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Econ 104: Introduction to Macroeconomics problem set 1

by: Jieun Son

Econ 104: Introduction to Macroeconomics problem set 1 Econ 104

Marketplace > University of Massachusetts > Macro Economics > Econ 104 > Econ 104 Introduction to Macroeconomics problem set 1
Jieun Son
GPA 3.4
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Econ 104 problem set 1
Introduction to Macroeconomics
Mehrene Larude
Class Notes
Macroeconomics, Econ104




Popular in Introduction to Macroeconomics

Popular in Macro Economics

This 3 page Class Notes was uploaded by Jieun Son on Tuesday September 20, 2016. The Class Notes belongs to Econ 104 at University of Massachusetts taught by Mehrene Larude in Fall 2016. Since its upload, it has received 72 views. For similar materials see Introduction to Macroeconomics in Macro Economics at University of Massachusetts.

Similar to Econ 104 at UMass

Popular in Macro Economics


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Date Created: 09/20/16
Zhandos Ybrayev 03AG Fr 9:05AM – 9:55AM Problem set 1, Friday, Sept. 23 Billions of US Dollars 1941 1965 1989 2013 1929 1953 1977 2001 GDP in billions of current dollars GDP in billions of chained 2009 dollars Figure 1. Current­Dollar and “Real” Gross Domestic Product 1920­2020. GDP in billions of current dollars GDP in billions of chained 2009 dollars Figure 2. Current­Dollar and “Real” Gross Domestic Product 1990­2020. Figure 3. Gross Domestic Product Deflator 1920­2020. Figure 1. demonstrates the current­dollar and “real” gross domestic product from 1920 to  2020. Gross domestic product is defined as an aggregate measure of product equal to the sum of  the gross values added of all resident, institutional units engaged in production which includes  any taxes on products not included in the value of their outputs. The gross domestic product is  important because the pattern of GDP growth is held to indicate the success or failure of  economic policy and to determine whether an economy is in recession. As you can see on Figure  3., GDP consistently increased since 1929. However, from 2007 to 2009, the rising real GDP  was interrupted by a downturn and slightly decreased proportionally. As it is seen more  specifically on Figure 2., in 2007, GDP almost hit 150 billion US dollars and gently decrease to  almost 145 billion US dollars.  Hence there were recessions from 2007 to 2009. According to the Figure 1, the current­dollar GDP line steeper­rising faster­ than the real GDP line because the  value of dollars increases every year, so­called inflation. The base year used for real GDP is  around 2009, the year when real GDP and current­dollar GDP is equal as it is seen in Figure 2.,  furthermore, the GDP deflator is 100 in the same year as it is seen in Figure 3. Works Cited U.S., Department of Commerce Bureau of Economic Analysis, 2016, Current­Dollar and "Real"  Gross Domestic Product. Available at


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