EC302HWK1 - EC 302 Intermediate Macroeconomics Spring 2004...

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EC 302 – Intermediate Macroeconomics – Spring 2004 Instructor: Kostas Kyriakoulis Homework # 1 Chapters 2 and 3 Part 1 (Multiple choice questions, 2 points each) 1 . To compute the value of GDP: a) goods and services are valued at market prices. b) the sale of used goods is included. c) production for inventory is not included. d) goods and services are valued by weight. 2 . Assume that apples cost $0.50 in 2002 and $1 in 2007, whereas oranges cost $1 in 2002 and $1.50 in 2007. If 4 apples were produced in 2002 and 5 in 2007, whereas 3 oranges were produced in 2002 and 4 in 2007, then real GDP (in 2002 prices) in 2007 was: a) $5. b) $6.50. c) $9.50. d) $11. 3 . If GDP (measured in billions of current dollars) is $5,465 and the sum of consumption, investment, and government purchases is $5,496, while exports equal $673, imports are: a) $673. b) -$673. c) $704. d) -$704. 4
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This note was uploaded on 02/03/2012 for the course ECON 302 taught by Professor Quan during the Spring '11 term at Canadian University College.

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EC302HWK1 - EC 302 Intermediate Macroeconomics Spring 2004...

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