homework2 - Macroeconomic Principles Economics 1101 Spring...

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Unformatted text preview: Macroeconomic Principles Economics 1101 Spring 2010 Homework Set 2 Posted: January 30, 2010 Name : TUiD : Section 1: Definition type questions. Each definition is worth 2 points. Section 2: Short answer questions. Each question is worth 10 points. Section 3: Numerical questions. Each question is worth 10 points. 1 Definitions 1. Demand: 2. Quantity Demanded: 3. Law of Demand: 4. Change in Demand: 5. Change in Quantity Demanded: 6. Supply: 7. Quantity Supplied: 1 8. Law of Supply: 9. Change in Supply: 10. Change in Quantity Supplied: 11. Market Equilibrium: 12. Gross Domestic Product: 13. Consumption: 14. Investment: 2 15. Import: 16. Export: 17. Final Good: 18. Intermediate Good: 19. Savings: 20. National Saving: 3 2 Short Answer Questions 1. In the summer of 2008 the price of food shot up in a manner not seen in the last two decades. One reason ascribed to this rise was the increased use of corn to make ethanol. Using a simple demand-supply framework explain how this happened. You may want to use the idea of complements and substitutes in production, and how changes in demand for one have an impact on the price of other....
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This note was uploaded on 05/04/2011 for the course ECON 1101 taught by Professor Rappoport during the Fall '08 term at Temple.

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homework2 - Macroeconomic Principles Economics 1101 Spring...

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