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Keynesian Income Determination Model, Mundell-Fleming Model, Endogenous Variables, Balanced Budget Multiplier, Budget Surplus, Exogenous Variable, Measuring Economic Activity. Above mentioned are some points from questions of Introduction to Macroeconomics. Enjoy past exam.
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Exam Code(s) 2BA1, 2BA6, 2FM1, 1EK2, 1OA1, 1EM Exam(s) 2 nd^ Arts, 2nd^ Arts (Public & Social Policy), 2 nd^ B.Sc. in Financial Mathematics and Economics Higher Diploma in Economic Science Occasional Eramus Module Code(s) EC Module(s) Macroeconomics Paper No. 1 Repeat Paper Special Paper External Examiner(s) Professor Cillian Ryan Internal Examiner(s) Mr. Brendan Kennelly Dr. Gerard Turley
questions from Section A (20 marks), all ten questions from Section B (20 marks) and any two questions from Section C (30 marks). All questions within each section carry equal marks. Duration 3 hrs. No. of Answer books minimum of 1 Requirements : Handout MCQ Statistical Tables Graph Paper Log Graph Paper Other Material No. of Pages 5 Department(s) Economics
Section A (20 marks) Answer any 2 (and only 2 ) Questions
Yd = Y + TR – T
i. Derive, from first principles, the equilibrium level of income. ( 3 ) ii. What is the equilibrium condition in the Keynesian model? What is the mechanism that brings about equilibrium? ( 2 ) iii. Define the Keynesian expenditure multiplier. (1) AND (b) Now consider a simple Keynesian model of the economy with the following equations: C = 280 + 0.6Y
i. Calculate the equilibrium income level. (2) ii. If transfer payments are cut by 20 , what is the new equilibrium level of income? (1) iii. Sketch the equilibrium positions as in i and ii above. Use two separate diagrams. (1) [All calculations to one decimal point]
Section B (20 marks) Answer all 10 Questions
Section C (30 marks) Answer any 2 (and only 2 ) Questions