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Unformatted text preview: First challenge Eco 212, Summer 2011 The Challenge is closed book. Good luck! The following formulas may be of use. Value added = Revenues- cost of goods = Income = wages + profits = spending = C + I + G + X- M CPI = p 1 ,t · q 1 ,b + ... + p n,t · q n,b p 1 ,b · q 1 ,b + ... + p n,b · q n,b · 100 , GDP Deflator = p 1 ,t · q 1 ,t + ... + p n,t · q n,t p 1 ,b · q 1 ,t + ... + p n,b · q n,t · 100 NGDP = p 1 ,t · q 1 ,t + ... + p n,t · q n,t , GDP = p 1 ,b · q 1 ,t + ... + p n,b · q n,t GDP = NGDP GDP Deflator 100 , Y t = Y c t + Y g t , Productivity = GDP N unemployment rate = unemployed labor force · 100 , participation rate = labor force working age pop. · 100 u 6 = unemployed + marginally attached + part time for econ reasons labor force + marginally attached · 100 S = ( Y- C- T ) + ( T- G ) = I + X- M , real rate = nominal rate- inflation rate 1 Short answer questions (1-2 sentences!) Question 1 (7 points)....
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This note was uploaded on 01/08/2012 for the course ECO 212 taught by Professor Lorca,m during the Summer '08 term at University of Miami.
- Summer '08