Week 2 Assignment Template s1
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WEEK 6 ASSIGNMENT TEMPLATE
NAME:
SCORE: /25
DIRECTIONS: Use BOLD TYPE to fill in the yellow highlighted blanks.
Be sure to RETAIN the YELLOW HIGHLIGHTS when you fill in your answers.
Save your template as a .doc or .docx file and email to the instructor at [email protected] Please name your file “First Name Last Name Week6 Assignment”. The subject line of your email should state “Week 6 Assignment”.
Chapter 5 – Questions for Review #8 Why is it desirable for a country to have a large GDP? Give an example of something that would raise GDP and yet be undesirable. ______
Chapter 5 – Problems & Applications #4 Below are some data from the land of milk and honey.
Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2010 $1 100 quarts $2 50 quarts 2011 $1 200 $2 100 2012 $2 200 $4 100
a. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2008 as the base year. SHOW YOUR WORK!
2010 nominal GDP: ______
2011 nominal GDP: ______
2012 nominal GDP: ______
2010 real GDP: ______
2011 real GDP: ______
2012 real GDP: ______
2010 GDP deflator: ______
2011 GDP deflator: ______
2012 GDP deflator: ______Chapter 6 – Questions for Review #1 Describe the three problems that make the consumer price index an imperfect measure of the cost of living. ______
Chapter 6 – Problems and Applications #9 When deciding how much of their income to save for retirement, should workers consider the real or the nominal interest rate that their savings will earn? Explain. ______