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Mock test - Final exam - 2…
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Por Escrito 25 de novembro de 2024 14:31 - 25
de novembro de 2024 14:41
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2024.2 - Mock test Final Exam
Pergunta 1 0 / 0,837 pontos
________ (5)
________ (2)
________
(increase)
Pergunta 2 0 / 0,833 pontos
Regarding the Phillips Curve and inflation,
analyze the following statements and mark only
the True affirmatives. 
Pergunta 3 0 / 0,833 pontos
________ (50)
________ (0)
________ (20)
________ (33)
Pergunta 4 0 / 0,833 pontos
Analyze the statements below and identify
which one is true.
Pergunta 5 0 / 0,833 pontos
________ (1000)
________ (32)
________ (154) ________
(-77)
Pergunta 6 0 / 0,833 pontos
Knowing that the economy, according to the
classical model, is initially in equilibrium (point
A), identify which option corresponds to the
new short-term equilibrium (point B) and long-
term equilibrium (point C) given an
unannounced increase in the money supply by
the Central Bank.
Pergunta 7 0 / 0,833 pontos
________ (1) ________
(1600) ________
(3)
________ (1)
________ (1577)
________ (3)
Pergunta 8 0 / 0,833 pontos
________ (10)
________ (2)
Pergunta 9 0 / 0,833 pontos
Mark only the true statements. 
Pergunta 10 0 / 0,833 pontos
________ (9)
________ (7)
________
(increase)
________ (cut)
Pergunta 11 0 / 0,833 pontos
________ (520)
________ (400)
________ (120)
________
(468)
Pergunta 12 0 / 0,833 pontos
________ (25)
________ (31)
Concluído
Suppose a government is operating with a fiscal
deficit equivalent to 4% of its GDP, and the total
debt amounts to 80% of GDP.
(Answer only the integer part. If your result is
"123.45," your answer should be "123")
The nominal GDP growth rate for the debt to
remain stable is: 
 %. If the GDP grows by 2%,
the change in public debt that year will be: 
 %. Based on the previous
items, does a low economic growth rate result in
an (increase/reduction) 
 in the debt-to-GDP ratio.
The Phillips Curve suggests an
inverse long-term relationship
between inflation and
unemployment, indicating that a
higher inflation rate can be sustained
with lower unemployment levels.
Supply shocks, such as increases in
oil prices, can shift the Phillips Curve,
altering the relationship between
inflation and unemployment.
According to the modern view of the
Phillips Curve, in the long run,
unemployment tends to converge to
the natural rate, regardless of the
inflation rate.
Disinflation refers to a reduction in
the inflation rate, leading to a decline
in absolute price levels.
In a specific sector of the economy, firms
identify the following relationship between the
real wage (w) they pay and the total effort (E)
exerted by workers, given by the expression: E =
20w² - (1/5)w³ - 500w. 
(Answer only the integer part. If your result is
"123.45," your answer should be "123")
The efficiency wage that firms in this sector are
willing to pay is: 
 , and the total effort (E) that
workers deliver at the efficiency wage level is: 
 . The Marginal Product of
Labor (MPL) in this sector is given by: MPL =
(15A – Nd + E)/2 and the level of productivity
(A) is 8. The number of workers hired (Nd) in
this sector is: . he quantity
of labor supplied is given by the expression: Ns
= w − 20. The unemployment rate (%) in this
sector of the economy is: 
The nominal exchange rate reflects the
purchasing power of one currency
relative to another, adjusted for relative
price levels between countries.
Disinflation has no economic costs, as it
reduces inflation without impacting
growth or employment.
The monetary base consists only of cash
in circulation held by the public,
excluding bank reserves or the required
reserves mandated by the Central Bank.
An increase in public debt can lead to
currency depreciation in the foreign
exchange market, especially if investors
lose confidence in the country's ability
to meet its obligations.
Consider that the equations below describe a
classical open economy for Brazil:
Desired consumption: Cd = 300 + 0.6Y −
150r
Desired investment: Id = 150 − 200r
Government spending: G = 140
Net exports: NX = 200 − 0.2Y − 0.5e
Real exchange rate: e = 25 + 400r
Full employment output: Ȳ = 1000
(Provide only the integer part of your answers. If
your result is "-123.45," your answer should be
"-123") 
Calculate the equilibrium values of output: 
 , real interest rate: 
 , real exchange rate: 
 , and net exports: 
Consider a classical economy characterized by
the following equations:
IS Curve: r = 8 − 0.004Y
LM Curve: M/P = Y − 120(r + πe)
Short-Run Aggregate Supply Curve: Y =
Ȳ + 250(P − Pe)
where:
r: real interest rate
πe: expected inflation
Ȳ: potential output
M: nominal money supply
P: price level
Pe : expected price level
Y: current output
(Answer only the integer part. If your result is
"123.45," your answer should be "123")
For this question, use inflation and and interest
rate by its value in percentage, not the decimal
form. Given that M = 3100, πe = 4%, and Ȳ =
1600, and the economy is in the full-
employment level, the real interest rate is:
 , the output is: 
 , and the price level is: 
 . Now, assume that the expected price
level is the one found previously. If the Central
Bank unexpectedly reduces the nominal money
supply to M = 2900, in the short run, the real
interest rate now is: , the
output is: , and the price
level is: 
The sacrifice ratio measures the cost in terms of
lost output to reduce inflation by 1 percentage
point. Suppose an economy where the initial
inflation rate is 8% per year, and the
government wants to reduce it to 4% after one
year, and the potential GDP (Ȳ) is 100 units.
Also:
The Phillips curve is given by: π = πe −
0.8(u − 0.05)
The expression for Okun's Law is: (Ȳ - Y)/
Ȳ = 2(u − ū)
(Answer only the integer part. If your result is
"123.45," your answer should be "123")
Based on this information, the the total loss in
GDP during the disinflation process was: 
 units. Also, the sacrifice
ratio of this economy is: 
In a Keynesian economy, aggregate
demand plays a central role in
determining the level of output and
employment, especially in the short
run.
The Keynesian approach emphasizes
that monetary policy is the only
effective tool to combat recessions,
as the rigidity of prices and wages
prevents the automatic adjustment
of the economy in the short run.
Nominal rigidity of prices and wages
is irrelevant for explaining
involuntary unemployment, as the
market always adjusts the supply and
demand for labor automatically.
Menu costs are an explanation for
price rigidity and refer to the
financial and administrative costs
that firms face when frequently
changing the prices of their products.
The efficiency wage theory states
that firms can pay wages above the
market rate to increase worker
productivity, reduce turnover, and
improve the quality of work.
Consider an economy where the Central Bank
follows the Taylor rule to determine the nominal
interest rate (i) using the following formula:
i = r* + π + 0.5(π - πe) + 0.5y
where:
r* is the neutral real interest rate, equal
to 2%.
π is the current inflation rate, equal to
4%.
π is the inflation target, equal to 2%.
y is the output gap
Y is the current GDP, equal to 210.
Ȳ is the potential GDP, equal to 200.
(Answer only the integer part. If your result is
"123.45," your answer should be "123")
The nominal interest rate defined by the Central
Bank is: 
 %. If there is no output gap,
then the nominal interest rate should be: 
 %. Evaluating the above items,
the larger the output gap, the nominal interest
rate should (increase/decrease) 
 . Therefore, in recessions, a
(raise/cut) in the interest
rate is expected. 
Consider an economy where:
The monetary base is 200
The currency-to-deposit ratio is 0.3
The reserve-to-deposit ratiois 0.2
(Answer only the integer part. If your result is
"123.45," your answer should be "123")
The money supply (M) in this economy is: 
 , the amount of deposits in
banks is: , the volume of
currency in circulation is: 
. If the Central Bank reduces the monetary base
to 180, keeping the ratios constant, the new
value of the money supply is: 
Consider the following information for an
economy:
The growth rate of the money is equal to
the inflation rate
The real demand for money can be
obtained by: L = 100 + 0.2Y − 500i
The full-employment output is Y = 800
The real interest rate is r = 0.02
(Answer only the integer part. If your result is
"123.45," your answer should be "123")
The inflation rate that maximizes seignorage
revenue is:
 %. Thus, the maximum
seignorage revenue is: 
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