Berkeley ECON 98 - GDP Accounting Worksheet (2 pages)

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GDP Accounting Worksheet



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GDP Accounting Worksheet

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Lecture Notes


Pages:
2
School:
University of California, Berkeley
Course:
Econ 98 - Directed Group Study
Directed Group Study Documents

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Econ 98 Chiu GDP Accounting Worksheet Name SID Spring 2004 Date 1 Define gross domestic product using the expenditures approach 2 Define gross domestic product in words 3 Categorize the following expenditures as C onsumption I nvestment G overnment purchases EX ports or IM ports All the transactions are done within U S borders a William buys a new Ford b William buys a used Ford c Tamara buys a pink Made in Taiwan sweatshirt from Macy s d Brendan sells his used Dido CD to William e William buys an used New Kids on the Block CD from Rasputin Music f Brendan pays his annual tuition to UC Berkeley g Katy pays her annual tuition to Stanford Law School h Congress raises welfare benefits to the poor and needy i Congress funds Iraq s post war reconstruction by 87 billion j State of California buys 10 tons of wood for construction k Philip Morris buys 50 tons of paper l Philip Morris raises the salaries of its employees m Philip Morris hires more employees n Philip Morris spend 100 million on anti smoking ads o Philip Morris buys 200 000 new computers from Dell p Chinese tourist buys a Hershey s chocolate bar from Safeway 4 Examine the validity of this statement The United States has a GDP per capita of 37 600 and Bermuda has a GDP per capita of 35 200 Therefore the standard of living between the two countries is about the same GDP per capita from the CIA World Factbook 2003 5 What is the difference between structural and cyclical unemployment Which type of unemployment is worse Explain Page 1 of 2 Econ 98 Chiu GDP Accounting Worksheet Name SID Spring 2004 Date 6 Calculate inflation CPI in July 2003 was 183 9 and CPI in August 2003 was 184 6 Unadjusted CPI U on all items from Bureau of Labor Statistics as of September 16 2003 7 Does the CPI overstate or understate inflation Explain 8 Name one index that measures price level What is the difference among prices and price levels 9 What are the benefits and costs of inflation Do unexpected increases in inflation help lenders or



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