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Summary Economics and Law
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Summary study book Economics of Mark Taylor, Mankiw (1,3,20,21,22,24,26,27,28) - ISBN: 9781408021262 (Economics recap)
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Available practice questions
Economics 1, all the important information for the exam
Flashcards
56 Flashcards
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Flashcards
56 Flashcards
$3.61
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Some examples from this set of practice questions
1.
real exchange rate
Answer: nominal exchange rate x domestic price : foreign price
2.
net export
Answer: =trade balance = the value of export- value of imports
3.
trade surplus
Answer: export>import
4.
trade deficit
Answer: export<import
5.
Net Capital outflow (NCO)
Answer: The purchase of foreign assets by domestic residents - the purchase of domestic assets by foreigners
6.
closed economy
Answer: y=c g i
7.
The nominal exchange rate
Answer: The rate at which a person can trade the currency of one country for the currency of another
8.
The real exchange rate
Answer: the rate at which a person can trade the goods and services of one country for the goods and services of another
9.
Purchasing Power Parity
Answer: A unit of any given currency should in principle be able to buy the same quantity of goods in all countries This parity will come about through arbitrage
10.
Reasons why PPP does not hold:
Answer: Some goods and services aren’t easily traded - Only a few goods are prefect substitutes
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