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Problem+Set+_1 - Name(Last name first name SID GSI Econ...

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Name: _________________________ (Last name, first name) SID: _________________________ GSI: _________________________ Econ 100B Macroeconomic Analysis Professor Steven Wood Spring 2010 Problem Set #1 Due: February 9, 2010 (at the beginning of class) Please sign the following oath: The answers on this problem set are entirely my own work. I neither copied from the work of others nor allowed others to copy from my work. _______________________________________ Signature Any problem set turned in without a signature will be assigned a grade of zero. Problem Set Instructions 1. Explanations MUST be word-processed. Your explanations should be succinct and to the point. 2. Graphs and equations MAY be drawn by hand. Graph Instructions When drawing diagrams, the following rules apply: 1. Completely , clearly and accurately label all axis, lines, curves, and equilibrium points. 2. The original diagram and equilibrium points MUST be drawn in black or pencil. 3. The first shift of any line(s) and the new equilibrium points MUST be drawn in red. 4. The second shift of any line(s) and new equilibrium points MUST be drawn in blue. 5. The third shift of any line(s) and new equilibrium points MUST be drawn in green. Problem Set #1 1/8
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A. Multiple Choice Questions (30 points) . Circle the letter corresponding to the best answer (3 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.
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