mid102-2004

mid102-2004 - Economics 102 Midterm Exam - Spring 2004...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 102 Midterm Exam - Spring 2004 Professor Lee Ohanian Answer all Questions Clear answers will get more points than long, rambling answers. Full credit for a question requires complete derivations and/or expla- nation of your answer. Question 1 - 18 points Consider an economy in which consumption was 60, investment was 20, government spending was 20, exports were 10 and imports were 10. Suppose that depreciation was 10, and that indirect business taxes were 10. Foreigners earned income = 10 in the US, and US residents earned income = 20 from abroad. Given this information, calculate nominal GDP, nominal GNP, nominal NNP, and nominal national income. (12 points) Suppose that nominal GDP was equal to 200 in 2000, and equal to 300 in 2003. The price of output in 2000, which is the base year, is 1, and the price of output in 2003 is 2. Calculate real GDP in 2000 and 2003, and calculate the (6 points)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/06/2010 for the course ECON 102 taught by Professor Serra during the Spring '08 term at UCLA.

Page1 / 3

mid102-2004 - Economics 102 Midterm Exam - Spring 2004...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online