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plugin-PS_2_Solution

plugin-PS_2_Solution - Any questions let me know...

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Any questions, let me know. [email protected] Answer Sheet Name: Problem Set Two Solution 1.C 2.C 3.C 4.A 5.D 6.C 7.D 8.C 9.D 10.B 11.A 12.B 13.B 14.A 15.C 16.B 17.A 18.B 19.B 20.C 21.B 22.D 23.B 24.D 25.B 26.B 27.B 28.A 29.A 30.B Some explanation: 1. The correct answer is C. Statement 2: Quantity produced changes and price changes can both affect nominal GDP, but real GDP has been corrected for inflation, so real GDP only reflect changes in price. 10. The correct answer is B. The economist retires. So the money he gets after his retirement is the one kind of transfer payment, which is not included in GDP. 19. The correct answer is B. Housing occupies the most in that basket. Then comes the transportation and food, beverages. It is on your textbook. 21. The correct answer is B. Mobile phone is MOST relevant with the introduction of new goods. You could also read the few pages on your textbook. About the substitution bias, there should be two different prices, among which
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