PS1 - Econ 3140 Fall 2009 Problem Set 1 Due Wednesday...

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Econ 3140 Fall 2009 Problem Set 1 Due Wednesday September 9 (on lecture time) Reading assignment: Chapter 1 , 2 : 1 , 2 : 2 , 2 : 3 1. Compare the classical and Keynesian views on the speed of wage and price adjustment. What are the important consequences of the di/erences in their views? 2. Question Two from Abel et.al., Chapter 1, numerical problems In a recent issue of the Survey of Current Business "Selected NIPA Tables". In Table 1 : 1 : 5 gross domestic product (a measure of total output), exports, and imports. In Table 3 : 2 government±s total receipts (taxes) and expenditures. These tables from the Survey of Current Business can be accessed from the home page of the Bureau of Economic Analysis at www.bea.gov . (a) Calculate the ration of exports to GDP, the ratio of imports to GDP, and the ratio of the trade imbalance to GDP in the latest reported quarter. Compare the
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This note was uploaded on 10/10/2009 for the course ECON 3140 at Cornell.

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PS1 - Econ 3140 Fall 2009 Problem Set 1 Due Wednesday...

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