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Problem 1
Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying.
1. a) Draw Maria’s production possibilities frontier for reading economics and sociology.
2. b) What is Maria’s opportunity cost of reading 100 pages of sociology?
Problem 2
Bill and Hillary produce food and clothing. In an hour, Bill can produce 2 unit of food or 2 unit of clothing, while Hillary can produce 4 units of food or 6 units of clothing. They each work 10 hours a day.
1. a) Who has an absolute advantage in producing food? Who has an absolute advantage in producing clothing? Explain.
2. b) Who has a comparative advantage in producing food? Who has a comparative advantage in producing clothing? Explain.
3. c) Who should specialize in production of which product and why.
4. d) What is the gain from trade if before specialization both spent 50 % on food production and 50 % of time on clothes production?
Problem 3: (40 points)
2010 (base year)
2017
2018
Product
Quantity
Price
Quantity
Price
Quantity
Price
Boots
1000
20
1200
25
1250
25
Burger
5000
3.5
5500
4
5500
4.5
Smartphones
1500
225
page4image21199296
2000
250
2100
275
Bread
3000
1
3200
1
3400
1
Leather
600
8
700
10
800
12
Consider a small economy producing five goods. Note that bread is half used in burger production and leather is totally used in boots production.
Answer the following questions:
1. Calculate nominal and real GDP of the economy in 2017 and 2018
2. Calculate the real GDP growth rate in 2018. Interpret.
3. Calculate GDP Deflator in 2017 and 2018.
4. Calculate inflation rate in 2018.
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