Section II - Problem Set I.pdf

Section II - Problem Set I.pdf - Middle East Technical...

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1 Middle East Technical University Fall, 2016 Department of Economics ECON 202 – Section 2 Instructor: Dr. Pınar Derin-Güre TA: Özgen Öztürk Student Name: ___________________________________ Student ID: ______________________________________ Group Members (if any): __________________________ Due Date: Friday, October 21, 2016 in Class . No late problem sets will be accepted. MULTIPLE CHOICE ANSWERS WILL BE HANDED IN USING THE OPTICAL FORMS. PLEASE FILL IN YOUR OPTICAL FORMS WITH FULL CREDENTIALS (i.e. NAME and ID). OTHERWISE YOU WILL NOT GET ANY POINTS FROM MULTIPLE CHOICE PART. EMPTY OPTICAL FORMS WILL BE HANDED IN CLASS ON WEDNESDAY , or YOU CAN OBTAIN FROM ÖZGEN’S OFFICE (A211). PLEASE WRITE YOUR ANSWERS IN SPACES PROVIDED ON THIS PROBLEM SET SHEET, NOT ON A SEPARATE PAPER. FOR THE DATA QUESTION, PRINT OUT YOUR GRAPH WITH THE EXPLANATIONS, AND HAND IN SEPARATELY, ALSO DO NOT FORGET TO WRITE YOUR NAME and ID ON YOUR PRINT OUT. Note: Please keep your answers short ! In most cases two or three sentences will be more than enough. If your answers are too long or contain obviously irrelevant information you may incur a penalty, i.e. brevity in your responses is strongly recommended. If you would like, you may work in small groups of 2-3 people to discuss the problem sets. However, you must write up answers individually. If you decide to work in a group, please list the names of the group members on your problem set. A note on academic integrity: As the syllabus clearly states, work that you hand in should be your own work: “A student shall not submit work […] that is not the result of the student’s own effort.” Please show your work for full credit on analytical questions, i.e., show the formulas, calculations (if appropriate). Do not report only the final answers for the essay questions. PART I - MULTIPLE CHOICE. (1 point each) Choose the one alternative that best completes the statement or answers the question. 1) The standard of living typically refers to A) wealth per capita. B) output per capita. C) the rate of unemployment. D) all of the above 2) Suppose nominal GDP increased in a given year. Based on this information, we know with certainty that A) real output has increased. B) either real output or the price level (GDP deflator) have increased. C) real output and the price level (GDP deflator) have both increased. D) the price level (GDP deflator) has increased. E) real output has increased and the price level has decreased. PROBLEM SET #1
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2 3) In a given year, suppose a company spends $100 million on intermediate goods and $200 million on wages, with no other expenses. Also assume that its total sales are $800 million. The value added by this company equals A) $300 million.
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