04 Jun Section 002 – MWF 8:00 – 8:50 am: 102 Forum Building ________
Question
Name ____________________________ last 4 PSU ID _______
Please check section that you are registered in:
Section 002 – MWF 8:00 – 8:50 am: 102 Forum Building ________
Section 001 – MWF 1:25 – 2:15 pm: 101 Thomas Building ________
Fall 2014 Chuderewicz – YOU MUST HAND IN HW IN THE SECTION YOU ARE REGISTERED FOR – NO EXCEPTIONS
YOU MUST USE THIS AS A TEMPLATE– THAT IS– MAKE SPACE FOR YOUR ANSWERS BY HITTING ENTER (you certainly don’t need to type this assignment)– LEAVE THE QUESTIONS AS THEY ARE– AND PLEASE STAPLE! NOTEBOOKPAPER (OR ANY PAPER) STAPLED TO THE BACK IS NOT ACCEPTABLE (GETS A ZERO). ALSO, PLEASE PUT THE FIRST TWO LETTERS OF YOUR LAST NAME IN THE TOP RIGHT HAND CORNER OF THIS PAGE SO THAT WE CAN ALPHABETIZE THESE EASILY. THANKS IN ADVANCE!
Economics 304
Homework #1– A ride into reality!
Due Wednesday, 9/10 at the beginning of class – no late papers accepted!
Instructions: Please show all work or points will be taken off. Good luck!
1. (60 points total – 10 points each part) In this first homework assignment, we are getting our ‘hands dirty’ to get familiar with some of the major macroeconomic variables that we will be using and working with throughout the semester. Our first chapter with ‘something to sink our teeth into’ is chapter 3 and it is all about the factors of production, the labor market, and of course, the production function. Major variables in this part of the macroeconomy (i.e., the supply side of the economy) include, but certainly are not limited to, employment (denoted N), real wages (denoted w = W/P where W = nominal wage and P is the price index – typically the CPI) and real GDP (denoted Y). When we move to chapter 4 we encounter many more major macroeconomic variables including consumption (C), investment (I), and the real interest rate (denoted r), among others. We are going to use FRED as our source of data (many professional economists use this site, nice clean data!)[1]
I provide you with the links to the data that is needed throughout this assignment. For an interesting look at the %?W vs. the %?P, click Here.
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