Prof. V. Ramey Name ____________________________________ Econ 3 Winter 2011 Student Number ____________________________ Section___________________________________ Practice Midterm 1 (this is slightly longer than the actual one will be.) Part I. Short Answer. Write your answers on this exam. 1. (12 points) Suppose that in Rome only two types of goods are produced and consumed, tunics and wine. Year Price of tunics (in denarius) Quantity of tunics produced and consumed Price of wine (in denarius) Quantity of wine produced and consumed 400 50 100 20 60 410 55 140 30 70 A. What is nominal GDP in the Year 400? ___________ B. Using the Year 400 as the base year, what is the percent increase ____________ in real GDP from Year 400 to Year 410? C. Again using the Year 400 as the base year, calculate the Consumer ____________ Price Index (CPI) in the Year 410.1
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