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ProblemSet1 - e f Monica makes her own pasta sauce in her...

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Name: Section: T.A. Name 180.101 ELEMENTS OF MACROECONOMICS Fall, 2007 Problem Set #1 Prof. Louis J. Maccini INSTRUCTIONS: Above, write your name, section number and T. A. name. Answer each question in the space provided, or on the back of the same sheet. 1. “Nominal GDP includes the current value of services produced in the economy.” True, False, Uncertain. Explain. 2. Compare and contrast the Consumer Price Index with the Implicit Price Deflator for GDP as a measure of the over-all price level for the economy.
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3. Which of the following items are included in GDP? For those items not included, explain why they are not included in GDP. a. Jane buys newly issued shares of stock in Macro.com, Inc. b. Ross buys a new pair of jeans at a local department store. c. Joey has his mustache trimmed at his hair salon. d. Rachel buys an antique chest at a resale shop.
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