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York University
ECON 2400
Wai Ming Ho

York University Department of Economics AP/ECON 2400.03B Intermediate Macroeconomic Theory I Mid-term Exam Fall 2010 Date: October 28, 2010 Wai-Ming Ho Time allowed: 75 min. Total marks: 30 Programmable calculators are not allowed. 1. Consider an economy with an apple farmer (Firm A), a juice producer (Firm J), some consumers, and a government. Assume that the only input of Firm A was labor, and that Firm J used apples and labor to produce apple juice. The ▯rms hired domestic workers (the consumers) and paid them wages. All after-tax pro▯ts made by the ▯rms were distributed to some domestic consumers. The government collected taxes from the domestic ▯rms and hired the domestic workers to produce some public services for the domestic residents. Data for Firm A, Firm J, and the government are as follows. Firm J Firm A total value of output (apple juice) $935 total value of output (apples) $800 juice sold to domestic consumers $635 apples sold to Firm J $500 apples sold to domestic consumers $100 juice sold to foreign consumers $260 juice stored as inventory $40 apples sold to foreigner consumers $200 apples purchased from Firm A $500 wages $520 taxes $130 wages $350 taxes $30 Government tax revenue $160 wages to workers for production of public service $175 (a) Calculate gross domestic product (GDP) of the economy using (i) the product approach, (ii) the expenditure approach, and (iii) the income approach. (2 marks each) (b) Calculate the value of each of the following macroeconomic variables of this econ- omy. (1 mark each) i. gross national product (GNP), ii. governmen
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