1.Draw a curve showing the backward slopping of labor supply curve 2.Are these activities part of GDP? Mrs Miller picks flowers in her garden. Fruits...
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1.Draw a curve showing the backward slopping of labor supply curve 2.Are these activities part of GDP? 

 Mrs Miller picks flowers in her garden. 

 Fruits are sold on the market. 

Patients, hurt in a car accident, are treated in a hospital. 

 Pensioners do community work for free. 

A garage buys spare tyres to sell them to customers next year.

3. By which methods can GDP be calculated?

4. Calculate GDP: 

 Consumption (C) 310 

 Investment (I) 115 

 Government purchases (G) 60 

Exports (X) 305 

 Imports (M) 245

5. Calculate the value added, used for calculating GDP: • Input goods 60 • Output 230 • Pollution due to the production process (estimated)

6.Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert. 

7.Why would division of labor without trade not work? 

8.Can you think of any examples of free goods, that is, goods or services that are not scarce?

9.A balanced federal budget and a balance of trade are secondary goals of macroeconomics, while growth in the standard of living (for example) is a primary goal. Why do you think that is so?

10.Macroeconomics is an aggregate of what happens at the microeconomic level. Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro level? Hint: Think about the behavior of crowds.


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