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ECON 104 INTRODUCTORY MACROECONOMIC ANALYSIS AND POLICY HOMEWORK 5 (CHAPTER 11) PROBLEMS DUE: WEDNESDAY, MARCH 28, 2012 Same rules as before: 1. You may submit an assignment with one name or with two names. 2. If you and a partner submit the assignment together, you must both be from the same section. You will both receive credit. 3. You must submit the homework assignment in your correct section. 4. The assignment can either be hand-written or typed on a computer—I don’t care as long as I can read it. 5. Assignments will be collected at the end of class on the due date. They must be submitted by the end of the class period. No Late Assignments! 6. Please staple your homework pages together with this page on top. NAME # 1: _______________________________________ ACCESS EMAIL: __________________________________ NAME #2 (optional): ________________________________ ACCESS EMAIL: __________________________________ PLEASE CIRCLE YOUR SECTION: 001 (102 FORUM; 1:25 – 2:15 PM) 002 (102 FORUM; 4:40 – 5:30 PM) 005 (100 THOMAS; 3:35 – 4:25 PM) 1
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**This homework assignment is due after your second midterm exam . But I am posting it early so you can practice working with the Chapter 11 material.** 1. (a) Chapter 11 is about “Keynesian” economics, named after John Maynard Keynes. In his very influential book “The General Theory of Employment, Interest, and Money” , Professor Keynes identified four categories that make up total spending in an economy. He called them “aggregate expenditures” or “A.E.”. What are these four categories? [4 points] AGGREGATE EXPENDITURES: Consumption - spending by households on goods and services excluding spending on new houses. Planned investment – spending by firms to acquire capital goods and inventories that the
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