ECON 204-A02
Intermediate Macroeconomics
UVIC - Department of Economics
Fall Term 2015/16
Assignment 1
Due: Drop Box 3rd Floor BEC, by noon September 28th 2015
No late submissions will be accepted
No group submissions will be accepted
No "Photocopy" answe

UNIVERSITY OF VICTORIA
Department of Economics
ECON 204: Intermediate Macroeconomics
Summer 2016 | Section A01 | CRN 31251
Lectures:
TWF 8:3010:20 am in Cornett B129
Instructor:
Linda Wong; lindaw@uvic.ca
Office hours: TW 10:3011:30 am in BEC 316
Website:

MATH REVIEW 1
Functions and graphs
Algebra
Linear equations
Math review 1-1: Functions and graphs
Functions
A function is a rule that maps every value in its domain (input) to
a value in its range (output).
If function f maps each value in X into the corr

Chapter 3
National Income
The circular flow revisiteda closed-economy, general
equilibrium model of production, distribution, and allocation of
output.
In this chapter, you will learn:
what determines the economys total output/
income
how the prices of

University of Victoria
Econ 204 PS2 solutions
Summer 2016
Question 1 (8 marks)
(Chapter 3, problem 9)
Consider a competitive economy described by the following set of equations:
Y=C+I+G
Y = 5,000
G = 1,000
T = 1,000
C = 250 + 0.75(Y T)
I(r) = 1,000 50r
a)

MATH REVIEW 2
Univariate calculus
Multivariate calculus
Math review 2-1: Calculus
Differentiation and integration
Univariate calculus
When we have a continuous function of a single variable,
i.e., y = f (x), differentiation is a method for calculating slo

Chapter 5
The Open Economy
No nation was ever ruined by trade.
Benjamin Franklin
Overview
accounting identities for the open economy
the small open economy model
what makes it small
how the trade balance and exchange rate are
determined
how policies af

Econ 204: Intermediate Macroeconomics
Practice Quiz 2
Total Marks: 50
Time: 60 minutes
Section I: Multiple Choice (15 marks)
Please refer to MC quizzes posted on CourseSpaces.
Section II: Macroeconomic Analysis (35 marks)
1. Were given the following macro

Econ 204: Intermediate Macroeconomics
Practice Quiz 1
Total Marks: 50
Time: 60 minutes
Part I: Multiple Choice (15 marks)
1. Macroeconomics does not try to answer the question of:
A) why do some countries experience rapid growth.
B) what is the rate of re

Chapter 4
Money and Inflation
Inflation is always and everywhere a monetary phenomenon.
Milton Friedman
Overview
The definition, functions, and types of money
How a central bank controls the money supply
The classical theory of inflation
Classical as

Chapter 2
The Data of Macroeconomics
This chapter focuses on three statistics that economists use most
often: the GDP, the CPI, and the unemployment rate
1
Main questions
How do we measure our current economic activity?
What is national income accountin

University of Victoria
Econ 204 Problem Set 2
Page 1 of 2
Problem Set 2
Due: July 19, 2016 by 4pm
If you are working with others, please hand in one assignment with the name, student
number, and percentage contribution of each group member listed on the f

ECON 204-A02
Intermediate Macroeconomics
UVIC - Department of Economics
Fall Term 2015/16
Assignment 1 - ANSWER KEY
Question 1: Some Canadian Macroeconomic Data (40 Marks)
a) The two time series are plotted in Figure (1). Notice that they represent measur

ECON 204-A02
Intermediate Macroeconomics
UVIC - Department of Economics
Fall Term 2015/16
Instructor:
Marco Cozzi
Sample Midterm Questions
Due: Never
Question A.1: Equilibrium in the Labor Market
Consider an economy in the short run, which has the followi

ECON 204-A02
Intermediate Macroeconomics
UVIC - Department of Economics
Fall Term 2015/16
Assignment 2 - ANSWER KEY
Question 1: Labour Supply and Demand (30 Marks)
a) We use the aggregate production function to derive the marginal product of labour (MPN )

03-Microeconomics-Chap03 11/28/06 1:58 PM Page 59
Part 2
THE THEORY
OF CONSUMER
BEHAVIOUR
CHAPTER 3:
Rational Consumer Choice
CHAPTER 4:
Individual and Market Demand
CHAPTER 5:
Applications of Rational Choice and Demand Theories
CHAPTER 6:
The Economics o

ECON 204-A02
Intermediate Macroeconomics
UVIC - Department of Economics
Fall Term 2015/16
Instructor:
Marco Cozzi
Sample Midterm Questions
Midterm Exam - ANSWER KEY
Question A.1: Equilibrium in the Labor Market
(a) First we are asked to nd the labor deman

Returns to scale: a review
Initially Y1 = F (K1 , L1)
Scale all inputs by the same factor z:
K2 = zK1 and L2 = zL1
(e.g., if z = 1.2, then all inputs are increased by 20%)
What happens to output, Y2 = F (K2, L2 )?
If constant returns to scale, Y2 = zY1

University of Victoria
Econ 204 Problem Set 1
Page 1 of 2
Problem Set 1
Due: July 12, 2016 by 4pm
If you are working with others, please hand in one assignment with the name, student
number, and percentage contribution of each group member listed on the f

Chapter 1
The Science of Macroeconomics
The whole of science is nothing more than the refinement of
everyday thinking.
Albert Einstein
1
Main questions
What is macroeconomics?
What issues do macroeconomists study?
What tools do macroeconomist use?
Wh

University of Victoria
Econ 204 PS 1 solutions
Summer 2016
Question 1 (9 marks)
(Ch. 2, problem 6(a)
Consider an economy that produces and consumes bread and automobiles. In the table below are
data for two different years:
Price of an automobile
Price of