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Unformatted text preview: Colorado School of Minn
Division of Economics and Busﬁms
EBGN312 Principle! of Macroeconomics
Spring Semester 2W2  B Em# 1 nmoopmthamdanmmm
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{ﬁll hm+lmwh+imwhl Problem 1 {It} points) You are given the following information about an economy that Mazes only bread and steaks. Use
this infonnation to answer the following ten (11]) questions. 'I. (1) Ifwe use a ﬁxedweightproeedure and year 1 as the base year, then real GDP in year 1 ens1n) is equal in:
650 ° (b) 2300
{e} 2520
(d) 2354 (2) If we use a ﬁxednweight pmeednre and year 1 as the base year, then real GDP in year 2
(RGDPZJ'I) is equal to:
(a lﬂﬂﬂ
50E!
(e 230i.)
(:1) None of the above (3) If we use a ﬁxedweight procedure and year 2 as the base year, time real GDP in year I
(RGDPII‘Z) is equal to:
a 168$
196$!
(o) 1994
(:1) None of the above (4) Ifwe use a ﬁxedweight procedure and year 2 as the base year, then real GDP in year 2
(RGDPZIZ) is equal to:
(a) 265!)
(b) 19m {5) If we use a ﬁxedweigh procedure and year 2 as the base year, then real GDP in year 3
{RGDPSQJ is equal to:
(a) 1:550
2300
e) 2940
(d) 1960 {6) If we use a ﬁnedweight procedure and year 3 as the base year, then real GDP in year 2 RGDPZIB) is equal to:
.5? 52a
.3. 195:} (e) 1903
{a} 1650 (T) Ifwe use a ﬁxedweight procedure and year 3 as the base year, then real GDP in year 3
(RGDPMS) is equal to:
(a) 1650
(b) 1994
(e 2300
450 (8) Using the ohainrweighted method, the interannual growth rate of RGDP between year 1 and.
year 2 is equal to: a 15%
l 133%
o] —9.ﬂ§l% (a) 44.29% (9) Using the chainweighted method, the inter—annual growth rate of RGDP between year 2 and
year 3 is equal to:
{a} 25%
(b) sees 6.90%
None of the above
(1 [1) Using the chainweighted method, the annual values of RGDP of year 1 in chained dollars of
y :_. 2 is equal to: iGF'IB (e) 2300
(d) None of the above Problem 2 (10 points} P
St} ll] 0” QB 40 100 \ Rafer 11} this gnph for the next lﬂ questions. 1 The slope ofthe supply curve above is:
(a) 1.I}ﬂ _ (b +1.25
+1.01)
d) —2.Uﬂ 1 Thaslopenfﬂwdmandmeabowis;
(a) 2.ﬂﬂ
(b) +0.50
c 4140
41.50 3 The speciﬁc ﬂucﬁonnl form for the $1,113.31},r curve is: j? P=10+Qs
}P=lﬂQs
(c) P=4D+Qs
(d) P=5+Qs 4 Themiﬁc functional fonnforﬂ'ledcmand cuneis:
(a) P=ID—Qd
(b P=Qd—ID
P=so—u.5Qd
_ . (d) P=25—U.5Qd 5 The apﬁlihrium quantity, QB, is equal to:
a 40.1}
26.?
{6) 100.0
(:1) 36.? 6 The equilibrium price, Po. is equal to:
(a) 40.0
(b) 26.? ( —1o.o
.43» @ 35.? T Ifinoome. I, inereases and t? Qd ,_2 D then:
' a I
(a) The demand eurve shifts left
The demand curve shifts rigrt
{o} The demand curve shiﬁe down
{d} There is an upward movement of quantity demanded along the come it If m it), andPgistheprioe ofaseeondgood, ﬂierer,theseeondgoodisa{n}:
a P;
(e) substitute good
inferior good
complimentary good
(it) normal good 5' TherelaztionshiphetweenthequmﬁtydenrsrtdedofagooiQimdﬂreprioeofthatgood,P,eanbe
formallyatatedas: ' '
{a} ﬂQdfﬂP}l}
(b ﬂQdfdP=D
anrarco
{d} deIaIrzt} I'll ThemhﬁonshipbehvemﬂteqmﬁtysuppﬁedofagooiQs,andthepﬁee ofthatgourl,P,canbe
formallystaiedas:
W astdPe{l
HQSIHP=EI
(g) aerar«zo
(h) §st3Qd€ﬂ ...
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 Fall '02
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