components of expenditure
1)Â List the four major components of expenditure that make up GDP, and explain why each is important.Â
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2)Â Explain the connections among real GDP, nominal GDP, and the price level (remember we studied two ways to calculate price level: GDP Deflator and CPI).Â
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3)Â Explain why optimization by the consumer should imply that the marginal rate of substitution of leisure for consumption is equal to the market real wage.Â
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4)Â What will a consumer do, in terms of optimal consumption and leisure, if the real wage falls?Â
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5)Â In the one period model, list the requirements for a competitive equilibrium, and explain why each is important.Â
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6)Â In the Solow growth model, suppose that the population growth rate declines. Explain what the steady state effects are, and why.Â
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Posted 05 Jun 2017 07:06 AM
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