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Quiz2_Questions - PRINCIPLES OF MACROECONOMICS QUIZ#2...

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PRINCIPLES OF MACROECONOMICS QUIZ #2 – COVERING CHAPTERS 5-7 DUE BACK ON FEBRUARY 22, 2010 INSTRUCTIONS: Please answer each question to your best ability. Each question requires a short answer. Please answer on a separate sheet of paper. When you hand in your quizzes to me, I will hand you the answer sheet. You will receive credit for this quiz if I see that a reasonable attempt was made at EACH question. Please feel free to see me at my office hours if you have any questions. 1. Explain what sticky prices are in terms of macroeconomic equilibrium. 2. Discuss what is meant by the Classical belief that the economy is self-correcting. 3. What might be some Keynesian prescriptions to get the economy out of an economic slump? 4. Explain carefully the difference between GDP and GNP. 5. Why aren't intermediate goods counted in GDP? 6. Explain what is meant by the concept of "value added" and how it can be used to calculate GDP.
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