Worksheet 2 - Introduction to Macroeconomics Econ 104a,c,...

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Introduction to Macroeconomics Econ 104a,c, d, e, f - Spring 2010 – due 2/11 or 2/12 Worksheet 2 – GDP, Inflation and the Origins of Macroeconomics 1. What are the important dates and issues that started the modern study of macroeconomics? 1929-stock market crash and grey 1930-1932 -9000 banks fail 1933- 25% US unemployment, world depression, GDP falls by 25% 1933- the creation of federal deposit insurance company 1935- social security began 1940- WWII helped recover the economy 1946- employment act 2. What is the difference between real and nominal GDP? Why is this important? Real GDP- measurement of goods and services expressed in the prices of a base year, adjusted for price changes and inflation. Nominal GDP- measurement of goods and services produced in the years dollars The difference is important because by measuring the real nominal GDP of years, one can measure inflation and the growth of the economy. 3.
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This note was uploaded on 10/19/2011 for the course ECON 104 taught by Professor Dolenc during the Spring '08 term at UMass (Amherst).

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Worksheet 2 - Introduction to Macroeconomics Econ 104a,c,...

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