ps3 - Economics 102 Introductory Macroeconomics Spring 2006...

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Economics 102 Introductory Macroeconomics - Spring 2006, Professor J. Wissink Problem Set 3 – DUE at the start of class on Monday Feb 27, 2006 Boxes will be removed ten minutes after the start of class. Remember: We will NOT accept problem sets late. Period. Thanks for minding this policy and not asking if you can hand it in late. Multiple Choice 1. Tom just bought shares of Google stock for $2,000 and paid a $30 commission to his broker. How did this affect GDP? a) GDP increased by $2030. b) GDP increased by $2000. c) GDP increased by $1970. d) GDP increased by $30. 2. An economy which is experiencing rising rates of unemployment and inflation would be said to be in a period of: a) inflation b) recession c) stagflation d) hyperinflation 3. Which of the following are examples of intermediate goods? (There is more than one in this list.) a) a book written by your favorite author purchased by you b) dough bought by a housewife to bake a cake for her daughter’s birthday c) dough bought by a chef to bake a cake at his restaurant d) a set of screwdrivers purchased by a small firm e) wood purchased by a professional carpenter
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