real exchange rate will be permanently lower in the medium run.
C)The effects of this devaluation on the real exchange rate will be ambiguous in the medium run.
D)The nominal exchange rate will initially increase in the short run and then decrease in the medium run.
E) none of the above
Q2) If the exchange rate between two countries is expected to remain fixed at its current rate,then
A)output growth rates must be equal in the two countries.
B)price levels must be equal in the two countries.
C)inflation rates must be equal in the two countries.
D)nominal interest rates must be equal in the two countries.
E) none of the above
Q3) Explain each of the following and why each might be used: hard pegs,currency boards,and dollarizations.
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Page 22
Chapter 21: Should Policy Makers Be Restrained
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Q1) Explain what a PAYGO rule is.
Q2) Econometric models of the U.S.economy generally agree
A)on the quantitative impact of monetary policy over a horizon of several years.
B)that an increase in money growth will increase output in the short run.
C)that an increase in money growth will decrease output in the short run.
D)that an increase in money growth will decrease output in the long run.
E) that "rational expectations" is the best way to generate policy forecasts.
Q3) Balanced budget amendments are believed to be destabilizing.Explain why this is so.
Q4) The Masstricht treaty set the budget ratio to GDP to be ________ in order for countries to qualify to join the Euro area.
A)below 3%
B)below 4%
C)below 5%
D)below 6%
Q5) The PAYGO rule was allowed to expire in which year?
A)1990
B)1991
C)2002
D)the PAYGO rule still exists
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Chapter 22: Fiscal Policy: a Summing up
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Q1) The Ricardian equivalence proposition states that an increase in the deficit causes
A)consumption to decrease.
B)savings to decrease.
C)investment to decrease.
D)all of the above
E) none of the above
Q2) The official measure of the deficit becomes more inaccurate as
A)the inflation rate rises.
B)the total debt falls.
C)taxes rise.
D)all of the above
E) none of the above
Q3) Explain what is meant by automatic stabilizers and how they work to minimize fluctuations in economic activity.
Q4) Government default is also called
A)debt restructuring.
B)debt rescheduling.
C)private sector involvement.
D)all of the above
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Chapter 23: Monetary Policy: a Summing up
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Q1) What are the lessons from the crisis for monetary policy?
Q2) For this question,assume that the Fed sets monetary policy according to the Taylor rule.Suppose current U.S.macroeconomic conditions are represented by the following: < ?* and u = un.Given this information,we would expect that the Fed will
A)implement a monetary contraction.
B)implement a monetary expansion.
C)maintain its current stance of monetary policy.
D)more information is need to answer this question.
Q3) The nominal interest
A)will never be negative.
B)can be negative if inflation is unexpected.
C)can be negative if the inflation rate is greater than the nominal interest rate.
D)can be negative if deflation occurs.
E) can be negative when the real interest rate is negative.
Q4) What are some of the questions about the macro prudential tools?
Q5) Briefly discuss the organization of the Federal Reserve.Include in your answer a discussion of the individuals / groups who make decisions about monetary policy.
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Page 25
Chapter 24: Epilogue: the Story of Macroeconomics
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Q1) Discuss the consensus on the adjustment process after the crisis.
Q2) One problem with real business cycle theory is that
A)it is more successful in explaining expansions than in explaining contractions.
B)it relies almost entirely on Keynes' original ideas, ignoring much of the progress made since then.
C)it treats government officials as well-meaning public servants, despite much evidence to the contrary.
D)it defines "productivity" in a new and not very intuitive way.
E) its models downplay the importance of technological progress in the economy.
Q3) Work by Doug Diamond and Philip Dybvig in the 1980s had clarified the nature of A)unemployment.
B)bank runs.
C)inflation.
D)growth.
Q4) As the IS curve becomes flatter,we know that
A)a given change in the money supply will cause a larger change in output.
B)a given change in the money supply will cause a smaller change in output.
C)a given change in the money supply will cause the same change in output.
D)monetary policy becomes less effective.
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Chapter 25: Appendix
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Q1) Changes in business inventories will be positive when
A)production exceeds sales.
B)production is less than sales.
C)a trade surplus exists.
D)a budget surplus exists.
Q2) A key step in using instrument variable methods is to
A)find one or more exogenous variables that influence your dependent variable.
B)decrease the number of lags in the regression equation.
C)conduct interviews to determine how accurate your data really is.
D)run the regression on two different computers to see if the results differ.
E) eliminate the dependent variable.
Q3) Which of the following is not included in investment?
A)the purchase of new equipment by firms
B)nondurable goods
C)the purchase of a new home
D)none of the above
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