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Economics 1 — Semester 2 — Tutorial Sheet 1 — Week 2Introduction to MacroeconomicsRequired reading-Recent lecture notes-Nils Gottfries,Macroeconomics, Chapter 1(Note: it is assumed here and will be assumed in the exam that you are familiar with theterminology laid out on pages xxvi - xxvii of Gottfries’ text.)Homework-This semester, homework has three components:oWritten attempts at the tutorial questions (same as before - to earncredit, you must show your tutor that you have attempted homeworkwhen youarriveat your tutorial - you can’t just fill it in later/oA cover sheet (same as before – see the instructions on Learn).oA one page ‘looking at the data’ print-out of a macroeconomic data series(this is new - see the next page for details)Further resources-Helpdesks: the School of Economics runs a two or three helpdesks per week forEcon 1 & 2 students – see times and locations on the course page-Gottfries on YouTube: the textbook author (Nils Gottfries) has put 15-40 minutevideos from most chapters of the book on YouTube:o-FRED: Most of the tutorial sheets this semester contain graphs generated by theSt. Louis Fed’s Federal Reserve Economic Data (FRED) site. This is a surprisinglyeasy-to-use, free site for exploring hundreds of thousands of economic data series.You are strongly encouraged to visit the site whenever you feel the need to findout what’s happened lately to GDP growth, or inflation, or infant mortality, etc.o
Looking at the dataThis semester, along with each week’s tutorial sheet, you’ll be required to print one graphof data relating to the material that week, along with a few sentences of commentary onthe graph. You need to give these to your tutor along with your cover sheet in order toearn credit. At some point in the tutorial, your tutor may ask you to comment on the graphthat you brought in. You can find all of the data that you need from the FRED websitementioned earlier (). This week, the task is:Using FRED (or another data source) find and print a graph of GDP growth over time for acountry of your choice. Include comments on any trends or features in the data and bringthe printed graph and comments to your tutorial.Tutorial QuestionsQ1.
Exo-/Endogeneity. Explain the difference between exogenous and endogenous variables,and explain why a variable might be considered exogenous in one context and endogenousin another.