Categorize the terms based on whether they are used to calculate GDP based on the components of demand (also known as the expenditure approach) or by what is produced. If a term does not belong in either category, please leave it unplaced.
Provide a descriptive analysis of the two variables (e.g., mean, standard deviation, minimum
and maximum). Which countries have the lowest and average life satisfaction scores? Which
countries have the lowest and highest GDPs per capita? (2 marks).
? Develop a scatter diagram with GDP per capita as the independent variable. What does the
scatter diagram indicate about the relationship between the two variables? (3 marks).
? Develop and estimate a regression equation that can be used to predict average life
satisfaction given GDP per capita. (2 marks).
? State the estimated regression equation and interpret the meaning of the slope coefficient (to
make the interpretation easier multiply the estimated coefficient by 10,000). (3 marks).
? Is there a statistically significant association between GDP per capita and average life
satisfaction? What is your conclusion? (2 marks).
? Did the regression equation provide a good fit? Explain. (3 marks).
? Luxembourg, Ireland, and Norway appear to be outliers in terms of GDP per capita. Re-estimate your regression model without Luxembourg, Ireland, and Norway. How does this
affect the slope coefficient and goodness of fit? Explain. (5 marks).
Go to the BEA website and under ‘Publications’, visit the Interactive Data Tables. Select the National Income and Product Accounts, and using tables 1.1.6 and 1.1.7 examine all four components of GDP (C, I, G, and Xn).
Which of these components of AD changed the most recently?
What implication do you think that has on the economy?
Do you think an increase in government’s spending (G) can boost the Aggregate Demand (AD) in a recession?
Given your knowledge of GDP and the BEA data, what stage of the Business Cycle would the U.S. economy be in currently given the trends?
PSY 285 Week 1 Checkpoint Causation and Correlation
1. A monopoly with constant marginal costs of $50 can sell to three groups of potential consumers, with demands Q1 = 800
ECO10001 Introduction to the Sections of the Portfolio Assessment – x/30m
o General Comments
In educational settings, a portfolio assessment is a compilation of materials that demonstrates a
student’s understandings and skills developed.
In ECO1001 the Portfolio Assessment has 3 sections which are:
i. A short ‘Student Prepared Revision Exercise with Answers’ – x/5 marks,
ii. ‘Peer-Review Evaluations’ of the student prepared revision exercise and answers – x/5
marks,
iii. A longer ‘ULO Portfolio Assessment’ to illustrate and demonstrate understanding of the
ECO10001 Unit Learning Objectives – x/20 marks.
The Student Prepared Revision Exercise with Answers and the Written Portfolio components are
group-based activities (maximum three students per group) whilst the Peer Review Evaluations are
individual-based .
o Comments on the Student Prepared Revision Exercise and Peer-Review Evaluations
It is expected student groups prepare class revision exercises from a previous topic taught, usually
from the previous week. Students are to take responsibility forming their own groups and obtain
teacher endorsement. A schedule for Revision Exercise times will be arranged by the teacher and
student groups will be invited to choose presentation dates. All topics planned should have teacher
prior approval. Ideally there will be one presentation per tutorial date identified. More particular
expectations are:
i. Small student groups are to create and present revision class activities e.g. two MCQs and
2 substantive short answer questions. Revision class activities may draw from the Group
Revision Exercises found in student topic notes but chosen activities should be discussed
with the teacher prior to the presentation. Class members are expected to attempt
(individually or in groups) the Revision exercises prepared by the small group. When
sufficient time has elapsed (e.g. 5 minutes) and with the teacher’s consent, the student
group will publish their prepared answers and the teacher will invite the class to discuss
and make constructive comments about the prepared exercises and answers. Presenting
groups should submit their Portfolio Student Prepared Revision Exercise with Answers in
Word format to Canvas via Turnitin prior to the event. The Exercise format should the
questions for students to attempt first, and the detailed ‘answers’ second. Students should
note that the teacher’s marking criteria is based primarily on the quality of the written
answers supplied (as are the Peer Reviews). Students presenting should make themselves
familiar with the marking matrix.
Foundation & Pathways
Economic Principles ECO10001
©Copyright: 2019 Swinburne University of Technology CRICOS: 00111D
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ii. At the conclusion of the Student Prepared Revision Exercise, all students not having
presented are invited to complete, in that tutorial time only, an on-line Peer Review
Evaluation of the Student Prepared Revision Exercise. Students complete up to a maximum
of 5 Peer Review Evaluations for the Teaching Period and reasoned peer assessments will
be awarded 1 mark each.
iii. The teacher will assess the presenting student group’s written answers (x/5) using the
same criteria that are part the Peer Review Evaluation checklist. This checklist can be
viewed in the Assignments module in Canvas.
Are human rights and sustainable development issues relevant to the behaviour of MNCs? Discuss and defend your answer by giving examples. Use REFERENCES to back up your answer.
Suppose Peter have $500,000 to spend on a house and “other goods” (denominated in dollars). The price of 1 square foot of housing is $200, and Peter chooses to purchase optimally sized house at 1,250 square feet. Assume throughout that Peter spends money on housing solely for its consumption value (and not as part of his investment strategy). e) Calculate Peter’s optimal housing consumption as a function of the price of housing (px) and his exogenous income M (assuming that py is by definition equal to 1). f) What information does a demand function from part e) impart? Is there anything unusual about this demand function? g) What is the equation of the inverse demand curve for housing? Draw this on a graph. If income were to increase, what would happen to the inverse demand curve for housing? Illustrate on graph. h) Using answer from part e), verify that Peter will purchase a1,250-square-foot house when his income is 500,000 and the price per square foot is $200. . .
The central bank increases the money supply from $350 billion to $375 billion. Bankers think the velocity is only 1.75 and the current price level is 105. What will Real GDP now be?
1.Let’s figure out GDP for Robinson Crusoe. a) Initially, he is stuck on an island without the wisdom and local knowledge of Friday. Because Crusoe is a proper Englishman, he wants to keep his accounts. This year, he catches and eats 2,000 fish valued at one British pound (£) each, grows and eats 4,000 coconuts valued at 2 British pounds each, and makes two huts (housing) valued at 200 pounds each. If government purchases are zero and there is no trade, what is for Crusoe? What is? What isY? b) One year, he learns of a tribe on a nearby island who are willing to trade with him: If he gives fish, they give clams. He produces just as much as before, but he trades 500 of the 2,000 fish and receives 10,000 clams valued at 4 clams per British pound. What is the British pound value of the exported fish? Of the imported clams?
What is C, I, and NX now? What is GDP now? c) The following year, Crusoe produces the same as in every other year, but a tribe on the other side of the island steals his two huts after he makes them, and gives him nothing in return. So, he exports, but does not import at all. What areC, I, NX,andYnow? d) In Crusoe’s final year on the island, he produces the same as in every other year (he’s a reliable worker), but a new shipwreck washes up on his island containing a clock worth £3, a new shirt worth £3, and a copy of Milton’s Paradise Lost and Shakespeare’s complete works, each worth £1. Treat these as imported consumer goods. What is GDP this year? (Note: Emphasize the “P” in GDP when considering your answer.) What areC, I, NX, and this year? e) Is Crusoe probably happy about what happens in part c? Is he probably happy about what happens in part d?