Economics Test 3 - Year 2014/15: Calculations and Short Questions - Prof. García Hiernaux, Exámenes de Administración de Empresas

¡Descarga Economics Test 3 - Year 2014/15: Calculations and Short Questions - Prof. García Hiernaux y más Exámenes en PDF de Administración de Empresas solo en Docsity! INTRODUCTION TO ECONOMICS TEST 3 - YEAR 2014/15 December 12, 2014 The test consists of two parts: 10 short questions, out of 6 points, and 2 problems, out of 2 points each. A maximum of 10 points can be earned. Write the result of the short questions in the table below and justify it below each question inside the booklet. Answers without justification give no points. The problems should be solved in its corresponding space. You should use the back of this and the last sheet for all your calculations. Do not forget to write your name. It is your responsibility to write legible and in understandable English! “There is a big difference between knowing the path, and walking the path.” Surname: . . . . . . . . . . . . . . . . . . . . . . . . Name: . . . . . . . . . . . . . . . . . . . . . . . . Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 10 1 CALCULATIONS 2 9. Get the Investment Spending in 2012. 10. Get the Net Capital Formation in 2012. 5 PROBLEMS. Problem 1. Assume an economy that produces three consumer goods, X, Y and Z. Prices and quantities produced in years 2007, 2008 and 2009 were as following: Good Quantity (Kgs) Price (Euros) 2010 2011 2012 2010 2011 2012 X 20 60 70 12 10 17 Y 40 20 20 9 10 11 Z 40 50 20 7 10 12 Considering that the base period is 2010, get for this economy: 1. The nominal and real Gross Domestic Product in year 2012. [0.5 pts] 2. The annual inflation in 2012 calculated from the GDP Deflator. [0.75 pts] 3. Get the inflation in 2012 calculated using the Consumer Price Index (CPI). [0.75 pts] 6 Problem 2. Consider the economy represented by the following Expanded Circular- Flow Diagram. Provide the values for the concepts enumerated below [2.0 pts]: 1. Government borrowing: 2. Disposable income: 3. Consumer spending: 7