Carol Vivian Perdomo Charry

ECO 2013-201

Profesor Nikishin

01-30-2017

a. The unemployment rate in the United States was 8.1% in August 2012.

MACROECONOMICS

b. A U.S. Software firm discharged 15 workers last month and transferred the work to

India.

MICROECONOMICS

c. An unexpected freeze in central Florida reduced the citrus cop and caused the price

of orange to rise.

MICROECONOMICS

d. U.S. output, adjusted for inflation, decreased by 2.4% in 2009.

MACROECONOMICS

e. Last week Wells Fargo bank lowered its interest rate on business loans by one-half

of 1% point.

MICROECONOMICS

f. The consumer price index rose by 3.8% from August 2011 to August 2012.

MACROECONOMICS
 3.

Thousands of Price Thousands of Surplus(+) or

bushel demanded per bushel bushel supplied Surplus (-)

85 $3.40 72 Shortage of 13(-)

80 $3.70 73 Shortage of 7(-)

75 $4.00 75 Equilibrium

70 $4.30 77 Surplus of 7(+)

65 $4.60 79 Surplus of 14 (+)

60 $4.90 81 Surplus of 21(+)

a. The equilibrium price is $4.00. At the price of $4.00 there is neither a shortage nor a

surplus.

c At $3.40, there is a shortage of 13 units. At $4.90, there is a surplus of 21units. If

the price increases by 60 cents from the equilibrium price, the result is a surplus of 14

units, and if the price falls by 30 cents from the equilibrium price, there is a shortage of

7 units.

4.

(a) Price up; quantity down;

(b) Price down; quantity down;

(c) Price down; quantity up;

 (d) Price indeterminate; quantity up;

(e) Price up; quantity up;

(f) Price down; quantity indeterminate;

(g) Price up, quantity indeterminate;

(h) Price indeterminate and quantity down.

7.

a. Personal consumption expenditures (C) $219.1

Government purchases (G) 59.4

Gross private domestic investment (Ig) 63.9

(52.1 + 11.8)

Net exports (Xn) (17.8 - 16.5) 1.3

Gross domestic product (GDP) $343.7

b. Consumption of fixed capital -11.8

Net domestic product (NDP) $331.9

c. Net foreign factor income earned in U.S. 2.2

Statistical discrepancy 0

National income (NI) $334.1

8.

Growth rate of real GDP 4% ($31,200 - $30,000)/$30,000).

GDP per capita in year 1: $300 ($30,000/100).

GDP per capita in year 2: $305.88 ($31,200/102).

Growth rate of GDP per capita is 1.96%: ($305.88 - $300)/300).