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The Intermediate Macro Economics – I (ECON 008) Course for BA (Hons) Economics Semester III, UGCF 2024, Delhi University has been taught by Mr. Dheeraj Suri. The Video Lectures are based upon the books prescribed by the University of Delhi. The Duration of Video Lectures is approximately 50 Hours.

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Created by admin

Labour Test #1

1. Please Read the Questions and all the options Carefully, Before Selecting Your Choice.
2. You are not Allowed to edit your answers after submission.
3. The Paper has Fifteen Questions
4. Time Allowed is 15 Minutes.
5. It is necessary to enter your valid Email id to attempt this test.

 

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1 / 15

Workers who do not belong to unions have no bargaining power.

True

False

2 / 15

It may be in the best interest of employers to pay wages higher than their  workers reservation wage.

True

False

3 / 15

The unemployment rate tends to be high in recessions, low in expansions.

True

False

4 / 15

Workers are worse off during high Unemployment because it

Increases the probability of workers losing their jobs

Reduces the probability of the unemployed finding a job

Increases the duration of unemployment

All of the above

5 / 15

The natural rate of unemployment is likely to rise if:

Unemployment benefits increase

Income tax increases

More training is available for the unemployed

Geographical immobility increases

6 / 15

Who can be considered as unemployed

someone who doesn't have a job

a person who doesn't have a job but is actively searching a job

full time students

retired persons

7 / 15

Suppose that the firms markup over costs is 5%, and the wage setting equation is W = P(1 – u), where u is the unemployment rate.

What is the real wage as determined by the price setting equation?

1.05

0.952

0.9

Can't be determined

8 / 15

Wages are usually below the reservation wage in Europe because the unemployment rate in Europe is so high.

True

False

9 / 15

Consider the wage-setting and price-setting equations we studied in class. Suppose the markup, µ, equals 0.25, and F(u, z) = 1 - u. What is the natural rate of unemployment in this economy?

0.2

0

0.25

0.1

10 / 15

The average duration of unemployment is

the time period during which one person is unemployed

the time period during which all persons are unemployed

the time period during which an average person is unemployed

the inverse of the proportion of unemployed leaving unemployment each month

11 / 15

Powerful labor unions will decrease the natural rate of unemployment.

True

False

12 / 15

Suppose that the firms markup over costs is 5%, and the wage setting equation is W = P(1 – u), where u is the unemployment rate.

What is the natural rate of unemployment?

1.05

0.952

0.048

Can't be determined

13 / 15

The natural rate of unemployment is unaffected by policy changes.

True

False

14 / 15

Which of the following are not counted in the labour force

retired

full time students

discouraged worker

All of the above

15 / 15

Most workers are typically their reservation wage.

True

False

Your score is

The average score is 63%

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Exam Pattern

Course Content of Our Video Lectures

Lectures are as per Latest Syllabus for UGCF 2024

Unit I : Short Run and Medium Run Equilibrium

Unit – II : Philips Curve and Theory of Expectations

Unit – III : Micro Economic Foundations of Macroeconomic Behaviours

Solutions of Previous Year Papers

Syllabus for Intermediate Macro Economics – I as Prescribed by University of Delhi

DISCIPLINE SPECIFIC CORE COURSE -8 (DSC-8) : Intermediate Macroeconomics – I (Foundations of Aggregate Income Determination)

Course Description

Learning Objectives

The Learning Objectives of this course are as follows:

• This course builds upon the basic concepts of macroeconomics. It introduces labour markets and
  the aggregate supply (AS) curve.
• Aggregate Demand (AD) and Aggregate Supply (AS) are brought together to determine equilibrium
  prices and output examine the policy impacts.
• The course discusses Phillips curve and the alleged trade-off between inflation and unemployment.
  Both adaptive and rational expectations are introduced.
• A flavour of micro-foundations is introduced with respect to consumption and investment.

Learning Outcomes

The Learning outcomes of this course are as follows:

This course enables students to analyse the interaction of aggregate demand and supply and the effects of fiscal and monetary policy, trade-off between inflation and unemployment, and consumption and investment behaviour of the households.

Syllabus

UNIT I: Short-run and medium-run equilibrium (15 hours)
The labour market, Wage determination; wages, prices, and unemployment; natural rate of unemployment; from employment to output, Derivation of aggregate supply curve, Interaction of aggregate demand and supply to determine equilibrium output, price level and employment.
UNIT II: Philips Curve and Theory of Expectations (15 hours)
Inflation, unemployment and expectations, Phillips Curve; adaptive and rational expectations; policy ineffectiveness debate.
UNIT III: Microeconomic foundations of macroeconomic behaviours (15 hours)
Consumption: Keynesian consumption function; Fisher’s theory of optimal intertemporal choice; life-cycle and permanent income hypotheses; other theories of consumption expenditure. Investment: determinants of business fixed investment; residential investment and inventory investment.

Recommended readings

• Blanchard, O. (2006). Macroeconomics, 4th ed. Pearson Education.
• C.L.F. Attfield, D. Demery and N.W. Duck (1991). Rational Expectations in
  Macroeconomics: an introduction to theory and evidence2nd Ed.
• Sheffrin, Steve (1996). Rational Expectations. 2nd ed., Cambridge University Press.
• Dornbusch, R., Fischer, S. (1994). Macroeconomics, 6th ed., McGraw-Hill.
• Branson, W. (2013). Macroeconomics:Theory and policy, 3rd ed,EastWestPress.
• Carlin, W and D Soskice (2007), Macroeconomics: Imperfections, Institutions and Policies, Indian
  Edition, OUP.

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