GrossDomesticProduct(GDP)is the market value of an economy's domestically produced goods and services over a
specified period of time.
Output: GDP
Inputs: Intermediate goods (materials)
Factors (Labor, Capital, Land)
Capital: households, firms (fixed capi

8/23/2016 (TUE / #1)
Syllabus Review
8/25/2016 (THU / #2)
Section 1: Growth Theory
Gross Domestic Product (GDP) is the market value of an economys domestically produced
goods and services over a specified period of time.
Measured by product approach
GDP =

ECON 303 Formula
Derivatives
F(x)=sqrt(x)
F(x)=aXE^x^2+4
f(x)= x^a = aX^a-1
f(x)=g(x)h(x)+h(x)g(x)
*sqrt x^a = 1/aX^1/2
GDP
Product Approach
Y= (P*Q) Intermediate goods = value of all final goods
Expenditure Approach *Calculate only the final
Goods market

ECON 102 Weekly Quiz
8/30 Chain-weighted GDP
1. Suppose the country Simple only produces cars and corn. We have the following data.
The relative price between car and corn is measured by bushels of corn per car. Which of
the following statements is correc

ECON 102 Weekly Quiz
9/13 Dynamics in Solow Model
1. According to the Bureau of Labor Stat, the total factor productivity in the manufacture
sector in year 2002 increased by 4.6%, while output decreased by 1%. Which of the
following is the most likely exp

ECON 102 Weekly Quiz
9/6 Malthus to Solow
1. With a Cobb-Douglas production function, the amount of capital is fixed. When number
of workers doubles
A) Output is less than doubled / Marginal product of capital is higher / Marginal
product of labor is lowe