Final Examination Semester 3 / Year 2012
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1 Final Examination Semester 3 / Year 2012 COURSE : MACROECONOMICS COURSE CODE : ECON1013 TIME : 2 1/2 HOURS DEPARTMENT : MANAGEMENT LECTURER : CHING YANN PENG Student s ID : Batch No. : Notes to candidates: 1) The question paper consists of 2 sections and 5 pages. 2) Answer ALL questions in Section A and Section B. 3) Return the question paper with your answer booklet.
2 Section A MACROECONOMICS Instruction: Answer ALL questions in this section. This section carries a total of 20 marks (2 marks each question). Please write down your answers in the answer booklet. 1) If the central bank lowers the reserve requirement, then this A) decreases the legal reserve requirement, increases excess reserves, encourages banks to make more loans, and increases the money supply. B) increases the legal reserve requirement, decreases excess reserves, causes banks to reduce their loans, and decreases the money supply. C) decreases the legal reserve requirement, decreases excess reserves, causes banks to reduce their loans, and increases the money supply. D) increases the legal reserve requirement, increases excess reserves, causes banks to reduce their loans, and increases the money supply. 2) A bank is legally required to keep a certain fraction of its as. These are called. A) deposits; reserves; required reserves B) loans; reserves; required reserves C) loans; deposits; excess reserves D) deposits; loans; excess reserves 3) Which of the following is NOT a goal of monetary policy? A) price stability B) economic growth C) maximizing the value of the dollar relative to other currencies D) high employment 4) If the government buys Treasury bills, this will A) shift the money supply curve to the right. B) shift the money supply curve to the left. C) shift the money demand curve to the right. D) shift the money demand curve to the left. 5) If the government's policy is described as contractionary, then it would A) use open market operations to buy Treasury bills. B) use open market operations to sell Treasury bills. C) lower the discount rate. D) lower the reserve requirement. 1/5
3 6) Expansionary fiscal policy the price level and equilibrium real GDP. A) decreases; increases B) increases; decreases C) increases; increases D) decreases; decreases 7) A(n) in private expenditures as a result of a(n) in government purchases is called crowding out. A) increase; decrease B) decrease; decrease C) decrease; increase D) increase; increase 8) If policy makers implement expansionary fiscal policy and do not take into account crowding out, A) equilibrium GDP is likely to be at potential GDP. B) equilibrium GDP is likely to be above potential GDP. C) equilibrium GDP is likely to be below potential GDP. D) equilibrium GDP is likely to cause an inflationary gap. 9) A trade deficit indicates that A) a country imports more than it exports. B) a country imports less than it exports. C) a country's imports equals its exports. D) a country's trade has increased on average. 10) The quantity supplied of dollars is likely to when the exchange rate of yen per dollar. A) not change; rises B) rise; rises C) not change; falls D) rise; falls 2/5
4 Section B Instruction: Answer ALL questions in this section. This section carries a total of 80 marks. Please write down your answers in the answer booklet. 1. (a) List out the three monetary tools that the central bank uses to manage the money supply and briefly explain how it works. (9 marks) (b) List out the four functions of money. (4 marks) 2. (a) How are M1 and M2 measured in Malaysia? (8 marks) (b) Based on the data in the table below, what is the value of M1? (c) Based on the data in the table below, what is the value of M2? Component Amount (billions of dollars) Currency 300 Checking deposits 600 Savings deposits 450 Traveler's checks 10 Time deposits 1,200 Money market mutual funds 1,100 Available credit on credit cards What is the effect of a late implement of expansionary monetary policy on the economy? Use a business cycle graph to support you answer. (5 marks) 4. Using the demand and supply for Ringgit Malaysia in exchange for Chinese Yuan, explain how a decrease in price level in the China will influence the RM/Yuan exchange rate. Will Ringgit Malaysia appreciate or depreciate relative to Chinese Yuan? (10 marks) 3/5
5 5. Suppose that the bank has the following balance sheet: Assets Liabilities Reserves $10,000 Deposits $70,000 Loans $66,000 Stockholders' Equity $6,000 (a) If the required reserve ratio is 10%, how much in excess reserves does the bank hold? (b) What is the maximum amount that the bank can loan out? (c) Suppose that the bank intends to loan that out (your answer in part (b)). Show the immediate impact of the loan on the bank's balance sheet (4 marks) 6. The following are hypothetical data on the U.S. balance of payments. You can assume the balance on capital account is zero. Use the data to calculate the following: Exports of goods 856 Imports of goods -1,108 Exports of services 325 Imports of services -256 Income received on investment 392 Income payment on investment -315 Net transfer -60 Increase in foreign holdings of assets in the United State 1,181 Increase in U.S. holdings of assets in foreign countries -1,040 Statistical discrepancy? (a) the balance on the current account (b) the balance of trade (c) the balance on the financial account (d) statistical discrepancy 4/5
6 7. The hypothetical information in the following table shows what the situation will be in 2013 if the government does not use fiscal policy. Year Potential GDP Real GDP Price Level 2012 $14.0 trillion $14.0 trillion $14.4 trillion $14.3 trillion 115 (a) If the government want to keep real GDP at its potential level in 2013, should it use an expansionary fiscal policy or contractionary fiscal policy? In your answer, be sure to explain whether government should be increasing or decreasing government purchase and taxes. (6 marks) (b) If the government successfully keep the real GDP at its potential level in 2013, state whether each of the following will be higher, lower, or the same as it would have been if the government had taken no action. (6 marks) i. Real GDP ii. Potential real GDP iii. Unemployment rate (c) Draw a dynamic aggregate demand and aggregate supply graph to illustrate your answer. (6 marks) 8. Use the graph to answer the following questions. (a) Base on the graph, briefly explain whether the dollar appreciated or depreciated against the yen. (4 marks) (b) If the exchange rate between the Japanese yen and the U.S. dollar is 130 = $1, what is the exchange rate when expressed in terms of dollar per yen? 000 5/5
Final Examination Semester 2 / Year 2012
Final Examination Semester 2 / Year 2012 COURSE : MACROECONOMICS COURSE CODE : ECON1013 TIME : 2 1/2 HOURS DEPARTMENT : MANAGEMENT LECTURER : CHING YANN PENG Student s ID : Batch No. : Notes to candidates:
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