Review Set 6

Review Set 6 - 2000 3 100 4 100 2001 4 100 5 100 2002 5 200...

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Review Set 6: Economic Principles: Spring 2007: Franklin and Marshall College Dr. Utteeyo Dasgupta Office: Stager332 Email: utteeyo.dasgupta@fandm.edu Contact Hours: Web:http://edisk.fandm.edu/utteeyo.dasgupta MTR 10:30-11:30; 2:00-3:00 W 10:00-11:00 and also by appointment 1. Short definitions: Gross Domestic Product Nominal vs. Real GDP Poverty 2.Write down the components of GDP explaining any two of them in detail. 3. Find Nominal GDP, Real GDP and the GDP deflator from the table below: Year price of good 1 qty price of good 2 qty
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Unformatted text preview: 2000 3 100 4 100 2001 4 100 5 100 2002 5 200 6 300 2003 6 300 6 300 4. Suppose a consumer price index comprises of 10 units of good 1 and 20 units of good 2. Find the price inflation between years 2001 and 2006 using the table above. Find the price inflation using the GDP deflator between those two years. 5. What are the different ways a nation can improve economic growth. Explain any two of them in depth. 6. Explain why aggregate demand can be downward sloping. Why would the Long run aggregate supply curve be vertical?...
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