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SOLUTIONS MACROECONOMIC THEORY Term Test #2

Page 1 of 14 Department of Economics Prof. Gustavo Indart University of Toronto June 25, 2012 ECO 209Y L0101 MACROECONOMIC THEORY Term Test #2 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total time for this test is 1 hour and 50 minutes. 2. Aids allowed: a simple calculator. 3. Use pen instead of pencil. DO NOT WRITE IN THIS SPACE Part I /30 Part II /15 Part III 1.

GDP will be neutralized if the Bank of Canada A) loosens monetary policy, which shifts the LM curve down to the right and lowers interest rates. B) tightens monetary policy, which shifts the IS curve to the left and raises interest rates. C) tightens monetary policy, which shifts the LM curve up to the left and raises interest rates.

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