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Keynesian and Reserve Requirement Calculations Purpose: Calculate Macroeconomic fiscal policy outcomes using Keynesian math, calculate effects of monetary policy. Instructions: Finish the tables and then choose the one alternative that best completes the statement or answers the question. All Figures in Billions of Dollars Aggregate Output Aggregate Consumption Planned Investment 300 400 100 600 600 100 900 800 100 1,200 1,000 100 1,500 1,200 100 Total Planned Expenditures Table 8.3 1. Refer to Table 8.3. At an aggregate output level of $600 billion, planned expenditure equals a. $600 billion. b. $700 billion. c. $500 billion. d. $850 billion. 2. Refer to Table 8.3. At an aggregate output level of $300 billion, aggregate saving a. equals -$100 billion. b. equals $0. c. equals $100 billion. d. cannot be determined from this information. 3. Refer to Table 8.3. At an aggregate output level of $600 billion, the unplanned inventory change is a. -$150 billion. b. -$100 billion. c. -$50 billion. d. $100 billion. 4. Refer to Table 8.3. At an aggregate output level of $1,500 billion, the unplanned inventory change is a. -$200 billion. b. -$100 billion. c. $200 billion. d. $100 billion. 5. Refer to Table 8.3. If aggregate output equals ______, there will be a $100 billion unplanned decrease in inventories. a. $300 billion b. $600 billion c. $900 billion d. $1,200 billion 6. Refer to Table 8.3. The equilibrium level of aggregate output equals a. $300 billion b. $600 billion c. $900 billion d. $1,200 billion 7. Refer to Table 8.3. What is the MPC for this economy? a. 0.33 b. 0.25 c. 0.75 d. 0.67 8. Refer to Table 8.3. Planned saving equals planned investment at an aggregate output level a. of $300 billion. b. of $600 billion. c. of $900 billion. d. that cannot be determined from this information. 9. Refer to Table 8.3. Planned investment equals actual investment at a. all income levels. b. all income levels above $900 billion. c. all income levels below $900 billion. d. $900 billion. All Numbers are in $ Million Output Net Planned (Income) Taxes 1000 200 680 1100 200 1200 Planned Planned Planned Total Planned Government Investment Spending ? 200 200 760 ? 200 200 200 ? 160 200 200 1300 200 920 180 200 200 1400 200 1000 200 200 200 1500 200 ? 220 200 200 1600 200 1160 240 200 200 Table 9.3 Consumption Savings Planned Expenditures 10. Refer to Table 9.3. Which of the variables is NOT considered autonomous? a. Saving b. Planned investment c. Planned government spending d. None of the above Page 3 11. Refer to Table 9.3. The equilibrium level of aggregate output is $______ million a. 1,200 b. 1,300 c. 1,400 d. 1,500 12. Refer to Table 9.3. The MPC in this economy is ______ and the MPS is ______. a. 0.5; .5 b. 0.7; .5 c. 0.9; .1 d. 0.8; .2 13. Refer to Table 9.3. Assuming constant MPC, at income of $1,000 million, saving is $______ million, at income $1,100 million, saving is $______ million. a. 100; 110 b. 120; 140 c. 130; 150 d. 140; 150 14. Refer to Table 9.3. Assuming constant MPC, at income of $1,200 million, consumption is $______ million, and at income $1,500 million, consumption is $______ million. a. 800; 1,100 b. 790; 1,150 c. 840; 1,080 d. 900; 1,150 TABLE 11 (Figures in Trillions of Dollars) Real Real Plan'd Plan'd Plan'd Gov't Net Total Nat'l Tax Disp. Inc. Cons. Saving Inv. Spend. Exp. Inc. Plan'd Exp. 8 1 7 6.1 0.9 0.8 1 0.7 9 1 8 6.9 1.1 0.8 1 0.7 10 1 9 7.7 1.3 0.8 1 0.7 11 1 10 8.5 1.5 0.8 1 0.7 12 1 11 9.3 1.7 0.8 1 0.7 13 1 12 10.1 1.9 0.8 1 0.7 8.6 15. According to Table 11-1, autonomous variables include A) planned investment, net exports, and unplanned inventory changes. B) government spending, next exports, taxes, and planned investment spending. C) government spending, taxes, planned investment spending, and planned saving. D) government spending, net exports, total planned expenditures, and unplanned inventory changes. 16. According to Table 11-1, if real national income is $9 trillion, total planned expenditures and unplanned inventory changes are respectively A) $9 trillion and $0.4 trillion. B) $9 trillion and 0. C) $10.4 trillion and -$0.6 trillion D) $9.4 trillion and -$0.4 trillion 17. According to Table 11-1, the equilibrium real national income equals A) $9 trillion. B) $11 trillion. C) $12 trillion. D) $10 trillion. 18. At real national income of $10 trillion, actual investment spending equals ________ while at real national income of $11 trillion, actual investment spending equals ________ (See Table 11-1.) A) $0.6 trillion and $0.8 trillion. B) $0.8 trillion and $0.8 trillion. C) $1 trillion and $0.8 trillion D) $1.3 trillion and $1.5 trillion 19. Calculate the MPC (Table 11-1). 20. Calculate the government spending multiplier (table 11-1). 21. Calculate the APC if real national income is $10 trillion (table 11-1). 22. Calculate the tax multiplier (table 11-1) Table 11-2 National Income Planned Consumption Planned Saving Planned Investment $100 $102 $ -2 $10 Total Planned Expenditures 23. 24. 120 118 2 10 140 134 6 10 160 150 10 10 180 166 14 10 200 182 18 10 The MPC for this hypothetical economy is ________. (See Table 11-2) A) .8. B) .16 C) .9 D) 1.25 The equilibrium level of national income in Table 11-2 is A) $140. 25. 26. B) $160. C) $120. D) $180. At an aggregate output level of $200, the unplanned inventory change is (See Table 11-2) A) -8. B) -18 C) +8 D) +18 At an income level of $120, the APC is ________. (See Table 11-2) A) .89 B) .85 C) 1.01. D) 27. 28. .98 At an income level of $180 in Table 11-2, we would expect A) full employment, since aggregate demand is less than actual output produced. B) a decrease in unplanned investment as inventories accumulate. C) decreases in both employment and income because too much is being produced. D) a stable economy, since saving is greater than the demand for investment. Which of the following statements about the national income level of $160 is NOT correct? (See Table 11-2) A) It is stable, since it is an aggregate equilibrium. B) It is that income level where planned saving equals planned investment. C) It is that income level where unplanned investment is zero. D) It is full employment. TABLE A: ASSETS LIABILITIES Required Reserves $288,000 Demand Deposits $1,800,000 Excess 12,000 Loans and Securities $1,500,000 Total Assets $1,800,000 Total Liabilities $1,800,000 29. The required reserve ratio for the bank in Table A is A) 18 percent. C) 12 percent. B) 10 percent. D) 16 percent. 30. The Fed would have to increase the reserve requirement to what percentage for this bank to have no excess reserves? A) 20% B) 18.2% C) 12.4% D) 16.67% 31. The money multiplier for the bank in TABLE A is A) 5. B) 10 C) 8.33 D) 6.25 32. If someone withdraws $12,000 from TABLE A, the bank will: A) have zero excess reserves. B) have excess reserves of $1,920. C) have a reserve deficiency of $1,000 D) have excess reserves of $1000 33. If the Fed purchases $100,000 from this bank in Table A, the bank could lend out: A) nothing it will have a reserve deficiency B) $84,000 C) $112,000 D) $96,000 34. After the Fed purchased securities of $100,000 (from number 5), the money supply would: A) Expand by $600,000 B) Expand by $700,000 C) Contract by $500,000 D) Contract by $700,000 TABLE B ASSETS LIABILITIES Reserves Required $ 120,000 Demand Deposits $2,000,000 Excess ? Total Reserves $ 225,000 Loans and Securities $1,775,000 Total Assets $2,000,000 Total Liabilities $2,000,000 35. In Table B, this Bank is subject to a required reserve ratio of A) 6%. B) 20%. C) 5%. D) 10%. 36. The money multiplier (deposit expansion multiplier) for this bank is: A) 5 B) 20 C) 16.67 D) 10 37. In Table B, if a customer withdrew $100,000 the bank would A) have excess reserves of $5,000. B) have to borrow money to meet the required reserve ratio. C) have excess reserves of $11,000 D) have zero excess reserves. 38. In Table B, suppose an individual deposits $50,000 into a demand deposit account. The bank will have A) excess reserves $152,000 B) a decrease in liabilities of $50,000 C) excess reserves of $47,000 D) excess reserves of $50,000 39. In Table B, the Bank can make additional loans up to A) $105,000. B) $5,000. C) $250,000. D) $120,000. 40. In Table B if the Bank purchases a $125,000 government security A) the bank would have a reserve deficiency of $15,000. B) the bank would have no excess reserves. C) the bank would have a reserve deficiency of $20,000. D) the bank would still have $10,000 in excess reserve TABLE C ASSETS LIABILITIES REQUIRED RESERVES $144,000 DEMAND DEPOSITS $3,600,000 EXCESS RESERVES ? TOTAL RESERVES $150,000 GOVT. SECURITIES $550,000 LOANS $2,900,000 TOTAL ASSETS $3,600,000 TOTAL LIABILITIES $3,600,000 41. In Table C, the required reserve ratio is A) 5% B) 4% C) 8% D 6% 42. In Table C, how much more in loans could the bank issue and still meet its required reserve ratio? A) $50,000 B) $100,000 C) zero D) $6,000 43. The money multiplier (deposit expansion multiplier) for Table C is: A) 20 B) 25 C) 10 D) 16.67 44. In Table C, suppose a depositor withdrew $100,000 from a demand deposit account. The bank would now have A) a reserve deficiency of $90,000 B) a reserve deficiency of $50,000 C) a reserve deficiency of $104,000 D) excess reserves of $50,000 45. If the Fed purchases $50,000 in securities from the bank, the bank could lend out? A) $50,000 B) $56,000 C) nothing it will have a reserve deficiency D) $125,000 46. If the Fed sells $50,000 in securities to this bank, the money supply will: A) expand by $1,000,000 B) expand by $1,400,000 C) contract by $1,000,000 D) contract by $1,400,000 47. If the Fed increased the reserve requirement to 9%, this bank would A) have excess reserves of $10,000 B) have zero excess reserves C) have a deficiency of $180,000 D) have a deficiency of $174,000 TABLE D ASSETS Reserves LIABILITIES $840,000 Deposits $12 million Loans $11.160 million Total $12 million Total $12 million 48. Refer to Table D. If the required reserve ratio is 7%, the bank A) is loaned up. B) has too few reserves on hand. C) has a reserve deficiency of $100,000 D) has excess reserves of $100,000. 49. If the reserve ratio in Table D is 5% A) the bank has no excess reserves B) the bank has a reserve deficiency of $100,000 C) the bank has excess reserves of $240,000 D) the bank has excess reserves of $100,000 50. Table D Bank could make additional loans of $120,000, if the required reserve ratio were A) 4%. B) 8%. C) 5%. D) 6%. 51. (EXTRA POINT) The money multiplier for this bank, when it has zero excess reserves is: A. 20 B) 16.67 C) 14.29 D) 12.5