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1、IntermediateMacroeconomics,ClassNo.1Spring2012Homework1DueMar.102012Multiplechoicequestions(1.5pointseach)1.Assumethattotaloutputconsistsof4applesand6orangesandthatapplescost$1eachandorangescost$0.50each.Inthiscase,thevalueofGDPis:A)10piecesoffruit.B)$7.C)$8.D)$10.2.Assumethatatirecompanysells4tires
2、toanautomobilecompanyfor$400,anothercompanysellsacompactdiscplayerfor$500,andtheautomobilecompanyputsalloftheseitemsinoronacarthatitsellsfor$20,000.Inthiscase,theamountfromthesetransactionsthatshouldbecountedinGDPis:A)$20,000.B)$20,000lesstheautomobilecompany'sprofitonthecar.C)$20,900.D)$20,900lesst
3、heprofitsofallthreecompaniesontheitemsthattheysold.3.Thesupplyofloanablefundsisequivalentto:A)nationalsaving.B)privatesaving.C)publicsaving.D)investment.4.Inequilibrium,totalinvestmentequals:A)privatesaving.B)publicsaving.C)nationalsaving.D)householdsaving.5.Endogenousvariablesare:A)fixedatthemoment
4、theyenterthemodel.B)determinedwithinthemodel.C)theinputsofthemodel.D)fromoutsidethemodel.Page16.NominalGDPmeansthevalueofgoodsandservicesismeasuredin______prices.A)currentB)realC)constantD)average7.Exogenousvariablesare:A)fixedatthemomenttheyenterthemodel.B)determinedwithinthemodel.C)theoutputsofthe
5、model.D)explainedbythemodel.8.Ifbreadisproducedbyusingaconstantreturnstoscaleproductionfunction,thenifthe:A)numberofworkersisdoubled,twiceasmuchbreadwillbeproduced.B)amountofequipmentisdoubled,twiceasmuchbreadwillbeproduced.C)amountsofequipmentandworkersarebothdoubled,twiceasmuchbreadwillbeproduced.
6、D)amountsofequipmentandworkersarebothdoubled,fourtimesasmuchbreadwillbeproduced.9.Thedemandforloanablefundsisequivalentto:A)nationalsaving.B)privatesaving.C)publicsaving.D)investment.10.Theassumptionofcontinuousmarketclearingmeansthat:A)sellerscansellallthattheywantatthegoingprice.B)buyerscanbuyallt
7、hattheywantatthegoingprice.C)inanygivenmonth,buyerscanbuyallthattheywantandsellerscansellallthattheywantatthegoingprice.D)atanygiveninstant,buyerscanbuyallthattheywantandsellerscansellallthattheywanta
