2 Pages
Unlock Document

University of Toronto Scarborough
Economics for Management Studies
Dan Dolderman

1ECMA06HSketchy Solutions to Term Test written on February 12 2007Please note that there were 2 different versions of the exam with both questions and answers scrambled so answer key varies between examsThe two versions were labeled Version A and Version BVERSION A E E C E B C F B I J H E C B D G E D H E F D F E BVERSION B F F D F C F C A J I G H D A E H D E G F D F E B F Q1Current GDP is 1440 billion population is 32 million so GDP per person is 1440 billion32 million144000032 45000 Q2Current u is about 6 last major recession was in early 1990sQ34Current u in Atlantis is 1680240007 563 new jobs reduce number of unemployed to 1617 increase labour force to 24500 so u5632450066Q513021151113119027113119027 to the power 16102075757so the annual rate of inflation has been 208 over that period to the nearest hundredthQ68CPI uses 1997 bundle soCPI in 200712401000150186GDPdeflator uses 2007 bundle so deflator15001360150165GDP rose from 1000 to 1500 an increase of 50 since the CPI tells us that prices rose by 24 while the GDPdeflator tells us prices rose by 10 and since income rose faster than either index we know that the average consumer is better off in 2007Q9With no government DIY AE140072Y AEY gives us 028Y140 Y140028500Q10The multiplier is 110721028357143
More Less

Related notes for MGEA06H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.