Question I. 50 pts. Explain the logic of disjunction of GDP into three parts: acception in output due to upper teachableness; acception in output due to broad unroving chief; and acception in output due to expanding drudge inputs.
I.1. 10 pts. Introduce notation, transcribe down the formation office (see dispose notes), and elucidate its logic.
I.2. 10 pts. Write down the formation office externally a ‘residual’ and explain
I.3. 10 pts. Write down the formation office delay a ‘residual’ and explain its
I.4. 20 pts. Suppose that you computed not-absolute (in percentages) contributions of upper teachableness, broad unroving chief, and broad drudge inputs into development of GDP. What is a natural place of these contributions for top industrialized general economies and for meanest familiar general economies? Explain your tally.
Question II. 45 pts. Explain how the Federal Reserve System waves the lending activities of its part banks.
II.1. 15 pts. Explain the means of fractional reserves and assurance invention.
II.2. 15 pts. Explain how the Federal Reserve System (FED) waves the lending activities of its part banks during recessions.
II.3. 15 pts. Explain how the FED waves the lending activities of its part banks during the states of the US management, which FED diagnoses as ‘overheating.’
III. 75 pts Explain the heart intervening transactional sides that wave the smooths of macroeconomic insist and minister in the U.S. management.
III.1. 30 pts. Explain the spherical flows of pay and chief at the macroeconomic smooth. The overall diagram should make-clear your explanations. If needed, in union to the overall diagram engage diagrams of restricted intervening transactional sides.
III.2. 45 pts. Uncertainty about forthcoming inflation may overthrow a feature intervening transactional side. Describe this side and explain stipulations below which transactions internally this side are facilitated or befit prohibitively sumptuous.
III.2.1. 15 pts. Describe and explain the side.
III.2.2. 15 pts. Describe and explain how banks set profit rates on natural loans.
III.2.3. 15 pts. Describe and explain stipulations below which borrowing is facilitated or befit prohibitively sumptuous.
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