set1 - Name: _ SID: _ Discussion Section: _ Problem Set #1...

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Name: _______________________ SID: _______________________ Discussion Section: _______________________ Problem Set #1 Due Tuesday, February 12, 2008 Problem Sets MUST be word-processed except for graphs and equations. QUESTIONS A. Multiple Choice Questions . Circle the letter corresponding to the best answer. (1 points each.) 1. Positive analysis of economic policy: a. Examines the economic consequences of policies but does not address the question of whether those consequences are desirable. b. Examines the economic consequences of policies and addresses the question of whether those consequences are desirable. c. Generates less agreement among economists than normative analysis. d. Is rare in questions of economic policy. 2. Because government services are not sold in markets: a. They are excluded from measurement of GDP. b. The government tries to estimate their market value and uses this to measure the government’s contribution to GDP. c. They are valued at their cost of production. d. Taxes are used to value their contribution. 3. An adverse supply shock would: a. Shift the production function up and decrease marginal products at every level of employment. b. Shift the production function down and decrease marginal products at every level of employment. c.
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This homework help was uploaded on 04/02/2008 for the course ECON 100B taught by Professor Wood during the Spring '08 term at University of California, Berkeley.

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set1 - Name: _ SID: _ Discussion Section: _ Problem Set #1...

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