ECON 302 Midterm: ECON302 Midterm 12 Fall 2008 solution
Document Summary
Instructions: this is closed book, closed notes exam, no calculators of any kind are allowed, show all the calculations, if you need more space, use the back of the page, fully label all graphs. Suppose you deposit in a savings account that pays interest of i% per year. Write the equation that gives the amount of your savings after t years. If a variable grows at constant rate, then the natural log of the variable is: increasing function of time, decreasing function of time, linear function of time, quadratic function of time, impossible to tell without more information. The next table provides data on prices and output in some artificial economy for the years 2000 2002. The goods are labeled 1 and 2, so that. 1 are prices and quantities of the two goods respectively. Calculate the inflation rate between the years 2000 and 2001, using 2001 as the base year. The prices of goods x and y are.
