P.S. 1 - Year Price of Milk(YTL Quantity of Milk(kg Price...

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Problem Session #1 1) Circular Flow question Ch 7- Q2 2) What components of Turkey’s GDP would each of the following transactions affect? What would be the final effect of each of these on Turkey’s GDP? Explain. a. Ali receives a Social Security (sosyal sigorta) check. b. Lale buys an Italian sports car. c. Murat buys domestically produced tools for his construction company. 3) GDP Calculation question Ch 7 – Q4 4) Below are some data from the land of milk and honey.
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Unformatted text preview: Year Price of Milk (YTL) Quantity of Milk (kg) Price of Honey (YTL) Quantity of Honey (kg) 2001 1 100 2 50 2002 1 200 2 100 2003 2 200 4 100 a. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2001 as the base year. b. Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2002 and 2003 from the preceding year. c. Did economic well-being rise more in 2002 or 2003. Explain . 5) CPI Question Ch 7 – Q12...
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