MEASURING ECONOMIC PERFORMANCE PRODUCT MARKET
|
|
|
- Rosamond O’Neal’
- 6 years ago
- Views:
Transcription
1 Name: Period THE CIRCULAR FLOW MODEL MEASURING ECONOMIC PERFORMANCE PRODUCT MARKET BUSINESSES HOUSEHOLDS RESOURCE MARKET 1. AKA: 2. 3.
2 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
3 GROSS DOMESTIC PRODUCT (GDP) GDP 6. DOES INCLUDE: 1. INTERMEDIATE GOODS TRANSFERS BETWEEN BANKS AND BUSINESSES
4 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
5 = Xn = ( - ) C Ig Counts for % of GDP. G Xn THE RULE OF VS.
6 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
7 = Wages represent about of the national income. Corporate profits are about of the national income. This method adds up to slightly than the expenditures approach. Directions: Calculate GDP using the expenditures method AND the income method. Item Value Federal government purchases of goods/services 250 Exports 80 Corporate Profits 85 Gross private domestic investment 170 Proprietor s income 85 Net interest 30 State and local purchases of goods/services 110 Rental Income 20 Personal consumption expenditures 660 Capital consumption allowance 140 Imports 105 Compensation of employees 8240
8 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
9 GROSS NATIONAL PRODUCT (GNP) NET DOMESTIC PRODUCT (NDP) DEPRECIATION ALSO CALLED THE: DISPOSABLE INCOME Refer to the table on the previous page. Using the expenditures method, calculate NDP. Primarily, it does not take into consideration any factors that are not 1. KIND AND QUALITY OF PRODUCTS 3. OVERALL WELL-BEING 2. DISTRIBUTION 4. UNDERGROUND ECONOMY 5. OTHER NON-MARKET TRANSACTIONS
10 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
11 GDP GAPS INFLATIONARY GDP GAPS RECESSIONARY GDP GAPS Recessionary gaps create, which represent. Directions: For each item below, tell whether or not it would count in 2012 GDP calculations. If YES, tell which category. If NO, explain why not. A. Your friends give you a $5000 check on your wedding day. B. A baker purchases 100-lbs of flour for use in the cakes he will sell. C. A used video game from Game Stop. D. Commission paid to a salesperson for selling you the used video game. E. BISD buys each student a new ipad. What would happen to U.S. GDP if Americans suddenly began purchasing more toys manufactured by factories in China? What if the plants that manufactured the toys in China were actually part of an American-owned company. Under those circumstances, would the increase in American consumption of toys produced in China have any effect on U.S. GDP?
12 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
13 LABOR FORCE Sorry, but the following individuals are EXCLUDED from the labor force: You are considered to be EMPLOYED if. You are considered to be UNEMPLOYED if. You are considered to be a DISCOURAGED WORKER if. To calculate the UNEMPLOYMENT RATE, divide the number of people who are by the total number of people in the. Multiply by 100. # unemployed x 100 = Unemployment # in labor force Rate
14 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
15 TYPES OF UNEMPLOYMENT CYCLICAL UNEMPLOYMENT STRUCTURAL UNEMPLOYMENT FRICTIONAL UNEMPLOYMENT SEASONAL UNEMPLOYMENT The NATURAL RATE OF UNEMPLOYMENT (NRU) is another term for NRU occurs when unemployment is at %. The unemployment rate is zero!
16 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
17 INFLATION Inflation is good for. Inflation is bad for. PRICE INDICES CONSUMER PRICE INDEX (CPI) PROBLEMS WITH CPI THE BASKET BUREAU OF LABOR AND STATISTICS
18 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
19 CALCULATING THE RATE OF INFLATION YEAR CPI PRICE OF AN ITEM $30 RATE OF CHANGE INFLATION RATE Calculate the inflation rate between 1925 and COMPARING PRICES Calculate the price of bread in BASELINE YEAR PRODUCER PRICE INDEX (PPI) GDP DEFLATOR
20 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
21 CAUSES OF INFLATION COST-PUSH INFLATION DEMAND-PULL INFLATION THE COSTS OF INFLATION THE FISHER EQUATION SHRINKING INCOMES Irving Fisher EFFECT ON INTEREST RATES CHANGES IN WEALTH The bottom line: Inflation has a effect on each of these issues, which will eventually have a negative effect on. NOMINAL vs. REAL values
22 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
23 The MISERY INDEX HYPERINFLATION Which of the following groups would most likely gain from unanticipated inflation? A. Landlords who own apartments in cities with rent controls. B. Individuals who have fixed retirement incomes. DISINFLATION C. Individuals who earn high incomes. D. Individuals who have borrowed money at fixed interest rates. E. Banks that have loaned all excess reserves at a fixed interest rate. If the unemployment rate is 8.5% and the inflation rate is 3%, what would be the current misery index? If the CPI in 1900 was 175 and the CPI in 2012 is 250, did I nflation occur? If so, calculate the rate of inflation that occurred. DEFLATION OKUN S LAW
24 Additional Notes on Previous Page/Practice Workspace Quick Write Space Summary of Previous Page
APE Unit 3 UGRP: Intro to Macroeconomics
/40 UGRP Score: /10 UEQ Score: Name Date Period Time: 2.5 Weeks APE Unit 3 UGRP: Intro to Macroeconomics /50 Total Score Anchor Text and Video: Please visit: https://www.federalreserve.gov/faqs/what-is-macroeconomics.htm
Macroeconomics CHAPTER 7. Tracking the Macroeconomy
Macroeconomics CHAPTER 7 Tracking the Macroeconomy PowerPoint Slides by Can Erbil 2006 Worth Publishers, all rights reserved What you will learn in this chapter: How economists use aggregate measures to
Unit 5 Notes. National Economic Performance
Unit 5 Notes National Economic Performance Economic Indicators Economic Indicators are statistics that economists use to determine the health of a nation s economy. We are going to focus on three statistics
Introduction to Economic Growth and Instability
on C H A P T E R Introduction to Economic Growth and Instability 8-1 ECONOMIC GROWTH Economic Growth on 8-2 An increase in real GDP over some time period An increase in real GDP per capita over some time
INTI COLLEGE MALAYSIA UNIVERSITY FOUNDATION PROGRAMME ECO 183 : FOUNDATION ECONOMICS (MACROECONOMICS) RESIT EXAMINATION : AUGUST 2002 SESSION
ECO 183 (R) / Page 1 of 9 INTI COLLEGE MALAYSIA UNIVERSITY FOUNDATION PROGRAMME ECO 183 : FOUNDATION ECONOMICS (MACROECONOMICS) RESIT EXAMINATION : AUGUST 2002 SESSION Section A : Answer ALL questions.
ECON 201. The Business Cycle. Business Cycle 4 phases 10/1/2009. Chapter 6 Business Cycles, Unemployment, & Inflation
ECON 201 Chapter 6 Business Cycles, Unemployment, & Inflation The Business Cycle The U.S. has experienced economic instability associated with business cycles. Business Cycles alternating rises and declines
Macroeconomics Unit Overview
Unit Overview 3.1 Measuring national income * Circular flow of income * Methods of measurement - income, expenditure and output * Distinction between o gross and net o national and domestic o nominal and
1. What was the unemployment rate in December 2001?
EC2105, Spring 2002 Weekly Quiz 1 (January 16, 2002) 1. What was the unemployment rate in December 2001? 2. When the Fed meets later this month and decides whether to lower interest rates, it is conducting:
Figure Sarver
I. Learning Objectives In this chapter students will learn: A. About the business cycle and its primary phases. B. How unemployment and inflation are measured. C. About the types of unemployment and inflation
Learning objectives. Gross Domestic Product
Learning objectives In this chapter, you will learn about: Gross Domestic Product (GDP) the Consumer Price Index (CPI) the Unemployment Rate The Data of Macroeconomics slide 1 Gross Domestic Product Two
AP Macroeconomics review. By: Maria Villasmil. Economis: The study of how people, firms, and government make decisions when faced with scarcity.
AP Macroeconomics review By: Maria Villasmil Economis: The study of how people, firms, and government make decisions when faced with scarcity. Factors of Production: 1)Land: natural resources 2) Labor:
Introduction To Macroeconomics
Introduction To Macroeconomics Intro to Macro The economy is aggregated into 5 sectors: Households Firms Government Foreign Financial These sectors interact with each other in three sets of markets: Goods
Introduction to Economic Growth, Unemployment, and Inflation McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 1
Introduction to Economic Growth, Unemployment, and Inflation 2005 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 6 1 In this chapter you will learn 6.1 The definition and causes of economic growth 6.2
2/14/2008. The circular flow of goods and incomes. firms and households. goods markets. Goods and services. real flows: goods and services
The circular flow of income Chapter 22 Introduction to Macroeconomics Economics, 4 th edition Stiglitz & Walsh firms and households goods markets real flows: goods and services The Economic Problem Goods
Chapter 25 - Measuring domestic output and national income. National Income Accounting - measures the economy s overall performance
Chapter 25 Chapter 25 - Measuring domestic output and national income Assessing the Economy s Performance National Income Accounting - measures the economy s overall performance Gross Domestic Product
Billions of dollars 7,500 1,300 1,
Exam Name You may not discuss this test in any way shape or form with anyone before 1200 (Noon) Thursday, Dec. 9, 2010. MULTIPLE CHOICE. Circle the letter of the one alternative that best completes the
Many of life s failures are people who did not realize how close they were to success when they gave up. Thomas Edison
Many of life s failures are people who did not realize how close they were to success when they gave up. Thomas Edison National-income accounting is the system used to measure the aggregate income and
Unit 2: Macro Measures REVIEW ACTIVITY Name That Concept Rules: 1. Cannot use the word(s) 2. Focus on the concept not word Ex: Price Maker
1 Unit 2: Macro Measures 1 REVIEW ACTIVITY Name That Concept Rules: 1. Cannot use the word(s) 2. Focus on the concept not word Ex: Price Maker 2 NAME THAT CONCEPT 1.Macroeconomics 2.Inflation 3.Nominal
Macroeconomic Data. Two definitions: In this chapter, you will learn about how we define and measure: Gross Domestic Product
Topic 2: Macroeconomic Data (chapter 2) revised 9/15/09 CHAPTER 2 The Data of Macroeconomics slide 0 Learning objectives In this chapter, you will learn about how we define and measure: Gross Domestic
The diagram above illustrates the pattern of: A) Wage movements over time B) Price level movements C) Economic growth patterns D) Business cycles
Problem Set Econ 2013: Chapter 9: Business Cycles, Unemployment, and Inflation Name ID: MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) 1) The
Unit Two, Day One (pages , )
Unit Two, Day One (pages 860-889, 585-608) What is the difference between macro and micro? National Debt v. Deficit (NOT THE SAME THING) National Debt Deficit In the circular flow the seller receives exactly
Ch 2. National Income Accounting ECO 402
Ch 2. National Income Accounting ECO 402 Key Words The circular flow Three approaches to measuring national income Production Income Expenditure Value added Final goods and intermediate goods Gross domestic
Chapter 2 The Data of Macroeconomics
Chapter 2 The Data of Macroeconomics slide 0 Learning Objectives In this chapter, you will learn about: Gross Domestic Product (GDP) the Consumer Price Index (CPI) the Unemployment Rate slide 1 GROSS DOMESTIC
Everyone Loves Econ Notes
Unit 1: Economic Fundamentals Everyone Loves Econ Notes Scarcity - the lack of resources for our unlimited wants. Ceteris Paribus Economists hold factors constant, except for what s being considered Goods
macroeconomics The Data of Macroeconomics N. Gregory Mankiw CHAPTER TWO PowerPoint Slides by Ron Cronovich fifth edition
CHAPTER TWO The Data of Macroeconomics macroeconomics fifth edition N. Gregory Mankiw PowerPoint Slides by Ron Cronovich 2002 Worth Publishers, all rights reserved Learning objectives In this chapter,
Name: Econ 112 Test 2
Name: Econ 112 Test 2 Spring 2005 Dr. Raymond ************************************************************************************************* Part One: Explain the following questions in a clear, very
Measuring Domestic Output and National Income
Chapter 27 Measuring Domestic Output and National Income Assessing the Economy s Performance National income accounting measures economy s overall performance Bureau of Economic Analysis compiles National
Measuring the Economy. Measur
Measuring the Economy Measur Economic indicators Economic indicators are statistics that help economists judge the health of an economy. They provide information about important aspects of the economy.
Global Macroeconomics Measurement
Global Macroeconomics Measurement Action items Complete problem set #0 Due September 15 Economic Outlook Forum Tonight! 5:00-6:30, Paulson Auditorium Economic and market outlook Economists from: Nomura,
Production, Income and Employment
CAPTER 6 Production, Income and Employment Sasan ayazmanesh Summary Summary: This chapter deals with the following macroeconomic concepts: 1) National income accounting: how to measure the value of goods
Exam. Name. The table below provides macroeconomic data for a hypothetical economy. Dollar amounts are all in constant-dollar terms.
Exam Name 1) In macroeconomics, the term ʺnational incomeʺ refers to A) all sales of both current production and used goods. B) the value of the income generated by the production of total output. C) only
LIMIT INFLATION Country and Time- Zimbabwe, 2008 Annual Inflation Rate- 79,600,000,000% Time for Prices to Double hours
Inflation 1 Copyright LIMIT INFLATION Country and Time- Zimbabwe, 2008 Annual Inflation Rate- 79,600,000,000% Time for Prices to Double- 24.7 hours What is Inflation? Inflation is rising general level
Chapter 19. What Macroeconomics Is All About. In this chapter you will learn to. Key Macroeconomic Variables. Output and Income
Chapter 19 What Macroeconomics Is All About In this chapter you will learn to 1. Describe the meaning and importance of the key macroeconomic variables, including national income, unemployment, inflation,
AGENDA Tues 1/26. QOD #8: GDP Calculations HW Review ( P #4,5,7) Partner Practice
AGENDA Tues 1/26 QOD #8: GDP Calculations HW Review (494-500 P #4,5,7) Partner Practice Study for CH 23-24 Assessment Parent Syllabus review LO1 24-1 QOD #8: GDP Calculations-Part 1 Suppose that annual
PART 6 The macroeconomic environment
PART 6 The macroeconomic environment 1 of 38 Economy s Income & Expenditure Gross Domestic Product (GDP) Measures the total income of everyone in the economy Measures the total expenditure on the economy
IB Economics Macroeconomic Policies Student activity: 2.10 Low and Stable Rate of Inflation
Student activity: 2.10 Low and Stable Rate of Inflation IB Economics: www.ibdeconomics.com 2.10 INFLATION: STUDENT LEARNING ACTIVITY Answer the questions that follow. 1. DEFINITIONS Define the following
The value of goods and services produced in a nation in a given time period is the definition of.
Unit 4 Review The value of goods and services produced in a nation in a given time period is the definition of. GDP (gross domestic product) Which type of unemployment decreases during a recession? Which
2. In terms of dollar volume of exports and imports, the most important trading partner for the United States is:
1. In the U.S. economy, all are generally accepted economic functions of government except: A) The provision of public goods B) The production and distribution of consumer goods C) Pursuing policies that
Macroeconomic Measurement and Business Cycles
Macroeconomic Measurement and Business Cycles Economics 4353 - Intermediate Macroeconomics Aaron Hedlund University of Missouri Fall 2015 Econ 4353 (University of Missouri) Measurement and Business Cycles
Macroeconomic Measurement and Business Cycles
Macroeconomic Measurement and Business Cycles Economics 3307 - Intermediate Macroeconomics Aaron Hedlund Baylor University Fall 2013 Econ 3307 (Baylor University) Measurement and Business Cycles Fall 2013
EXPENDITURE APPROACH: The expenditures on all final goods and services made by all sectors of the economy are added to calculate GDP. Expenditures are
Chapter 1 MEASURING GDP AND PRICE LEVEL MEASURING EONOMIC ACTIVITY Macroeconomics studies the aggregate (or total) concept of economic activity. Its focus is on the aggregate output, the aggregate income,
We use GDP to compare different economies or to track the same economy over time.
Lecture Notes ECON 1A: Principles of Macroeconomics Chapter 5 - Introduction to Macroeconomics Introduction Macroeconomics looks at the big picture: Demand for: Average price of: Consumption by: Investment
Practice Problems: Chapter 7 Tracking the Macroeconomy
Practice Problems: Chapter 7 Tracking the Macroeconomy 1. The national accounts keep track of: A) the spending of consumers and the government. B) the sales of producers. C) business investment. D) all
Garden City High School Course: AP Macroeconomics
Garden City High School Course: AP Macroeconomics Instructional Philosophy The Advanced Placement Macroeconomics curriculum is a full year program designed to provide both an overview of economics. Economics
Chapter 2: The Data of Macroeconomics
Chapter 2: The Data of Macroeconomics 0 IN THIS CHAPTER, YOU WILL LEARN: the meaning and measurement of the most important macroeconomic statistics:! gross domestic product (GDP)! the consumer price index
Assignment 1 Deadline: September 23, 2004
ECN 204 Introductory Macroeconomics Instructor: Sharif F. Khan Department of Economics Ryerson University Fall 2005 Assignment 1 Deadline: September 23, 2004 Part A Multiple-Choice Questions [30 marks]
MACROECONOMIC OUTPUT. Economy performance measurement
MACROECONOMIC OUTPUT Economy performance measurement GDP Gross Domestic Product measures the monetary value of final goods and services that is, those that are bought by the final user produced in a country
What is Macroeconomics?
MACRO ECONOMICS 1 What is Macroeconomics? Macroeconomics is the study of the large economy as a whole. It is the study of the big picture. Instead of analyzing one consumer, we analyze everyone. Instead
Name Economics: Unit Three Study Guide Unit One Standards
Name Economics: Unit Three Study Guide Unit One Standards Macroeconomic Concepts: SSEMA1 Illustrate the means by which economic activity is measured. a. Identify and describe the macroeconomic goals of
MACROECONOMICS - CLUTCH CH UNEMPLOYMENT AND INFLATION.
!! www.clutchprep.com CONCEPT: LABOR FORCE AND UNEMPLOYMENT Tracking levels of employment within an economy gives meaningful data regarding the nation s productivity Labor Force the total number of workers,
Macroeconomic Analysis Econ 6022 Level I
1 / 37 Macroeconomic Analysis Econ 6022 Level I Lecture 2 Fall, 2011 2 / 37 Overview Let s start our tour in macroeconomics by introducing a few building blocks, which will be used repeatedly later on.
MACROECONOMICS. The Data of Macroeconomics MANKIW. In this chapter, you will learn. Gross Domestic Product: Expenditure and Income.
C H A P T E R 2 The Data of Macroeconomics MACROECONOMICS N. GREGORY MANKIW 2008 Worth Publishers, all rights reserved SIXTH EDITION PowerPoint Slides by Ron Cronovich In this chapter, you will learn the
Grade 11 Economics Unit #4: Macroeconomics Practice Test and Answer Key
Name: Grade 11 Economics Unit #4: Macroeconomics Practice Test and Answer Key Note: Section A of the actual test will contain multiple-choice questions. You can practice this type of question within the
Chapter Outline. Chapter 6 Every Macroeconomic Word You Have Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession and Depression
Chapter 6 Every Macroeconomic Word You Have Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession and Depression Chapter Outline Measuring the Economy Real Gross Domestic Product and Why
Topic 2: Macroeconomic Data. (chapter 2) revised 9/15/09. CHAPTER 2 The Data of Macroeconomics slide 0
Topic 2: Macroeconomic Data (chapter 2) revised 9/15/09 CHAPTER 2 The Data of Macroeconomics slide 0 Learning objectives In this chapter, you will learn about how we define and measure: Gross Domestic
Motivated Monday, November 5 (No school tomorrow!)
Motivated Monday, November 5 (No school tomorrow!) Learning targets: I can research inflation and CPI and I can review GDP and unemployment. (Sub work from Friday) New USATP is up Unit 2 test Nov. 13 and
Chapter 2 The Data of Macroeconomics
Chapter 2 The Data of Macroeconomics Zhengyu Cai Ph.D. Institute of Development Southwestern University of Finance and Economics All rights reserved http://www.escience.cn/people/zhengyucai/index.html
FINAL EXAM STUDY GUIDE
AP MACROECONOMICS-2018 Name: FINAL EXAM STUDY GUIDE Instructions: DUE: Day of FINAL EXAM => Friday 12/21 st (1 st & 2 nd Periods) Thursday 12/20 th (4 th period) Section 1: PRODUCTION POSSIBLITIES FRONTIER
Midterm 1 Practice Multiple Choice Questions
Midterm 1 Practice Multiple Choice Questions 1. To compute the value of GDP: A) goods and services are valued at market prices. B) the sale of used goods is included. C) production for inventory is not
Define inflation. Define price level. Define deflation. Deflation. Define disinflation. The average price of goods and services in the economy
Define inflation A general and sustained rise in prices ( measured by a change in weighted index of prices such as CPI) Define price level The average price of goods and services in the economy Define
ECON 3010 Intermediate Macroeconomics Solutions to Exam #1
ECON 3010 Intermediate Macroeconomics Solutions to Exam #1 Multiple Choice Questions. (25 points; 2.5 pts each) #1. The marginal propensity to consume is the: a. ratio of consumption to income. b. amount
SSEMA1 Unemployment, Inflation, CPI Notes
SSEMA1 Unemployment, Inflation, CPI Notes SSEMA1: The student will illustrate the means by which economic activity is measured. a. Define GDP, economic growth, unemployment, CPI, inflation, stagflation,
Chapter 2: The Data of Macroeconomics*
Chapter 2: The Data of Macroeconomics 1/40 *Slides based on Ron Cronovich's slides, adjusted by Marcel Bluhm for lecture in Macroeconomics at the Wang Yanan Institute for Studies in Economics at Xiamen
CHAPTER 4: GROWTH, UNEMPLOYMENT, AND INFLATION
CHAPTER 4: GROWTH, UNEMPLOYMENT, AND INFLATION CIA4U Unit 2 Macroeconomics: Economic Indicators Economic growth: an increase in an economy s real GDP per capita ( per head, or real GDP divided by the country
!&Z -** -. oremacroeconorracs. Gerald W. Stone Metropolitan State College of Denver. Worth Publishers
V -** -.!&Z oremacroeconorracs 1 Gerald W. Stone Metropolitan State College of Denver Worth Publishers BRIEF CONTENTS CHAPTER 1 Exploring Economics 1 CHAPTEFL2 j Production, Economic Growth, and Trade
Eco202 Review, April 2011, Prof. Bill Even. I. Introduction. A. The causes of the great recession B. Government responses to great recession
Eco202 Review, April 2011, Prof. Bill Even I. Introduction. A. The causes of the great recession B. Government responses to great recession II. III. Chapter 4: Measuring GDP and Economic Growth A. Definition
GEORGIA PERFORMANCE STANDARDS. Macroeconomics
GEORGIA PERFORMANCE STANDARDS Macroeconomics GEORGIA PERFORMANCE STANDARDS INTERNATIONAL ECONOMICS Macroeconomic Concepts SSEMA1 The student will illustrate the means by which economic activity is measured.
OUTLINE October 18, Key concepts. Expenditure 10/16/ :53 PM. Focus: Total Expenditure
OUTLINE October 18, 2017 Expenditure = C + I + G + (EX IM), continued 3 equations you must know Measuring Unemployment Measuring Inflation Key concepts When figuring out IF some activity is counted in
CHAPTER 14 ECONOMIC INSTABILITY
CHAPTER 14 ECONOMIC INSTABILITY Business Cycles Economic growth is something that is beneficial to almost everyone Sometimes though, economic growth is interrupted by business cycles largely systematic
Introduction. Learning Objectives. Learning Objectives. Chapter 7. Explain how the U.S. government calculates the official unemployment rate
Chapter 7 The Macroeconomy:, Inflation, and Deflation Introduction Why is it that the responsibility for announcing the start of economic contractions and expansions does not rest with elected officials?
macro macroeconomics The Data of Macroeconomics N. Gregory Mankiw CHAPTER TWO 6 th edition
macro CHAPTER TWO The Data of Macroeconomics macroeconomics 6 th edition N. Gregory Mankiw Learning objectives In this chapter, you will learn about: Gross Domestic Product (GDP) the Consumer Price Index
Dunbar s Big Review Sheet AP Macroeconomics Exam Content Area [Hubbard Textbook pages] (percentage coverage on AP Macroeconomics Exam) I.
![Dunbar s Big Review Sheet AP Macroeconomics Exam Content Area [Hubbard Textbook pages] (percentage coverage on AP Macroeconomics Exam) I.](/thumbs/77/76534172.jpg "Dunbar s Big Review Sheet AP Macroeconomics Exam Content Area [Hubbard Textbook pages] (percentage coverage on AP Macroeconomics Exam) I.")
Dunbar s Big Review Sheet AP Macroeconomics Exam Content Area [Hubbard Textbook pages] (percentage coverage on AP Macroeconomics Exam) I. Basic Economic Concepts (8-12%) Three Fundamental Questions [8]:
3. The phase of the business cycle in which real GDP is at a minimum is called: A. the peak. B. a recession. C. the trough. D. the underside.
1. Most economists agree that the immediate determinant of the volume of output and employment is the: A. composition of consumer spending. B. ratio of public goods to private goods production. C. level
Multiple Choice Questions Solutions are provided directly when you do the online tests.
SOLUTIONS Multiple Choice Questions Solutions are provided directly when you do the online tests. Numerical Questions 1. Nominal and Real GDP Suppose than an economy consists of only types of products:
Macroeconomics Unit 1: Basic Economics Concepts
Macroeconomics Unit 1: Basic Economics Concepts Key Terms- Define the following: 3 Economic Systems 1. Scarcity 1. Centrally Planned Economies Individuals, businesses, and governments have Economic system
MACROECONOMICS EXAM REVIEW CHAPTERS 5 THROUGH 10
MACROECONOMICS EXAM REVIEW CHAPTERS 5 THROUGH 10 Key Terms and Concepts to Know CHAPTER 5 FUNDAMENTALS OF MACROECONOMICS I. The National Economy: Economy: the structure of economic life, or economic activity,
Principles of Macroeconomics Introductory quiz
Principles of Macroeconomics Introductory quiz Academic Program: MSc in Banking and Finance Semester: Fall 2011/12 Instructor: Dr. Nikolaos I. Papanikolaou Office: Luxembourg School of Finance, KB2-E02
Measuring Income and Prices
Measuring Income and Prices Mark Huggett Georgetown University January 12, 2018 Income and Prices 1. These slides will review different ways to compute GDP. The Bureau of Economic Analysis (BEA) calculates
Eco202 Review, April 2013, Prof. Bill Even. I. Chapter 4: Measuring GDP and Economic Growth
Eco202 Review, April 2013, Prof. Bill Even I. Chapter 4: Measuring GDP and Economic Growth A. Definition of GDP B. Measuring GDP 1. Expenditure side a) C+I+G+NX b) Definition of each component 2. Income
Economics Unit Four. Macroeconomics
Economics Unit Four Macroeconomics Macroeconomics Macroeconomics is the study of the whole economy together the aggregated spending, saving, and investing decisions of all consumers and businesses describes
MACROECONOMICS REVIEW FOR EXAM #1. 1. Real GDP is better than nominal GDP in making comparisons of GDP over time because:
MACROECONOMICS REVIEW FOR EXAM #1 1. Real GDP is better than nominal GDP in making comparisons of GDP over time because: A. Nominal GDP can increase simply because of price increases over time. B. Real
Chapter 6 GDP, Unemployment and Inflation
Chapter 6 GDP, Unemployment and Inflation - Microeconomics: study of how households and firms make choices & how they interact in markets. - Macroeconomics: study of the economy as a whole, including topics
HCCS 2011 REVIEW FOR TEST II Covering chapters from Case, Fair, Oster text. GDP and the Standard of Living
HCCS 2011 REVIEW FOR TEST II Covering chapters 20 -- 24 from Case, Fair, Oster text GDP and the Standard of Living What is Gross Domestic Product and how is it measured? Expenditure Approach (C+I+G+NX)
Measurement. Chapter 2. Topics in Macroeconomics 2. Economics Division University of Southampton. February 8, 2008
Measurement Chapter 2 Topics in Macroeconomics 2 Economics Division University of Southampton February 8, 2008 Chapter 2 1/42 Topics in Macroeconomics Gross Domestic Product Introduction Gross Domestic
Chapter 8- Measuring Total Production & Income. Distribution of GDP
Chapter 8- Measuring Total Production & Income Distribution of GDP 1 Keeping Tabs on the Economy You must be able to measure and track the economy in order to understand what is going on and react appropriately.
ECON 3010 Intermediate Macroeconomics Solutions to the Final Exam
ECON 3010 Intermediate Macroeconomics Solutions to the Final Exam Multiple Choice Questions. (60 points; 3 pts each) #1. How does the distinction between flexible and sticky prices impact the study of
Principles of Macroeconomics Fall Answer Key - Problem Set 1
EC132.01(02) Serge Kasyanenko Principles of Macroeconomics Fall 2005 Answer Key - Problem Set 1 1. Gross Domestic Product, 2004 (millions of current dollars) I. Personal consumption expenditures 8214.3
Inflation. Chapter Summary and Learning Objectives
CHAPTER 9 Unemployment and Inflation Chapter Summary and Learning Objectives 9.1 Measuring the Unemployment Rate, the Labor Force Participation Rate, and the Employment-Population Ratio (pages 268 277)
Chapter 7 Unemployment, Inflation, and Long-Run Growth. Unemployment. Unemployment. Measuring Unemployment
Chapter 7, Inflation, and Long-Run Growth Measuring Components of the Rate The Costs of Inflation The Consumer Price Index The Costs of Inflation Long-Run Growth Output and Productivity Growth Measuring
Measurement. Chapter 2. Topics in Macroeconomics 2. Economics Division University of Southampton. February 2009
Measurement Chapter 2 Topics in Macroeconomics 2 Economics Division University of Southampton February 2009 Chapter 2 1/45 Topics in Macroeconomics Gross Domestic Product Introduction Gross Domestic Product
INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT Social Studies Curriculum - May 2009 AP Economics
Course Description: This full-year college-level course begins with basic economic concepts and proceeds to examine both microeconomics and macroeconomics in greater detail. There are five units which
Unit 4: Measuring GDP and Prices
Unit 4: Measuring GDP and Prices ECO 120 Global Macroeconomics 1 1.1 Reading Reading Gross Domestic Product (GDP): Module 11 Real vs Nominal GDP: Module 12 1.2 Goals Goals Specific Goals: Understand how
Macroeconomics CHAPTER 15
Macroeconomics CHAPTER 15 Labor Markets, Unemployment, and Inflation PowerPoint Slides by Can Erbil 2006 Worth Publishers, all rights reserved What you will learn in this chapter: The meaning of the natural
FINAL EXAM STUDY GUIDE
AP MACROECONOMICS-2017 Name: FINAL EXAM STUDY GUIDE Instructions: DUE: Day of FINAL EXAM => Friday 12/22 nd (1 st & 2 nd Periods) Thursday 12/21 st (4 th period) Section 1: PRODUCTION POSSIBLITIES FRONTIER
The Data of Macroeconomics
C H A P T E R 2 MACROECONOMICS SIXTH EDITION N. GREGORY MANKIW PowerPoint Slides by Ron Cronovich 2008 Worth Publishers, all rights reserved In this chapter, you will learn the meaning and measurement
AS Economics: ECON2 Economics: The National Economy 2009/10
2 weeks 1 st Sep - 11 th Sep Term 1 Introduction to the objectives and instruments of government This is an introduction to 3.2.3, 3.2.1 macroeconomic policy the Unit and most of the content Candidates
Monetary Policy Tools?
EQ: What is the Federal Reserve System? In the U.S., the Federal Reserve System was established in 1913 to discharge the function of a central bank and provide a strengthened framework of regulatory control
Economic Performance Indicators - Unemployment, CPI, GDP
Supply and Demand law of demand income effect substitution effect change in quantity demanded vs. change in demand determinants of demand (TRIBE) normal vs. inferior goods supplied vs. change in supply
Measuring the Aggregate Economy
CHAPTER 25 Measuring the Aggregate Economy The government is very keen on amassing statistics... They collect them, add them, raise them to the n th power, take the cube root and prepare wonderful diagrams.
AP Macroeconomics Fall Semester 2016
AP Macroeconomics Fall Semester 2016 Ms. Huynh ( Win ), Room 126 Phone: (626) 441-5820 Ext 2126 Email: Thuynh@spusd.net Curricular Overview This semester long course will introduce students to the principles