4. Measuring GDP
The following table shows data on consumption, investment, exports, imports, and government
expenditures for the United States in 2011, as published by the Bureau of Economic Analysis. All
figures are in billions of dollars.
Fill in the m
a. What is the difference between a "change in demand" and a "change in quantity
The difference in change in demand and quantity demanded is a change in demand is usually due to
the product/service changing. For some reason, the pe
5. Real versus nominal GDP
Consider a simple economy that produces two goods: pens and envelopes. The following table shows
the prices and quantities for the goods over a three-year period.
Module 9 Answers
Are credit cards and debit cards money? What's the difference between credit and debit
1A. Yes, credit cards and debit cards are money. The difference is a debit card is linked directly
to the cardholders bank account. You can r
Module 13 Assignment
1. What is the difference between monetary policy and fiscal policy?
1A. The Federal Reserve Bank controls monetary policy. Monetary policy are policies that affect
the supply of money in the economy. Fiscal policy is conducted by the
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix
the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and
Jacque be better off if she pays him $45 per meal t
3. Economic projections for 2011-2013, and beyond Aa Aa El.
The following table presents economic projections for growth of real output, the unemployment rate, and ination for
the years 2011 to 2013. These projections were submitted by the members of the
2. The expected value of illegal parking Aa Aa -
Dmitri has difficulty finding parking in his neighborhood and, thus, is considering the gamble of illegally parking on
the sidewalk because of the opportunity cost of the time he spends searching for parkin
3. Further questions Aa Aa
Now, imagine that the city of San Francisco decides to crack down on motorists who park on sidewalks by increasing
the number of ofcers issuing parking tickets (thus, raising the probability of a ticket). If the cost of a ticke