Homework 1-2015

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Homework 1 Due day: March 24

1（25 points）. 手机存储Explain why the value of GDP in 2012 would or would not change as a result of each transaction described below:

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a.	In 2012, the Smith family purchas a new hou that was built in 2012.
b.	In 2012, the Jones family purchas a hou that was built in 2001.
网线插上电脑连不上网 c.	In 2012, a construction company purchas windows to put in the Smith family home that was built in 2012.
d.	In 2012, Mr. Jones paints all of the rooms of the Jones family hou purchad in 2009, using paint and supplies purchad in 2012.
e.	In 2012, Mr. Smith us an online brokerage rvice to purchas shares of stock in a construction company.

2（15 points）. There are a number of statistics computed to measure the price level, such as the GDP deflator and the CPI. The choice of which of the measures to u depends in many cas on the specific question in which you are interested. For each of the following s

ituations, state whether the CPI or GDP deflator is a more appropriate measure to u and explain why the statistic is preferred.

a.	You are interested in looking at the impact of higher prices of imported oil in the overall cost of living.
b.	The government is interested in whether increas in defen spending are affecting the price level.
c.	An economic consulting firm is investigating the impact on the aggregate price level of more computers and electronic technology ud in production.

3（25 points）. Explain which expenditure category of GDP changes and the direction of the change that results for each transaction described.

a.	A domestic business purchas a domestically produced computer to u in a business office.
b.	A domestic business produces a computer that is sold to a foreign company.
c.	The federal government purchas a domestically produced computer to u in a courthou.
d.	A domestic houhold purchas a domestically produced computer to u in a home.
e.	A domestic houhold purchas a computer produced in a foreign country to u in a home.

4（10 points).

a.	Suppo a government moves to reduce a budget deficit. Using the long-run model of the economy developed in Chapter 3, graphically illustrate the impact of reducing a government's budget deficit by increasing (lump-sum) taxes on houhold income. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction curves shift; and v. the terminal equilibrium values.
b.	State in words what happens to: i. the real interest rate; ii. national saving; iii. investment; iv. consumption; and v. output.

5 (10 points).

a.	Suppo there is a technological breakthrough that increas the productivity of all capital and, conquently, increas the demand for investment. Using the long-run model of the economy developed in Chapter 3, graphically illustrate the impact of the incread investment demand. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction curves shift; and v. the terminal equilibrium values.
b.	State in words what happens to: i. the real interest rate; ii. national saving; iii. investment; iv. consumption; and v. output.

6 (15 points). Assume that a competitive economy can be described by a constant returns to scale (Cobb–Douglas) production function and all factors of production are fully employed. Holding other factors constant, including the quantity of labor and technology, carefully explain how a one-time, 50-percent decrea in the quantity of capital有关梅花的诗句 (perhaps the result of war damage) will change each of the following:

可鲁 a.	the level of output produced;
b.	the real wage of labor; the real rental price of capital;
c.	capital's share of total income.

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