...Intermediate Macroeconomics 311 (Professor Gordon) First Mid-Term Examination Fall, 2006 YOUR NAME: Circle the T.A session you are attending: Michel Wednesday Costel Wednesday Michel Thursday Costel Thursday INSTRUCTIONS: 1. The exam lasts 1 hour. 2. The exam is worth 60 points in total: 30 points for the three analytical questions, and 30 points for the multiple choice. 3. Write your answers to Part A (the multiple choice section) in the blanks on page 1. You won’t get credit for circled answers in the multiple choice section. 4. Place all of your answers for part B in the spaces provided 5. Good Luck! PART A Answer multiple choice questions in the space provided below. USE CAPITAL LETTERS. 1. ____ 6. ____ 11. ____ 16. ____ 21. ____ 26. ____ 2. ____ 7. ____ 12. ___ 17. ____ 22. ___ 27. _ _ 3. ____ 8. ____ 13. ____ 18. ____ 23. ____ 28. __ _ 4. ____ 9. ____ 14. _ __ 19. ____ 24. ____ 29. ____ 5. ____ 10. ____ 15. ____ 20. ____ 25. ____ 30. __ _ 1) If real GDP for 2001 was $1000 billion and nominal GDP was $500, then: (a) the implicit GDP deflator for 2001 was 0.5 (b) the implicit GDP deflator for 2001 was 2 (c) the implicit GDP deflator for 2001 was 500 (d) the implicit GDP deflator for 2001 was -500 2) If real GDP in China is growing at a rate of 6.93% percent per year, how long will it take to double: (a) 1 year (b) 10 years (c) 100 years ...
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...Lexi Allan Ascending: The rise of post-Western Empire society May 30th, 2018 The Western Roman Empire fell in 476 CE, a time that corresponded with growth in the number of Christians. As a result of the fall, Germanic tribes acquired power from the Romans and Christianity thrived under a newfound sense of freedom. Centuries later, critics asserted that the fall of the Empire damaged law, economics, and culture in the Western World. But what beneficial aspects did these critics ignore? To start with, this paper discusses politicians being allowed to marry out of their faith. Next, it examines non-Roman’s respect for the Romans and the desire to sustain their culture. Moreover, the paper discusses the benefits of the Roman use of symbols and...
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...when using internet dating sites. Now one in every three people meet a partner on the internet, if it be on a dating site or a social network online. The ability to share information and easily find information has changed almost every aspect of politics. From the way we communicate with the government and each other about the things the government is doing. it became simple and easy to do. A person no longer had to wait for the six O’clock news to hear about what was happening in local and national politics and then try to change what happened after the fact. Because of this more people actively search for information about politics and what the government is doing. The internet has helped politics in many ways. Pressure now put on politicians by the public through forums, social networks, YouTube, and blogs have become enormous. These mediums help the public communicate their...
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...is time lags. It takes time for producers and consumers to adjust their purchases to the changed prices brought about by the devalued exchange rate. Certainly, firms will have orders planned in advance, and will not react to the price changes for a number of months. Exports revenues may not rise immediately, but they will not fall either, but foreign import revenues may well rise, as increased import prices are combined with static, or at least very inelastic, demand. The current account deficit will probably get worse. After a period of time, foreigners will react to the lower export prices and UK firms and consumers will react to the higher import prices. The Marshall Lerner condition should be satisfied as demand for both exports and imports become more elastic and the deficit should start to fall. Remember that higher import prices will feed through to higher inflation eventually. This will reduce the competitiveness of British industry causing long-term problems for the current account. This is why many politicians see devaluation as failure. Once the economy is past the trough of the J-curve and the deficit is falling, the devaluation may seem like a good idea. But the subsequent rise in inflation (the government's number one macroeconomic objective nowadays) and its implications for competitiveness mean that devaluation is never a good long-term solution. British exporters complain of the high pound, but devaluation...
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...declared “all persons held as slaves with said designated states… are and henceforward shall be free.”(Doc. G) Lincoln violated the constitution by ordering confederate states to free their slaves. The confederate states did not have to free their slaves because the Emancipation Proclamation violated the constitution. Lincoln’s order didn’t do anything for the African-Americans held as slaves and just further angered the south. This shows Lincoln was just another politician and not...
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...[9]. It is important to note that the rise and fall of revenues and expenditures are closely related to the economic and war conditions of the U.S.. As Figure 3 suggests, during times of economic despair as in the recent financial crisis, tax revenues are low because of unemployment and federal spending is high in order to stimulate the economy back to normal levels. Thus, it is important to be aware of the economic conditions when looking at the historical evolution of deficits and surpluses. This higher emphasis on federal budget deficits contrasts significantly with state and local governments who are usually mandated to produce a balanced annual budget. In 2003, all the states except for Vermont had a legal requirement to balance their budget [12]. But then what makes the federal government any different from state or local government? Is it not viewed as irresponsible to spend more than you...
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...Thesis statement: One of the most debated topics in America today is Global Warming. Regardless of whether or not it is fact or fiction, the American public needs to pay more attention to growing scientific evidence, and make a greater attempt to ensure a prosperous future. I. The Problem A. The Problems Are Just Beginning B. Man Is Having An Affect II. The Ecosystem A. The Domino Affect B. A Few Degrees Of Consequence III. Not Just Hot Air A. Crying Wolf B. Uninformed Public IV. The Real Problems A. Short Term Ideals B. Selfish Americans C. Religion D. Big Bussiness V. What Can Be Done A. Think Long Term Global Warming: Fact or Fiction? Most skeptics of Global Warming have said and will say again, “The earth has taken care of itself for millions of years. It goes through cycles from time to time. It doesn’t matter what humans do, Mother Nature is stronger than us all.” Although these opinions have some truth and relevance in the argument against the reality of Global Warming and its effects on the planet, it also seems incredibly short sighted to not explore the emerging data that has continued to grow in recent years supporting the idea that humans do indeed have an affect on how the planet and her inhabitants will continue to live and grow in the years to come. With advances in technology measuring these effects more accurately...
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...ESSAI Volume 5 Article 34 1-1-2007 The Rise and Fall of Prohibition in America Daniel Smith College of DuPage, essai_smith@cod.edu Follow this and additional works at: http://dc.cod.edu/essai Recommended Citation Smith, Daniel (2007) "The Rise and Fall of Prohibition in America," ESSAI: Vol. 5, Article 34. Available at: http://dc.cod.edu/essai/vol5/iss1/34 This Selection is brought to you for free and open access by the College Publications at DigitalCommons@C.O.D.. It has been accepted for inclusion in ESSAI by an authorized administrator of DigitalCommons@C.O.D.. For more information, please contact koteles@cod.edu. Smith: The Rise and Fall of Prohibition in America The Rise and Fall of Prohibition in America by Daniel Smith (English 1101) n February 16th, 2007, a headline in the Chicago Tribune read in large, bold lettering: “Task Force Nabs $1.3 Million in Cocaine, Disrupts Drug Ring.” Open almost any newspaper on any given day and one is bound to find an article like this detailing the enforcement of the prohibition of marijuana, cocaine and other drugs, or gang-related crimes. The demand for black market drugs in America is alive and strong, fed by organized drug cartels from Mexico and other countries. To these drug lords, it is simple business mechanics; they have a source for their product and buyers willing to pay large sums of money for it. Even with enforcement at the borders and the occasional bust, their products continue to slip into the...
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...monopoly effect on the country and how the U.S. economy is greatly affected because of this. (How Gas Prices Affect Our Economy) Over the past few years gas and fuel prices always seem to be in the news. At first, prices seemed to be high one week and low the next. Now, it just seems that the prices are extremely high and won’t go down. Many times you hear big time politicians say the reasoning for these high prices is due to shortages of oil. This is not the case, for there is no shortage at all. Gasoline reserves on hand are at the highest levels they have been since the early 1990s and the oil deposits under ground aren’t running out either. (There Is No Gas Shortage – BusinessWeek ) So why are politicians saying there is a shortage of there really isn’t? The answer to high prices is simple the supply and demand by other countries. The increasing demand for oil in the large populated countries of India and China has put a major cause to the rise of prices in America. The increase of technology and the rise of transportation has skyrocketed the demand for oil in these countries, causing the price per barrel to rise...
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...to be evaluated on the basis of wholesale price index (WPI) with 1950-51 as the base year. Unfortunately, the government with the intention of preventing a factual comparison of the purchasing power of rupee, keeps changing the base year every decade, from 1950-51 to 1960-61, later to 1970-71 and finally to 1980-81. Deficit financing in every five year plan and improper planning led to a 40 percent rise in food grains, 45 percent in cereals and over 70 percent rise in pulses during 1961-1966. The country was in the grip of a galloping inflation. This with 1950-51 as the base year. Keeping 1960-61 as the base year, the Fourth five year plan save the price index at an all time high of 331 in September 1974 (with 1961-62-100). This was due to a combination of several factors, the primary being the influx of refugees in large numbers from Bangaldesh and the expenses incurred by the government on them, failure of Kharif crops in 1972-73 and complete failure to take over the wholesale wheat trade. The declaration of Emergency in June 1975 resulted the arrest of price rise and a steep fall in inflation and prices of commodities. Unfortunately, political upheavals, callous bureaucracy and an equally callous inflationary budget by the Finance Minster Mr. Charan Singh in 1979 brought all the good work reduced to nil and inflation back to an all time high, and the...
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...John Nix Kevin Thomas Harrel His 105 Section 28 8 December 2009 The Formation of the Confederacy: An Inevitable Occurrence When looking at the history of the United States it is necessary to look at our past in two separate halves: the first half being everything before the Civil War and the second half being everything after the Civil War. With this being said, it can be reasonably argued that the Civil War is one of the most critical events to every happen in our country’s rich history. The devastating war took over half a million American lives in just a little over four years. This tragic event in history, up until Vietnam, claimed more American lives than any other war (Rubin 11). In hindsight it is clear that this war should have been avoided at all cost but during the late 1800’s the tension was so high and hostile that the war was inevitable. Sectionalism had increased so much during that period that even citizens thought of their country divided into two halves, being the North and the South. Each section considered themselves as right and proper while the other as ridiculous and wrong. These tensions kept building until the thought of secession became not a question of if but rather a question of when. According to Cole C. Kingseed, author of The American Civil War, the seeds of the Civil War can be planted as early as the Constitutional Convention of 1787. By the time of the convention five states had already abolished slavery, which made the southern states...
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...There are nearly seven thousand organizations represented in our nation’s capital. Interest groups are organizations that seek to influence decisions in government; they are sometime called lobbyists (Wilson, 2009 p. 142). Lobbyists acquired their name because they used to wait in the lobbies of the policy makers in order to catch them coming in and out of their offices. The rise of interest groups became more apparent due common interests amongst groups of citizens. Interest groups play an important role in today’s politics; the rise was attributed to the need to gain access to government in order to accomplish change. Many groups noticed a need to reach out to government officials in many notable matters in order to undertake the protection of the people. Interest groups, through the means of history have played an important role in the politics of the United States of America. Many interest groups are known to have made their mark in society by both striving and accomplishing change in policy. Interest groups have an interesting time line; I will lead you on the journey. During the first, preindustrial phase from the 1830s to 1870s, charitable organizations assisting the poor represented the dominant form of association. Membership in these organization consisted mostly of middle class citizens. Crossing class line, the second phase is attributed to the economic group such as trade unions and employer’s union in between the 1860’s and the early 1900’s. The third phase...
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...infused a deep sense of anger, revolt and a slight hue of responsibility and belongingness towards the State. The involvement of people in the fight against corruption and other vices is really worth appreciating. It shows the real face of Democracy, which is also a government ‘By the People’. But it is pertinent to ask that even in a democratic setup, up to what extent is the involvement of public feasible and productive for the State? It is true that all the policies of the government are meant for public welfare and the laws serve the people, but when this ‘involvement’ does become an ‘intrusion’ and turns disruptive in nature? Revolutions by the people of a country have proved to be effective in recent past. The Tulip Revolution or the fall of rulers in Syria and Libya and the huge protests and uprising at Tahrir Square in Egypt has proved it to be an effective remedy against tyrannical rule and in case of a defunct government. But the same does not hold true in a Democracy. There is a very fine line of distinction between a Democracy and Mobocracy,...
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...The New York stock exchange saw uproar during the 1920’s. People were making more money than ever as prices for stock skyrocketed. When the stock market reached its peak, it seemed as though the market had nowhere to go but up. People in America didn't expect the stock market to fall and when it did they had no idea what to do so they withdrew all their investments which caused the stock market to crash. The fall of the stock market caused 30% of the nation’s workforce into unemployment and debt, forcing the country into a Great Depression. During the twenties many people were getting rich using buy and sell methods in the stock market, this caused the stock market to rise, and shares to become more expensive for the average buyer. Most American...
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...50 Corruption in India Andrew Sanchez The momentum of last year’s hunger strike by the anti-corruption campaigner Kisan ‘Anna’ Hazare currently sees India’s parliament wrestling with the formation of a national corruption ombudsman. Hazare’s campaign rests upon the proposition that the democratic ideals with which the Indian state was formed in 1947 are all too often subverted by the self-interest of public servants. Hazare’s supporters argue that this process has two primary effects. First, corruption allows wealthier citizens to access resources and preferential state treatment to which they are not entitled. Second, corruption constitutes a drain on the coffers of many ordinary Indians, in the form of demands for bribes by state functionaries, without which their services cannot necessarily be procured. Hazare’s formulation is largely correct, and if popular support for his campaign is any indication, he has articulated a political frustration with bribery that is unique in spanning the regional, ethnic and religious divisions of Indian society. However, the discontent which Hazare’s movement expresses relates to a corruption that is broader than bribery alone. ‘Corruption’ in this context encompasses a more pernicious subversion of the Indian state that has seen substantial numbers of often violent career criminals enter parliament since the 1970s, and has consequently weakened popular faith in governmental institutions. The current relationship between politics...
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