Macro Final Exam Study Guide
Macro Final Exam Study Guide EC 111
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This 19 page Study Guide was uploaded by Carter Cox on Thursday April 28, 2016. The Study Guide belongs to EC 111 at University of Alabama - Tuscaloosa taught by Zirlott in Spring 2015. Since its upload, it has received 134 views. For similar materials see Principles of Macroeconomics in Economcs at University of Alabama - Tuscaloosa.
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Date Created: 04/28/16
Macro Economics Final Exam Study Guide Chapter 4 Markets and Competition Market: is a group of buyers and sellers of a particular product Competitive Market: has many buyers and sellers, each has a negligible effect on price - Can’t argue over price and can’t negotiate Market Types include: - Perfect competition - Monopoly - Monopolistic competition Demand Quantity Demanded (QD) - is the amount of the good that buyers are willing and able to purchase at a specific price - Specific amount at a specific price Demand curve- is a set of various quantities demanded at corresponding prices. It is also the curve itself Law of Demand- the claim that the quantity demanded of good falls when the price of the good rises - Inverse The Demand Schedule This is a table that shows the relationship between the price of a good and the quantity demanded Price of Lattes Quantity of Lattes Demanded $0.00 16 $1.00 14 $2.00 12 $3.00 10 Then you plot the points on a graph and it will make a demand curve Market Demand VS. Individual Demand - The quantity demanded in the market is the sum of the quantities demanded by all buyers at each price Demand Curve Shifters - It shows how price affects quantity demanded. - A change in the price of the good changes quantity demanded and results in a movement along the demand curve - “other things” are non- price determinants of demand which determines a buyers demand for a good Demand Curve Shifters: Number of Buyers - Increase in the number of buyers increase quantity demanded at each price shifts the demand curve to the right - Right = increase in demand - Left = decrease in demand Demand Curve Shifter: Income - Demand for a normal good is positively related to income o Increase in income cause increase in quantity demanded at each price - Demand for an inferior good is negatively related to income Demand Curve Shifters: Prices of Related Goods - Two goods are substitutes if an increase in the price of one cause an increase in demand of the other - If two goods are complements if an increase in the price of one causes a fall in demand for the other Demand Curve Shifters: Tastes - Anything that causes a shift in the taste toward a good will increase demand for that good and shift its demand curve to the right Ex: Atkins diet became popular in the 90s caused an increase in demand for eggs. Demand Curve Shifters: Expectations - This affects consumer buying decisions Supply Quantity Supplied – the amount that sellers are willing and able to sell at a specific price Supply curve- is a set of various quantities supplied at corresponding prices Law of Supply- the claim that the quantity supplied of a good rises when the price of the good rises The supply schedule - Table that shows relationship between the price of good and the quantity supplied - Table is the same as demand schedule Market SUPPLY - Quantity supplied in the market is the sum of the quantities by all sellers at each price Supply Curve Shifters Input Prices - Wages, prices of raw materials - Fall in input prices makes production more profitable at each output price Technology - Determines how much inputs are required to produce a unit of output Number of Seller - Increase in number of sellers increases the quantity supplied at each price Expectations - Ex: events in Middle East lead to expectations of higher oil prices Equilibrium: the price that equates quantity supplied with quantity demanded - QD=QS Equilibrium Quantity- the quantity supplied and quantity demanded at the equilibrium price Surplus: above the equilibrium - When quantity supplied is greater than quantity demanded Shortage- below equilibrium - When quantity demanded is greater than quantity supplied Three Steps to Analyzing Changes in Equilibrium 1. Decide whether event shifts Supply ir demand or both 2. Decide in which direction curve shifts 3. Use supply demand diagram to see how the shift changes equilibrium P and Q Terms of Shift Vs. Movement along Curve - Change in supply- shift in the S curve o Occurs when a non price determinant of supply changes - Change in the quantity supplied – movement along a fixed S curve o Occurs when price changes - Change in demand – a shift in the D curve o Occurs when a non price determinant of demand changes - Change in the quantity demanded- movement along a fixed D curve o Occurs when price changes Chapter 5 Elasticity of Demand - (% Change in Quantity demanded)/ ( % change in Price) - Midpoint Methods o Calculating Percentage Changes - ((end value- start value)/ (start value)) - Midpoint method is the average - Midpoint is the number halfway between the start and the end values, the average of those value - Doesn’t matter which number is the “start” and the “end” you get the same answer Five different demand curves 1. Elastic Demand: relatively flat curve a. Consumers price sensitivity i. Relatively high ii. Elasticity is greater than 1 2. Inelastic Demand a. Demand curve is relatively steep b. Consumers price sensitivity: relatively low c. Elasticity is less than 1 3. Unit Elastic Demand a. Demand curve is intermediate slope b. Consumers price sensitivity is intermediate c. Elasticity is 1 4. Perfectly Inelastic Demand a. Demand curve is perfectly vertical b. Consumers price sensitivity: there is none c. Elasticity is zero 5. Perfectly Elastic Demand a. Demand curve is horizontal b. Consumers price sensitivity is extreme c. Elasticity: infinity Price Elasticity and Revenue - Revenue = price times quantity - A price increase has two effects on the revenue 1. Higher price means more revenue on each unit you sell 2. But you sell fewer units (lower quantity) due to law of demand 3. If demand is elastic, then price elasticity of demand is greater than 1 4. If demand is inelastic then the price elasticity is less than one 5. When demand is elastic a price increase causes revenue to fall 6. When demand is inelastic a price increase causes revenue to rise Determinants of Price Elasticity: - The extent to which close substitutes are available - Whether the good is a necessity or a luxury - How broadly or narrowly the good is defined - The time horizon- elasticity is higher in the long run than the short run - Luxury is something you want - Necessity is something that you need to survive What determines price elasticity? - Looking at a series of examples that are comparing two common goods 3 - Example: 1. Suppose the prices of both goods rise by 20% 2. The good for which quantity demanded falls the most (in percent) has the highest price elasticity of demand Example: Breakfast cereal VS. Sunscreen - Breakfast cereal has close substitutes so consumers 1. Waffles, oatmeal, and grits are all different substitutes for a breakfast meal. So the consumers can easily switch if the price rises - Sunscreen: has no substitute, so consumers would probably not buy much less if its prices rise. - Price elasticity is higher when close substitutes are available - Price elasticity is higher for luxuries than for necessities - Price elasticity is higher for narrowly defined goods than broadly defined goods Price elasticity is higher in the long run than in the short run Chapter 10 Components of GDP - GDP is total spending - Four Components o Consumption © o Investment (I) o Government Purchases (G) o Net Exports (NX) - Y= C + I + G+ NX Consumption - Total spending by households on goods and services o Spent by yourself - Housing Costs o For Renters Consumption includes rent payments and is included in GDP o For Homeowners – lives in house Consumption includes the imputed rental value of the house, but not the purchase price or mortgage payments Investment - Total spending on goods that will be used in the future to produce goods - Includes spending on o Capital equipment (machines, tools, technology) o Structures (factories, office buildings) o Inventories (goods produced but not yet sold) o Houses (called residential fixed investment, has to have never lived in house, so brand new) - Investment does not mean the purchase of financial assets like stocks and bonds Government Purchases - is all the spending on the goods and services purchased by government at the federal, state, and local events. - They exclude transfer payments such as Social Security or unemployment insurance benefits - Not purchases of goods and services Net Exports - NX= exports – imports - Exports represent foreign spending on the economy’s goods and services o Foreign people buying our goods - Imports are the portions of consumption, investment, and government purchases that are spent on goods and services produced abroad o US buying goods from other countries Real VS. Nominal GDP - Inflation can distort economic variables like GDP, so they have two versions of GDP o One is corrected for inflation, the other is not - Nominal GDP o Values output using current prices o Is not corrected for inflation o Current output and current prices - Real GDP o Values output using the prices of a base year o Corrected for inflation o Current input and base year price is fixed GDP Deflator - Measure of overall level of prices - GDP= 100 x (nominal GDP/ real GDP) Chapter 11 How CPI is calculated (have to go in order) 1) Fix the “basket”- any store a. The Bureau of Labor Statistics (BLS) surveys consumers to determine what’s in the typical consumer’s shopping basket 2) Find the prices a. The BLS collects data on the prices of all the goods in the basket 3) Compute the basket’s cost a. Use the prices to compute the total cost of the basket 4) Choose a base year (base year is given) and compute the index a. CPI in any year equals i. 100 x (Cost of basket in current year/ cost of basket in base year) 5) Compute the inflation rate a. The percentage change in the CPI from the preceding period i. Inflation Rate= ((CPI this year- CPI last year)/ (CPI last year)) x 100% b. (New-old)/ old Problems with the CPI 1) Substitution Bias a. Over time, some prices rise faster than others b. Consumers, substitute toward goods that become relatively cheaper c. The CPI misses this substitution because it uses a fixed basket of goods d. CPI overstates increases in the cost of living i. Everyday people substitute 2) Introduction of New Goods a. The introduction of new goods increases variety, allows consumers to find products that more closely meet their needs i. Stretch your dollar around more stuff b. In effect, dollar becomes more valuable c. The CPI misses this effect because it uses a fixed basket of goods d. Thus, the CPI overstates increases in the cost of living e. CPI is generally updated every 5 years 3) Unmeasured Quality Change a. Improvements in the quality of goods in the basket increase the value of each dollar b. The BLS tries to account for quality changes but probably misses some, as quality is hard to measure c. Overstates increases in the cost of living - Each of these problems causes the CPI to overstate cost of living increases - BLS has made technical adjustments (but can’t fix them all) but the CPI probably still overstates inflation by about .5% per year o Could be another billion to welfare etc. - This is important because Social Security payments and many contract have COLAs tied to the CPI Contrasting the CPI (consumers only) and GDP Deflator - Imported Consumer goods o Included in CPI o Excluded from GDP Deflator - Capital Goods (investment goods) o Excluded from CPI o Included in GDP Deflator (produced domestically) - The Basket (doesn’t change, all currently produced stuff) o CPI uses fixed basket (updated every 5 years) o GDP Deflator uses basket of currently produced goods and services (updated automatically) - They both measure inflation but in different ways Examples: A) Starbucks raises the price of Frappuccino’s a. Both affect because CPI and GDP both rise B) Caterpillar raises the price of the industrial tractors it manufactures at its Illinois factory a. GDP increases C) Nike raises the price of the Chinese produced athletic shoes in the US a. CPI rises Chapter 15 Labor Force Statistics - Produced by Bureau of labor Statistics (BLS), in the US Department of Labor - Based on regular survey of 60,000 households - Based on “adult population” o The adult population is 16 years or older o Minor is below - The BLS is divided into three groups o Employed – paid employees, self employed, unpaid workers in a family business, and those not working because of a temporary absence from a job (vacation, health, seasonal) o Unemployed – people looking for work People not working who have looked for work during previous 4 weeks, also includes temporary lay offs who are waiting to be recalled to a job o Not in the Labor force- everyone not looking for a job, (minor Minors, retirees, inmates, full time students, disabled people, discouraged workers (people not looking for a job), illegal immigrants - Labor force- the total number of workers, including the employed and unemployed - U-Rate (unemployment rate)- percent of the labor force that is unemployed o 100 X (number of unemployed/ labor force) - Labor force participation rate- percent of the adult population that is in the labor force o 100 X (labor force/ adult participation) Number of Employed 139.7 million Number of unemployed 13.7 million Not in labor force 85.7 million Labor Force: employed + unemployed - 139.7 + 13.7 o 153.4 million U- Rate- 100 X (unemployed/ labor force) - 100 X (13.7/153.4) o 8.9% Population- labor force + not in labor force - 153.4 + 85.7 o 239.1 Loanable Funds- 100 X (labor force/ population) - 100 X (153.4/ 239.1) o 64.2% What does the U- Rate Really Measure? - U-Rate- is not a perfect indicator of joblessness or the health of the labor market o Excludes discouraged workers o Doesn’t distinguish between full and part time workers or people working part time because full time jobs available o Some people misreport their work status in the BLS survey Called a phantom worker o It does not include workers being paid “under the table” o U rate is still a very useful barometer of the labor market and economy Explaining the Natural Rate: - There is always some unemployment - Frictional unemployment- time it takes to find a job o Occurs when workers spend time searching for the jobs that best suit their skills and tastes o Short term for most workers - Structural unemployment – not enough jobs to go around o Occurs when there are fewer jobs than workers o Usually longer term - Both are reasons why we have a natural rate of unemployment and are both made up of three things - Consisits of o Frictional Unemployment Takes time to search for the right jobs Occurs even if there are enough jobs to go around o Structural Unemployment Wage is above equilibrium, not enough jobs to go around - Due to minimum wages, labor unions, efficiency wages Job Search (Frictional) - Workers have different tastes and skills and jobs have different requirements - Job Search is the process of matching workers with appropriate jobs - Sectoral Shifts o Changes in the composition of demand across industries or regions of the country - Economy is always changing and some frictional unemployment is inevitable - Both job search and sectoral shifts are frictional Public Policy and Job Search - Government employment agencies o Provide info. About job vacancies to speed up the matching of workers with jobs - Public Training programs o Provide training to help find jobs - These things are what government can do to speed up the job search programs Unemployment Insurance - UI (unemployment insurance) o Safety net o Government program that partially protects workers incomes when they become unemployed - Ui increases frictional unemployment o People respond to incentives - Increasing or extending unemployment insurance raises frictional unemployment even more - Benefits o Reduces uncertainty of income o Gives unemployed more time to search which results in better job matches and higher productivity Explaining Structural Unemployment - Not enough jobs to go around - Occurs when wage is kept above equilibrium - 3 reason 1) Minimum wage Laws a. Min. wage may exceed the equilibrium wage for the least skilled or experienced workers causing structural unemployment b. Small part of the labor force c. Increasing the min wage raises structural unemployment by increasing the quantity supplied labor and decreasing the quantity demanded labor 2) Unions a. Bargains collectively with employers over wages, benefits, and working conditions b. Exert their market power to negotiate higher wages got workers c. When unions bargain successfully, wages and unemployment rise in that industry d. Typical union worker earns 20% higher wages and gets more benefits which is an incentive e. Examples: teachers union, and police union f. Insiders: workers who remain employed g. Outsiders are workers who lose their jobs h. Are unions good or bad? i. Unions are cartels. They raise wages above equilibrium which causes unemployment ii. Unions also counter the market power of large firms, make firms more responsive to workers concerns 3) Efficiency Wages a. Firms voluntarily pay above equilibrium to boost worker productivity b. Four reason i. Worker health- 1. This does not apply in the United States 2. This is in less developed countries, poor nutrition is a common problem. Paying Higher Wages allows workers to eat better, which makes them healthier and more productive ii. Worker turnover 1. Example: Restaurant Industry 2. Hiring and training new workers costs a lot. So paying higher wages gives them incentive to stay and reduces turnover. Wal-Mart and Starbucks both do this iii. Worker Quality 1. Offering higher wages attracts better job applicants, increases quality of the firms workforce a. Example is Nick Saban iv. Work Effort 1. Worker can work hard or be lazy. Shrikers are fired if caught Example of Structural and Frictional - Government eliminate the minimum wage o Structural - Government increase unemployment insurance benefits o Frictional but increase unemployment - A new law bans labor unions o Structural - More workers post their resumes on linkedin.com and more employers use linkedin.com to find suitable workers to hire o Reduces frictional unemployment - Sectoral shift becomes more frequent o Frictional but increase unemployment Chapter 16 The structure of the FED - Board of governors o 7 members - 12 regional FED banks o Located in the US - FOMC o Includes the 7 board of governors and 5 presidents of the regional FED banks FED Organization Continued - Board of governors o 7 member with 14 year terms appointed by the president and confirmed by the senate o The chairman Directs the FED staff Presides over board meeting Testifies regularly about FED policy in front of congressional committees and nations Appointed by the president (4 year term) Janet Yellen is the current chairwoman o The FED system Federal reserve board is in Washington, DC 12 regional Federal Reserve Banks Closest one to T-Town is in Atlanta Major cities around the country The presidents- chosen by each banks board of directors Which state has two banks Missouri The FED’s Jobs Regulate banks and ensure the health of the banking system o Regional Federal Reserve Banks o Monitors each banks financial condition o Facilitates bank transactions- clearing checks o Acts as a banks bank Banks put their money into the FED o The FED- lender of last resort FED can bail out o Control the money supply Quantity of money available in the economy Monetary policy- their biggest job By Federal Open Market Committee (FOMC FOMC - 7 members of the board of governors - 5 of the twelve regional bank presidents o All twelve regional presidents attend each FOMC meeting, but only five vote o New York regional president always votes - Meets about every 6 weeks in Washington, DC o Discusses the condition of the economy o Consider changes in monetary policy FED 3 tools of monetary control (how FED controls money supply) - Open Market Operations (OMO’s) o The purchase and sale of US government bonds by the FED o Buying and selling of government bonds o Increase money supply, FED buys government bonds, which are deposited in banks, increasing reserves o Which banks use to make loans, causing the money to expand o To reduce money supply, FED sells government Bonds, taking dollars out of circulation, and the process works in reverse o OMO’s are easy to conduct and are the FEDs monetary policy tool of choice - Reserve Requirements (RR) o Affect how much money banks can create by making loans o To increase money supply, FED reduces RR Banks make more loans from each dollar of reserves, which increases money multiplier and money supply o To reduce money supply, FED raises RR, and the process works in reverse o Fed rarely uses RR to control money supply Frequent changes would disrupt banking - Discount rate (don’t make loans to consumers) o Interest rate on loans the FED makes to banks o When banks are running low on reserves, they may borrow reserves from the FED o To increase money supply, FED can lower discount rate, which encourages banks to borrow more reserves from FED o Banks can then make more loans, which increases the money supply o To reduce the money supply FED can raise discount rate Federal Funds Rate - Banks with insufficient reserves can borrow from banks with excess reserves o Interest on the loans is the federal funds rate - The FOMC use OMO’s to target the FED funds rate - Many interest rates are highly correlated, so changes in the FED funds rate causes changes in other rates and have a big impact in the economy o Does not arbitrarily set the federal fund rate but can cause it to move Problems Controlling the Money Supply - if households hold more of their money as currency, banks have fewer reserves make fewer loans and the money supply falls - if banks hold more reserves than required, they make fewer loans and money supply falls o banks scared Banks runs and the money supply - Run on banks- people scared and go to bank to withdraw money - Under fractional reserve banks don’t have enough reserves to pay off all depositors hence banks may have to close - Banks make fewer loans and hold more reserves to satisfy depositors - These event increase the Reserve ratio - If banks collapse you are insured with your money Chapter 18 Trade Surpluses and Deficits - Net Exports measures the imbalance in a countries trade in goods and services o Trade Deficit Excess of imports over exports, NX less than 0 and Y less than C + I + G o Trade Surplus Excess of exports over imports, NX greater than 0 and Y greater than C + I + G o Balance Trade Exports = imports, NX = 0 and Y = C + I + G The Flow of Capital - Net capital outflow (NCO)- Flow of assets o Domestic residents purchases of foreign assets o Foreigners purchases of domestic assets - NCO is also called net foreign investment - Two Forms o Foreign direct investment Set up foreign subsidiary and actively manage the foreign investment o Foreign Portfolio investment Purchase foreign stocks or bonds, supplying “loanable funds” to a foreign firm, such as an American buys stock in Toyota - NCO measures the imbalance in a country’s trade in assets o When NCO is positive “capital outflow Domestic purchases of foreign assets exceed foreign purchases of domestic assets o When NCO is negative = to “capital inflow” Foreign purchases of domestic assets exceed domestic purchases of foreign assets Variables that Influence NCO - Real interest rates paid on foreign assets - Real interest rates paid on domestic assets - Perceived risks of holding foreign assets - Government policies affecting foreign ownership of domestic assets Saving, Investment, and International Flow of Goods and Assets - National Income Identity o Y= C+ I+ G+ NX - In an open economy o S= I+ NCO - NX= NCO - S-I = NCO o Positive, and capital will flow out of the country - When S>I then NCO>0 and the excess loanable funds flow abroad in the form of positive net capital outflow o Trade Surplus - The opposite, foreigners are financing some of the country’s investment in the form of negative net capital outflow o Trade Deficit Appreciation - Strengthening - Increase in the value of a currency as measured by the amount of foreign currency it can buy o Takes more foreign currency to buy one US dollar - Strong dollar causes US goods to become more expensive compared to foreign goods, so US exports will fall and imports to the US will rise Depreciation - Weakening - Decrease in the value of a currency as measured by the amount of foreign currency it can buy o Takes less foreign currency to buy one US dollar - Weak dollar causes US goods to become less expensive compared to foreign produced goods, US exports will rise and imports will fall Chapter 20 Aggregate Demand Curve - Shows the quantity of goods and services in the economy at a given time - Economy wide demand/ super sized demand - To understand the slope, you must determine how change in Price affects consumption, investment, and net exports Aggregate Supply Curve - Shows the total quantity of goods and services firms produce and sell at a given price level - Upward slope in long run, vertical in short run Chapter 22 Phillips Curve - Short run trade off - Nominal wage growth was negatively correlated with the unemployment in the UK - Same in the US Deriving the Phillips Curve - Suppose P= 100 - A o Aggregate demand low, small increase in P (low inflation), low output, high unemployment - B o Aggregate demand high, big increase in P (high inflation), high output, low unemployment A - New P = 103 - Inflation rate (new- old)/ old - Unemployment rate is given B - New P = 105 - Inflation rate = 5% (new – old)/ old - Unemployment rate is given If you move up the Phillips curve the unemployment rate goes up but the price level drops If you move down it’s the opposite Phillips Curve: A Policy Menu? - Since fiscal and non policy affect aggregate demand, the PC appeared to offer policymakers a menu of choices o Low unemployment with high inflation o Low inflation with high unemployment o Anything in between - 1960: US data supported the Phillips curve many believed the PC was stable and reliable - True Phillips curve in not a perfect diagonal line o Downward sloping Vertical Long Run Phillips Curve - 1968- Milton Friedman and Edmund Phelps argued that the tradeoff was temporary - Natural rate hypothesis- claim the unemployment eventually returns to it normal or natural rate, regardless of the inflation rate - Based on classical dichotomy and the vertical LRAS curve - Phillips curve is only in short run - In the long run the Phillips curve is perfectly vertical Randomly Appearing on Different Exams Real Exchange Rate - Rate at which the goods and services of one country trade for the goods and service of another - e x P/ P* o e= nominal exchange rate o P*= foreign price o P= domestic price Interpreting Real Exchange Rate - .75 Japanese Big macs per US Big Mac - Correct o US big mac can be exchanged/ traded for .75 Japanese big mac - This is called terms of trade Real VS Nominal Interest Rates - The Nominal o Interest rate not corrected for inflation o The rate of growth in the dollar value of a deposit or debt - Real interest rate o Corrected for inflation o The rate of growth in the purchasing power of a deposit or debt - Real interest rate o Nominal interest rate- inflation rate - Real rate of growth= real interest rate The Velocity of Money the rate at which money changes hands V= (P x Y)/ M (P x Y) is nominal GDP M is the money supply V is velocity The Quantity Equation M x V = P x Y o Represents entire economy The Value of Money P is equal to Price Level (CPI or GDP Deflator) o P is the price of a basket of goods, measured in money 1/P is the value of $1 measured in goods o Example: basket contains one candy bar P= $2, value of $1 is ½ candy bars Inflation drives up prices and drives down the value of money Real VS. Nominal GDP - Inflation can distort economic variables like GDP, so they have two versions of GDP o One is corrected for inflation, the other is not - Nominal GDP o Values output using current prices o Is not corrected for inflation o Current output and current prices - Real GDP o Values output using the prices of a base year o Corrected for inflation o Current input and base year price is fixed General Information Scarcity: the limited nature of society’s resources Economics: the study of how society manages its scarce resources - How people decide what to buy, how much to work, save, and spend - How firms decide how much to produce, how many workers to hire How society decides how to divide its resources between national defense, consumer goods, protecting the environment, and other needs Efficiency: When society gets the most from its scarce resources Equality: When prosperity is distributed uniformly among society’s members: Every one gets an equal share Macroeconomics- is the study of economy- wide phenomena, including inflation, unemployment and economic growth 2 Kinds of Money - Commodity money o Takes the form of a commodity with intrinsic value o Gold coin, diamonds, cigarettes in POW camps are examples o Has uses other than just money - Fiat Money o Money because the government says so o No intrinsic value o The US dollar is an example The Fisher Effect Nominal interest rate = inflation rate + real interest rate In long run money is neutral, so a change in the money growth rate affects the inflation rate but not the real interest rate The nominal interest rate adjusts one for one with changes in the inflation rate
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