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Economics 2

21/10/2020 Client: sudharsansrinivasp Deadline: 7 Days

 Total 150 points


Question I. 40 pts. Testing your understanding of Nominal and Real GDP


I.1. 20 pts. Based on the information in Table 1, compute a deflator of GDP, 1972-2019, and explain the nature and functions of this deflator.


Table 1. The US GDP in current and ‘constant’ prices.


Years


GDP at current market prices,


billions $$.


GDP at ‘constant’


prices, billions $$.


Deflator of


   GDP


1972


1,279


5,383


1982


3,343


6,805


1992


6,520


9,685


2002


    10,936


       13,493


2012


    16,197


       16,197


2019


    21,433


       19,092


YOUR ANSWER


I.2. 20 pts. Based on the information in Table 1, draw a graph of the dynamics of Nominal and Real GDP, 1972-2019, and explain it


YOUR ANSWER


Question II. 50 pts. Explain the logic of separation of GDP into three parts: increase in output due to higher efficiency; increase in output due to expanded fixed capital; and increase in output due to expanding labor inputs. 


II.1. 10 pts. Introduce notation, write down the production function (see class notes), and explain its logic.


YOUR ANSWER


II.2. 10 pts. Write down the production function without a ‘residual’ and explain 


                               its logic.


YOUR ANSWER


           II.3. 10 pts. Write down the production function with a ‘residual’ and explain its 


                               logic.


YOUR ANSWER


II.4. 20 pts. Suppose that you computed contributions of higher efficiency, 


                               expanded fixed capital, and expanded labor inputs into growth of GDP. 


                               What is a typical range of these contributions for top industrialized national 


                               economies and for least developed national economies? Explain your 


                               answer.


YOUR ANSWER


Question III. 60 pts. Explain the concept of returns to scale and its practical applications.


           III.1. 15 pts. Define increasing, constant, and decreasing returns to scale.


YOUR ANSWER


          III.2. 15 pts. Graph increasing, constant, and decreasing returns to scale. Explain 


                    your graph.


YOUR ANSWER


          III.3. 30 pts Suppose that you are a top manager. Explain practical applications of 


                    the concept of returns to scale. 


III.3.1. 15 pts. You are a top manager in a small company.


YOUR ANSWER


                           III.3.2. 15 pts. You are a top manager in a gigantic company.


YOUR ANSWER

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