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Problem Set _1

# Problem Set _1 - Name(Last name first name SID UGBA 101B...

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Name: _________________________ (Last name, first name) SID: _________________________ UGBA 101B Macroeconomic Analysis for Business Decisions Professor Steven Wood Summer 2010 Problem Set #1 Due: July 13, 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 A. When drawing diagrams, clearly and accurately label all axis, lines, curves, and equilibrium points. B. Graphs and equations MAY be drawn by hand. C. Explanations MUST be word-processed. Your explanations should be succinct and to the point. 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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Problem Set _1 - Name(Last name first name SID UGBA 101B...

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