经济学原理练习题 4.pdf

ECO1503 Principles of Economics Fall 2009 ASSIGNMENT 4 Distributed on Tuesday November 17 2009 Due Date 12 30 pm Thursday November 26 2009 Question 1 25 marks Which of the following are included and which are excluded in calculating this year s GDP Explain in each instance a A monthly scholarship cheque received by an economics student b The purchase of a new corncrib by a farmer c The purchase of a used tractor by a farmer d The cashing in of a savings bond e The services of a mechanic in fixing the radiator in his own car f Canada Pension Plan cheques received by a retired person g An increase in business inventories h Government purchase of missiles i A barber s income j Income received from interest on a corporate bond k Cash received from selling a corporate bond Penalties for late submissions Up to 30 minutes 25 of total awarded marks Up to 60 minutes 50 of total awarded marks Over 60 minutes 100 of total awarded marks 1 Question 2 30 marks In Macrovia the only two goods produced are bread and wine In 1995 bread cost 90 a loaf and wine cost 4 00 a bottle 800 loaves of bread and 180 bottles of wine were produced In 2000 bread cost 1 00 a loaf and wine cost 5 00 a bottle 1000 loaves of bread and 200 bottles of wine were produced In 2005 bread cost 1 20 a loaf and wine cost 5 50 a bottle 1200 loaves of bread and 220 bottles of wine were produced a Calculate the nominal GDP for each of the three years b Calculate the real GDP for each of the three years Use 2000 as the base year c Calculate the GDP deflator for each of the three years Use 2000 as the base year d Repeat b and c using 1995 as the base year e How much has real GDP changed from 1995 to 2005 Compare the results using 1995 and 2000 as base years ECO1503 Fall 2009 Assignment 4 2 Question 3 20 marks The following data show nominal GDP and the appropriate price index for several years Compute real GDP for each year and indicate whether you have inflated or deflated nominal GDP in finding real GDP All GDP are in billions Year Nominal GDP Price level Index Real GDP Inflated I Deflated D 1 117 120 2 124 104 3 143 85 4 149 96 5 178 112 6 220 143 ECO1503 Fall 2009 Assignment 4 3 ECO1503 Fall 2009 Assignment 4 4 Question 4 25 marks Suppose the aggregate demand and aggregate supply schedules for a hypothetical economy are as shown below Amount of real domestic output demanded billions Price level Price index Amount of real domestic output supplied billions 600 130 1 000 800 120 800 1 000 110 600 1 200 100 400 1 400 90 200 a What will be the equilibrium price and real output level in this hypothetical economy Is this level of real GDP also the full employment level of output Explain b Why won t a price level of 110 be the equilibrium price level Why won t a price level of 130 index be the equil