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Test 1
Course: MATH 132, Spring 2012School: Saint Louis
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of Economies Latin America Test N 1 Name Date Surname 1. Macroeconomics is the brach of economics that studies A. B. C. D. E. Prices of individual goods. The way individual markets work. The economy as a whole Studying the determination of wages and production costs in the car industry. Important issues in a country. 2. What is the difference between nominal GDP and real GDP? Explain 3. What is the difference...
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of Economies Latin America
Test N 1
Name
Date
Surname
1. Macroeconomics is the brach of economics that studies
A.
B.
C.
D.
E.
Prices of individual goods.
The way individual markets work.
The economy as a whole
Studying the determination of wages and production costs in the car industry.
Important issues in a country.
2. What is the difference between nominal GDP and real GDP? Explain
3. What is the difference between GDP and GNI? Explain
..
4. What are the ways that the GDP can be measured? Describe
1. -----------2. .
3.
5. In order to compare the wealth of nations is better to use the
A. GDP
B. GDP per capita
Explain why..
6. According to Robert Perry in the book of Comparative analysis of nations What are the
variables and why are they necessary?
.
7. Please give some examples of variables necessary to compare nations.
..
8. According to Robert Perry in the book of Comparative analysis of nations what are the three
basic ways to comparative analysis.
1. -----------2. .
3.
9. What have you specifically learned watching the professor Hans Rosling video
.
10. What is the difference if you analyze only one country data versus several countries data?
1
Answers to Test 1
1) C;
2) They distinguish between real and nominal GDP. Nominal GDP captures how both changes
in prices and shifts in production affect value. By contrast, movements in real GDP reflect
changes due to different of levels output and is the better measure of the health of an economy.
3) Gross Domestic Product measures the output produced within an economy and Gross
National Income adds and substracts the various income flows that occur between countries.
4)
A. output measure of GDPthe sum of the value added 1 created in each sector.
B. Income approach. Labor will be paid wages and salaries
and overtime. The owners of capital are paid in various waysrents, dividend payments,
interest payments, and through retained profits
B. Expenditure:
The goods and services produced within an economy have four basic uses:
consumption by individuals (C)
consumption and investment by government (G)
investment by the private sector (I)
exports (X)
5) B;
6) Variables: They are specific representations of the broader concept and they are assumed to
vary in their empirical representation across a sample of observations 2. They are necessary in
order to compare each variable among different countries.
7) Examples. GDP, population, political participation, etc.
8) Page 32 of Perry:
1. Case Study Strategy
2. Comparable cases Strategy
3. Statistical approach
9) Open answer
10) Open answer.
1
Value added is the difference between the value of the output sold and the cost of purchasing
raw materials and intermediate goods needed to produce output.
2
Perry, R. Comparative analysis of nations page 4.
2
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