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Explain the shapes of the aggregatedemand curve

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Chapter 5

Explain the shapes of the aggregatedemand curve and the aggregate supply curve, and how they interact to determine real GDP in the price level for a nation

3. (Aggregate Demand and Supply) Review the information on demandand supply curves in chapter 4. How do the aggregate demand and aggregate supply curves presented in the chapter differ from the market curve of chapter 4?

6. (Supply-Side Economics) One supply-side measure introduced by the Reagan and administration was acut in income tax rates. Use an aggregate demand /aggregate supply diagram to show what effect was intended. What might happen if such a tax cut also shifted the aggregate demand curve?

Chapter 6

Describe the two ways of computing GDP and explain why they are equivalent

1. (Income approach to GDP) How does the income approach to measuring GDP differ from the expenditure approach? Explain the meaning of value edit and it's important in the income approach. Consider the following data for the selling price at each stage in the production of a 5 pound bag of flour sold by your local grocer. Calculate the final market value of the flour.

Stage of Sale                         Production Price

Farmer                                     $0.30

Miller                                       0.50

Wholesaler                               1.00

Grocer                                     1.50

2. ( Expenditure Approach to GDP) Given the following annual information about a hypothetical country, answer questions a through d.

Billions of Dollars

Personal consumption expenditures                   $200

Personal taxes                                                50

Exports                                                         30

Depreciation                                                  10

Government purchases                                    50

Gross private domestic investment                     40

Imports                                                         40

Government transfer payments                          20

A. What is the value of GDP?

B. What is the value of net the domestic product?

C. What is the value of net investment?

D. What is the value of net exports?

Define a price index and explain why it is useful

8. (Consumer Price index) calculate a new consumer price index for the data in the following exhibits. Assume that the current year prices of the Twinkies, fuel oil, and cable TV are $0.95/package, $1.25/gallon, and $15.00/month, respectively. Calculate the current year's cost of the market basket and the value of the current year prices index. What is the years percentage change in the price level compared to the base year? (SEE ATTACHED)

9.  (Consumer Price Index) given the following data, what was the value of the consumer price index in the base year? Calculate the annual rate of the consumer price inflation in 2013 and each of the following situations:

 A. The CPI equals 200 in 2012 and 240 in 2013.

B. The CPI equals 150 in 2012 and 175 in 2013.

C. The CPI equals 325 in 2012 and  340 in 2013.

D. The CPI equals 325 in 2012 and 315 in 2013.


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Reference no: EM132283051

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