Macroeconomics 1 for eco Samenvattingen, Aantekeningen en Examens

(1) The Short-Run and Long-Run Relationship Between Unemployment and Inflation ECO 203 Principles of Macroeconomics As it pertains to macroeconomics, a countries economy has two important issues to maintain; unemployment and inflation. The federal government s fiscal policy combined with the Federal reserve s monetary policy attempt to keep both inflation and unemployment rates low. Historically, inflation and unemployment have an inverse relationship with each other howeverthis relationship ...

ECO/372 PRINCIPLES OF MACROECONOMICS Final Exam Study Guide 1. the market where business sell goods and services to households and the government is called A. goods market B. factor market C. capital market D. money market 2. Real gross domestic product is best defined as A. the market value of intermediate goods and services produced in an economy including exports B. all goods and services produced in an economy, stated in prices in a given year and multiplied by quantity C. the market value...

ECO/561Problem Set #3University of Phoenix  1.  In macroeconomics, there is extensive use of the aggregate supply (AS) and aggregate demand models (AD).  Suppose that President Obama decides to implement a new stimulus bill to create new jobs because of the persistent effects of the recession.  As a remedy, he implemented tax cuts to for all income groups.  What will happen to the price level and the output (real GDP) in the short and long-run AS-AD model?  Be sure to show y...

Business Exam 1 Chp 1-Business is an entity that offers products to their customers to earn profit. Profit is earned when expenses are greater than revenue. Expenses exceed revenue the company has a loss of profit. A good -physical product | A service is an intangible product. Factors of production- labor,natural resources, capital, entrepreneurial talent, intell. property & technology | labor-the physical work | natural R-raw materials provided | capital (real capital), which refers to the phys...

ECO 204 PRINCIPLES OF MICROECONOMICS QUIZ Question 1.1. In what type of economic system are the basic economic questions answered in the same way as in the past? (Points : 1) A planned economy A traditional economy A command economy A market economy Question 2.2. In economics, scarcity means that (Points : 1) there are not sufficient resources to produce everything that people want. poverty will always exist. a country can neve...

ECO 365 Final Exam 1) An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in A. microeconomic research B. macroeconomic research C. theoretical research, because there is no data on these variables D. empirical research, because there is no economic theory related to these variables 2) A basic difference between microeconomics and macroeconomics is that microeconomics A. focuses on the choices of individual consumers, whil...

ECO/372 Final Examination Study Guide Week One: Fundamentals of Macroeconomics Objective: Explain the economic interaction of resources among households, government, and business. 1. Which group has ultimate control over the U.S. economy? a. Business b. Households c. Multinationals d. Government 2. When a government intervenes in an economy in a way that influences the relationship between households and businesses, it is a. serving as an economic actor b. serving as an economic referee c...

ECO 365 Final Exam Answers 1) If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about: A. 0.0 B. 0.4 C. 0.6 D. 2.5   2) A basic difference between microeconomics and macroeconomics is that microeconomics A. focuses on the choices of individual consumers, while macroeconomics considers the behavior of large businesses B. focuses on financial reporting by individuals, while ma...

1 Principles of Macroeconomics Dr. Daniel Murgo ECO 2013 | Spring 2017 | Section 63 (Reference 3723) Course Overview This is an introductory course in economics. It is designed to present students to the basic facts about the macro economy; the methods of analysis used by economists; the fundamental theories of how the values of the main macroeconomic variables are determined; how the economy works in the short and the long run, and the basic controversies about the trade-offs involved in policy...

1 Principles of Macroeconomics Dr. Daniel Murgo ECO 2013 | Spring 2017 | Section 63 (Reference 3723) Course Overview This is an introductory course in economics. It is designed to present students to the basic facts about the macro economy; the methods of analysis used by economists; the fundamental theories of how the values of the main macroeconomic variables are determined; how the economy works in the short and the long run, and the basic controversies about the trade-offs involved in policy...