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1. In 2014, the cost of a market basket of goods was $2,000. In 2016, the cost of the same market basket of goods was $2,100. Use the price index formula to calculate the price index for 2016 if 2014 is the base year.
2. Suppose that in 2015, a typical U.S. student attending a state-supported college bought 10 textbooks at a price of $100 per book and enrolled in 25 credit hours of coursework at a price of $360 per credit hour. In 2016, the typical student continued to purchase 10 textbooks and enroll in 25 credit hours, but the price of a textbook rose to $110 per book and the tuition price increased to $400 per credit hour. The base year for computing a "student price index" using this information is 2015. What is the value of the student price index in 2015? In 2016? Show your work.
3. What is the difference between gross private domestic investment and net private domestic investment? If you were to determine net domestic product (NDP) through the expenditures approach, which of these two measures of investment spending would be appropriate? Explain.
4. Which of the following goods are usually intermediate goods and which are usually final goods: running shoes, cotton fibers, watches, textbooks, coal, sunscreen lotion, lumber?
5. How is economic growth measured? Why is economic growth important? Why could the difference between a 2.5 percent and a 3 percent annual growth rate be of great significance over several decades?
6. What are the four supply factors of economic growth? What is the demand factor? What is the efficiency factor? Illustrate these factors in terms of the production possibilities curve.
7. What is growth accounting? To what extent have increases in U.S. real GDP resulted from more labor inputs? From greater labor productivity? Rearrange the following contributors to the growth of productivity in order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, and technological advance.
8. What is the Consumer Price Index (CPI) and how is it determined each month?
9. How does the Bureau of Labor Statistics calculate the rate of inflation from one year to the next? What effect does inflation have on the purchasing power of a dollar? How does inflation explain the differences between nominal and real interest rates?
10. How does deflation differ from inflation?
11. How is the labor force defined and who measures it?
12. How is the unemployment rate calculated?
13. Does an increase in the unemployment rate necessarily mean a decline in the size of the labor force?
14. Why is a positive unemployment rateone more than zero percentfully compatible with full employment?
15. What are the four phases of the business cycle?
16. How long do business cycles last? Why does the business cycle affect output and employment in capital goods industries and consumer durable goods industries more severely than in industries producing consumer nondurables?
17. How, in general, can a financial crisis lead to a recession? How, in general, can a major new invention lead to an expansion?