Econ_1102_Practice_Midterm_1a

Econ_1102_Practice_Midterm_1a - Midterm I 75 minutes Econ...

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Midterm I 75 minutes Econ 1102.29: Principles of Macroeconomics Ceyhun Elgin February 14, 2007 Name: _______________________________________________ On the following pages, please show all of your work. If you need more space, use the back of the page. Clearly state where your work/answer are. Clearly highlight/circle solutions. Calculators are NOT allowed. Fully label all graphs. Read each question carefully and be sure to answer all parts of every question. There should be 8 pages including the cover sheet.
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Question 1 (15 points) Define the following 5 terms: Real GDP Nominal GDP, GNP Stagflation Frictional unemployment.
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Question 2 (15 points) Suppose that you are asked to calculate the CPI and inflation for the Greek Economy and you have the following data: Years Cost of the basket of goods a typical consumer consumes in the Greek economy 1947 $3000 1948 $3600 1949 $4500 1950 $4800 Taking 1947 as the base year, calculate the CPI for all the years 1947, 1948, 1949 and 1950. Then calculate the inflation rates in 1948, 1949 and 1950. .
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Econ_1102_Practice_Midterm_1a - Midterm I 75 minutes Econ...

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