A closed economy with flexible prices is currently in its long-run equilibrium. Suppose the country discovers a large oil reserve. As a result, the oil price falls significantly.
a) Use words and the linked diagram to explain the effect of this change in oil price in the short run (assume there is no crowding out/feedback effect).
Use words and the (same) linked diagram to describe what happens to the economy if the government wants to keep output at YFE in the short run by changing government spending.Submit your detailed question here...
ECMA06 – Introduction to Macroeconomics: A Mathematical Approach Final Exam, Winter 2012 Version A Date & Time: Tuesday, April 17, 2012, 9:00am – 12:00noon Instructor: Iris Au Aids Allowed: Non-programmable calculator ** Calculators that can be stored information will be confiscated. If the confiscated calculator is found to contain notes of any kind, academic consequences will ensue. Time Allowed: 180 minutes Total number of pages (including the cover page): 11 Total Points: 100 Instructions – please read carefully On the scantron answer sheet, you must: PRINT your family name and first name. Enter your student number as the identification number. FILL IN THE BUBBLES under you name and student number. FILL IN THE BUBBLE ASSOCIATED WITH YOUR TEST VERSION (VERSION A). If you fail to carry out all tasks indicated in part 1, 2 marks will be deducted from your final score. On the answer booklet, you must fill in your name and student number. DO NOT REMOVE THE STAPLE FROM THE ANSWER BOOKLET. If you do so, 2 marks will be deducted from your final score. There are 35 multiple-choice questions (and a 36th question which will confirm your exam version). For each question, choose the correct answer. If two multiple-choice answers both seem to be approximately correct, choose the best of the two answers. Put your answers on the scantron sheet provided by filling in the appropriate bubble. If answers are not written on the scantron sheet, there will be no marks given for answers. Each correct answer is worth 2 marks (except for Question 36, where the correct answer simply confirms your exam version); incorrect answers receive 0 mark (there is no deduction for wrong answers). When entering your answers on the scantron sheet: Use a medium (HB) pencil and fill in the bubble neatly and completely. Erase any changes as completely as possible. Be very careful to place each answer in the correct place. Questions 37 – 39 are short-answer questions and are to be answered...
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