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G2:
ComputingGDP1Usetheabovedatatosolvetheseproblems:A.ComputenominalGDPin2004.B. ComputerealGDPin2005.C. ComputetheGDPdeflatorin2006.2004(baseyr)20052006PQPQPQgoodA$30900$311,000$361050goodB$100192$102200$100205A
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G2:
Answers2A. ComputenominalGDPin2004.
$30x900+$100x192=$46,200B. ComputerealGDPin2005.
$30x1000+$100x200=$50,0002004(baseyr)20052006PQPQPQgoodA$30900$311,000$361050goodB$100192$102200$100205A
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G2:
Answers3C. ComputetheGDPdeflatorin2006.NomGDP=$36x1050+$100x205=$58,300RealGDP=$30x1050+$100x205=$52,000GDPdeflator=100x(NomGDP)/(RealGDP) =100x($58,300)/($52,000)=112.12004(baseyr)20052006PQPQPQgoodA$30900$311,000$361050goodB$100192$102200$100205A
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G1:
CalculatetheCPI4CPIbasket:
{10lbsbeef,
20lbschicken}TheCPIbasketcost$120
in2004,thebaseyear.A. ComputetheCPIin2005.B. WhatwastheCPIinflationratefrom2005-2006?0priceofbeefpriceofchicken2004$4$42005$5$52006$9$6A
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G1:
Answers50beefchicken2004$4$42005$5$52006$9$6A. ComputetheCPIin2005:CostofCPIbasketin2005
=($5x10)+($5x20)=$150CPIin2005=100x($150/$120)=125CPIbasket:
{10lbsbeef,
20lbschicken}TheCPIbasketcost$120
in2004,thebaseyear.A
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G1:
Answers60beefchicken2004$4$42005$5$52006$9$6CPIbasket:
{10lbsbeef,
20lbschicken}TheCPIbasketcost$120
in2004,thebaseyear.B. Whatwastheinflationratefrom2005-2006?CostofCPIbasketin2006
=($9x10)+($6x20)=$210CPIin2006=100x($210/$120)=175CPIinflationrate=(175–125)/125=40%A
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G2:
Substitutionbias7CPIbasket:
{10lbsbeef,
20lbschik}2004-5:
Households
boughtCPIbasket.2006:Householdsbought{5lbsbeef,25lbschik}.A. Computecostofthe2006householdbasket.B. Compute%increaseincostofhouseholdbasketover2005-6,comparetoCPIinflationrate.beefchickencostofCPIbasket2004$4$4$1202005$5$5$1502006$9$6$2100A
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G2:
Answers8CPIbasket:
{10lbsbeef,
20lbschik}Household
basketin2006:
{5lbsbeef,25lbschik}beefchickencostofCPIbasket2004$4$4$1202005$5$5$1502006$9$6$2100A. Computecostofthe2006householdbasket. ($9x5)+($6x25)=$195A
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G2:
Answers9CPIbasket:
{10lbsbeef,
20lbschik}Household
basketin2006:
{5lbsbeef,25lbschik}B. Compute%increaseincostofhouseholdbasketover2005-6,comparetoCPIinflationrate. Rateofincrease:($195–$150)/$150=30% CPIinflationratefrompreviousproblem=40%beefchickencostofCPIbasket2004$4$4$1202005$5$5$1502006$9$6$2100A
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G4:
Exercise1980:CPI=90,
avgstartingsalaryforeconmajors=$24,000Today:CPI=180,
avgstartingsalaryforeconmajors=$50,000
Areeconmajorsbetterofftodayorin1980?100A
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G4:
Answers11SolutionConvert1980salaryinto“today’sdollars”$24,000x(180/90)=$48,000.Afteradjustingforinflation,salaryishighertodaythanin1980.1980:CPI=90,
avgstartingsalaryforeconmajors=$24,000Today:CPI=180,
avgstartingsalaryforeconmajors=$50,0000A
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G1:
ExerciseSupposeGDPequals$10trillion,
consumptionequals$6.5trillion,
thegovernmentspends$2trillion
andhasabudgetdeficitof$300billion.Findpublicsaving,taxes,privatesaving,nationalsaving,andinvestment.12A
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G1:
AnswersGiven:
Y=10.0,C=6.5,G=2.0,G–T=0.3Publicsaving=T–G=–0.3Taxes:T=G–0.3=1.7Privatesaving=Y–T–C
=10–1.7–6.5=1.8Nationalsaving=Y–C–G=10–6.5–2=1.5Investment=nationalsaving=1.513A
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G1B:
ExerciseNowsupposethegovernmentcutstaxesby
$200billion.Ineachofthefollowingtwoscenarios,
determinewhathappenstopublicsaving,
privatesaving,nationalsaving,andinvestment.1. Consumerssavethefullproceedsofthe
taxcut.2. Consumerssave1/4ofthetaxcutandspendtheother3/4.14A
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G1B:
AnswersInbothscenarios,publicsavingfallsby
$200billion,andthebudgetdeficitrises
from$300billionto$500billion.1.
Ifconsumerssavethefull$200billion,
nationalsavingisunchanged,
soinvestmentisunchanged.2.
Ifconsumerssave$50billionandspend$150billion,thennationalsavingandinvestmenteachfallby$150billion.15A
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G1:
CalculatelaborforcestatisticsComputethelaborforce,u-rate,adultpopulation,andlaborforceparticipationrateusingthisdata:16AdultpopulationoftheU.S.
bygroup,March2008#ofemployed 146.0million#ofunemployed 7.8millionnotinlaborforce 79.2million0A
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G1:
AnswersLaborforce =employed+unemployed
=146.0+7.8
=153.8millionU-rate =100x(unemployed)/(laborforce)
=100x7.8/153.8
=5.1%170A
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G1:
AnswersPopulation =laborforce+notinlaborforce
=153.8+79.2
=233.0LFpartic.rate =100x(laborforce)/(population)
=100x153.8/233.0
=66.0%180A
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G1:
ExerciseWhilecleaningyourapartment,youlookunderthesofacushionfinda$50bill(andahalf-eatentaco).Youdepositthebillinyourcheckingaccount.TheFed’sreserverequirementis20%ofdeposits.19A. Whatisthemaximumamountthatthe
moneysupplycouldincrease?B. Whatistheminimumamountthatthe
moneysupplycouldincrease?0A
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G1:
AnswersIfbanksholdnoexcessreserves,then
moneymultiplier=1/R=1/0.2=5Themaximumpossibleincreaseindepositsis
5x$50=$250Butmoneysupplyalsoincludescurrency,
whichfallsby$50.Hence,maxincreaseinmoneysupply=$200.20Youdeposit$50inyourcheckingaccount.A. Whatisthemaximumamountthatthe
moneysupplycouldincrease?0A
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G1:
Answers Answer:$0Ifyourbankmakesnoloansfromyourdeposit,currencyfallsby$50,depositsincreaseby$50,moneysupplyremainsunchanged.21Youdeposit$50inyourcheckingaccount.A. Whatisthemaximumamountthatthe
moneysupplycouldincrease?
Answer:$200B. Whatistheminimumamountthatthemoneysupplycouldincrease?0A
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G1:
ExerciseOnegood:corn.Theeconomyhasenoughlabor,capital,andlandtoproduceY=800bushelsofcorn.Visconstant.In2005,MS=$2000,P=$5/bushel.ComputenominalGDPandvelocityin2005.220A
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G1:
AnswersGiven:Y=800,Visconstant,
MS=$2000andP=$5in2005.23ComputenominalGDPandvelocityin2005.NominalGDP=PxY=$5x800=$4000V=PxYM=$4000$2000=20A
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G2:
ExerciseOnegood:corn.Theeconomyhasenoughlabor,capital,andlandtoproduceY=800bushelsofcorn.Visconstant.In2005,MS=$2000,P=$5/bushel.24For2006,theFedincreasesMSby5%,to$2100.a. Computethe2006valuesofnominalGDPandP.Computetheinflationratefor2005-2006.b. Supposetech.progresscausesYtoincreaseto824in2006.Compute2005-2006inflationrate.0A
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G2:
AnswersGiven:Y=800,Visconstant,
MS=$2000andP=$5in2005.25For2006,theFedincreasesMSby5%,to$2100.a. Computethe2006valuesofnominalGDPandP.Computetheinflationratefor2005-2006.NominalGDP=PxY=MxV(QuantityEq’n)P=PxYY=$4200800=$5.25=$2100x2=$4200Inflationrate=$5.25–5.005.00=5%(sameasMS!)0A
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G2:
AnswersGiven:Y=800,Visconstant,
MS=$2000andP=$5in2005.26For2006,theFedincreasesMSby5%,to$2100.b. Supposetech.progresscausesYtoincrease3%in2006,to824.Compute2005-2006inflationrate.First,useQuantityEq’ntocomputeP:P=MxVY=$4200824=$5.10Inflationrate=$5.10–5.005.00=2%0A
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G2:
Summary&lessonsabouttheQuantityTheoryofMoney27IfrealGDPisconstant,then
inflationrate=moneygrowthrate.IfrealGDPisgrowing,then
inflationrate<moneygrowthrate.Thebottomline:Economicgrowthincreases#oftransactions.Somemoneygrowthisneededfortheseextratransactions.Excessivemoneygrowthcausesinflation.0A
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G3:
TaxdistortionsYoudeposit$1000inthebankforoneyear.CASE1:inflation=0%,nom.interestrate=10%CASE2:inflation=10%,nom.interestrate=20%a. Inwhichcasedoestherealvalueofyourdepositgrowthemost?Assumethetaxrateis25%.b. Inwhichcasedoyoupaythemosttaxes?c. Computetheafter-taxnominalinterestrate,
thensubtractoffinflationtogetthe
after-taxrealinterestrateforbothcases.280A
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G3:
Answers29a. Inwhichcasedoestherealvalueofyourdepositgrowthemost? Inbothcases,therealinterestrateis10%,
sotherealvalueofthedepositgrows10%(beforetaxes).Deposit=$1000.CASE1:inflation=0%,nom.interestrate=10%CASE2:inflation=10%,nom.interestrate=20%0A
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G3:
Answers30b. Inwhichcasedoyoupaythemosttaxes?
CASE1:interestincome=$100,
soyoupay$25intaxes.
CASE2:interestincome=$200,
soyoupay$50intaxes.Deposit=$1000.Taxrate=25%.CASE1:inflation=0%,nom.interestrate=10%CASE2:inflation=10%,nom.interestrate=20%0A
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G3:
Answers31c. Computetheafter-taxnominalinterestrate,
thensubtractoffinflationtogetthe
after-taxrealinterestrateforbothcases.CASE1: nominal = 0.75x10% =7.5% real = 7.5%–0% =7.5%CASE2: nominal = 0.75x20% =15% real = 15%–10% =5%Deposit=$1000.Taxrate=25%.CASE1:inflation=0%,nom.interestrate=10%CASE2:inflation=10%,nom.interestrate=20%0A
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G3:
Summary&lessons32Deposit=$1000.Taxrate=25%.CASE1:inflation=0%,nom.interestrate=10%CASE2:inflation=10%,nom.interestrate=
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