101-2011-PS1

101-2011-PS1 - Economics 101 Intermediate Macroeconomic...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 101 Marek Kapiˇ cka Intermediate Macroeconomic Theory Spring 2011 Problem Set 1 Due Monday April 11 in class Please write your name, perm number and your section on the top of your problem set. 1 Nominal GDP, Real GDP, Price Indexes Consider an economy with two goods, beer and wine. Suppose that the prices and quantities sold at times 2007 and 2008 are the following: 2007 2008 Prices Beer 10 11 Wine 20 10 Quantities Beer 8 7 Wine 3 6 1. Calculate nominal GDP for both years 2. Calculate the following measures of quantity: (a) Growth of Real GDP in 2007 prices (b) Growth of Real GDP in 2008 prices (c) Chain-Weighted Real GDP growth 3. Compute the following measures of price changes (a) GDP deflator growth based on Real GDP in 2007 prices (b) GDP deflator growth based on Real GDP in 2008 prices (b) GDP deflator growth based on Chain-Weighted Real
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/26/2011 for the course ECON 101 taught by Professor Dumbass during the Fall '08 term at UCSB.

Page1 / 2

101-2011-PS1 - Economics 101 Intermediate Macroeconomic...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online