Buy Intermediate Macro Problem Set Questions
1. Based on your understanding of the aggregate expenditure model, we know with certainty that an equal and simultaneous increase in G and T will cause:
(a) an increase in output
(b) no change in output
(c) a reduction in output
(d) an increase in investment (e) a decrease in investment
For the following two questions, suppose an economy produces only milk and butter. As- sume that all production is consumed in each year, and that price and quantity data are given in the tables below.
Year 1
Good Quantity Price
Milk 500 $2 Butter 2000 $1
Year 2
Good Quantity Price
Milk 900 $3 Butter 3000 $2
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2. (Refer to the above tables) Between Year 1 and Year 2, real GDP (based on Year 1 as a base year) grew by
(a) 58.18% (b) 158.18% (c) 160% (d) 60%
(e) 260%
3. (Refer to the above tables) Between Year 1 and Year 2, the GDP deflator (based on Year 1 as a base year) rose
(a) 81.25% (b) 90%
(c) 190% (d) 83.33 (e) 183.33%
ECON 301: Intermediate Macro Problem Set
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