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Assignment 1 - Marks 20 2 a Define inflation and explain...

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UNIVERSITY OF CENTRAL PUNJAB Course Title: Principles Of Macroeconomics (E) Semester: Fall 2011 Instructor: Anum Chaudhry Marks: 50 Due Date and Time: 11 th November (8am in class) Late Submissions Will Not Be Accepted 1 a) What is GDP? Explain the income and the expenditure approach of calculating GDP. b) How useful is the national income statistic of GDP for indicating changes in living standards?
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Unformatted text preview: Marks 20 2 a) Define inflation and explain the causes of inflation with the help of examples. b) Discuss the effect of inflation on employment and output of an economy. Marks 15 3) What are the three sectors of an economy and what economic agents is each sector composed of ? Explain why and how the government intervenes in the market to reallocate resources. Marks 15...
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