PS1 - Department of Economics University of California...

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. . . more Department of Economics Fall 2007 University of California Economics 100B Berkeley Professor Olney Problem Set #1 (15 points possible; 3 percent of course grade) Due: To Your GSI In Section, Monday September 10 or Tuesday September 11 Your answers should be written on the answer sheet provided. Staple your work (on 8½x11 paper) to the back of your answer sheet. You must attach your work or you will receive no points. Be sure to write your section day/time and GSI’s name at the top of the answer sheet. Write your name at the top of every attached page. Late problem sets will be penalized 5 points per day. Your submitted work must be your own: Problem sets that are identical (in whole or in part) to another student's problem set will receive a score of zero (0). Problem sets should NOT be left in GSI mailboxes. Papers can be stolen from those mailboxes. We are not responsible for problem sets that are not handed directly to your GSI. 1. (5 points total; ½ point each) For each activity listed below, indicate where the activity would be recorded on the expenditure side of U.S. GDP accounting. Your choices are C, I, G, GX (exports), IM (Imports), and NR (not recorded). On your attached pages, give a brief (one sentence) explanation for each answer. a. A housing developer buys 10 acres of land near I-80 in Dixon, California. b. The housing developer builds 50 new houses on those 10 acres of land. c. The bank in Dixon buys a new desk, manufactured outside the U.S., for the office. d. The Dixon Police Department hires an additional police officer due to population growth in Dixon. e. The Dixon School District buys additional crayons, manufactured outside the U.S., for the new students. f. A homeowner in Dixon pays for homeowner’s insurance. g. A homeowner in Dixon mows her lawn and straightens up the yard.
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PS1 - Department of Economics University of California...

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