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(Solved) INTRODUCTION TO MACROECONOMICS HOMEWORK # 1, Due date : 1/24/17 NAME ______________________________ 1. Consider the following numbers: Consumption...


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INTRODUCTION TO MACROECONOMICS
HOMEWORK # 1, Due date : 1/24/17
NAME ______________________________
1. Consider the following numbers:
Consumption =2500
Government Spending=600
Imports =1300 Exports=1200
Inventory Investment =-300 Fixed Investment* =700
Depreciation=200 Taxes=700
* Fixed investment is residential fixed investment plus non-residential fixed investment. Gross
investment is fixed investment plus inventory investment
Calculate
a. GDP _____________
b. Net Exports _____________
c. Final Sales _____________
d. Net Investment _____________
2. Suppose that nominal GDP in 1990 was $4 trillion and real GDP was $5 trillion. What was
the GDP price deflator in 1990? _________________
3. Given that prices generally rise over time, do the figures in 3 suggest that
AFTER the base year or BEFORE the base year? _________________ 1990 comes 4. A household has income of $100,000, spends $30,000 and pays taxes of $35,000. What is
the household's level of saving? _________________ . What is the disposable income?
_____________________ 5. If real GDP is $4,000,000 and the population is 200, what is per capita GDP?
_________________
6. In 2005, I had a new home built at a cost of $150,000. This home provided services worth
$10,000 in 2006. In which categories of the national income accounts should this home appear?
The choices are consumption, fixed investment, inventory investment, government spending, and
net exports.
2005: $ ___________ in _____________________________________
(amount) (category) 2006: $ ___________ in _____________________________________
(amount) (category) 7. On December 28th, 2005, IBM produced a personal computer at a cost of $2,000. On January
3rd, 2006, the computer was sold to the Indianapolis Police Department for $2,000. Describe how this computer should show up in the national income accounts. Use the categories from the
prior question
______: $_______ in _______________________________________
(year) (amount) (category) ______: $_______ in _______________________________________
(year) (amount) (category) ______: $_______ in _______________________________________
(year) (amount) (category) What is the contribution of the computer to 2005 GDP? ______________
What is the contribution of the computer to 2006 GDP? ______________ 8. On January 10th, 2006, the U.S. Department of the Treasury purchased a German-made
armored car for $75,000. Describe how this transaction should show up in the national income
accounts. Use the categories from the prior question
2006: $ ___________ in _____________________________________
(amount) (category) 2006: $ ___________ in _____________________________________
(amount) (category) What is the contribution of the armored car to 2006 GDP? ______________
9. What are the two approaches to measure GDP? __________________________________and
___________________________________. Explain why the two approaches give same result?
______________________________________________________________________________
_______________________________________________________________________

 


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