ECON 1110 Problem Set 01

ECON 1110 Problem Set 01 - ECON 1110 Intermediate...

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ECON 1110 Intermediate Macroeconomics Problem Set 1 Spring 2011 Due: You should work on problem sets in the week following the lecture on the material to ensure that you keep up with the course. Solutions will be provided on courseweb with a short delay to allow you to attempt problems on your own. Problem sets may be briefly discussed in lectures if time permits or if there are specific questions about them. 1. What is the difference between GDP and GNP? 2. Three price indices were considered in this chapter: the GDP deflator, the consumer price index, and the producer price index. Explain the differences among these different measures of the price level. 3. Assume that the implicit GDP deflator rose from 72.2 in 1978 to 78.6 in 1979. Calculate the rate of inflation between those two years. 4. Briefly explain why GDP is not a welfare measure. 5. Assume the following nation income accounting data in billions of dollars (any data not provided can be assumed to equal zero): Transfer payments to persons
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ECON 1110 Problem Set 01 - ECON 1110 Intermediate...

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