Real vs nominal gdp Study guides, Revision notes & Summaries

REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...

REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...

REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...

business cycleAlternating periods of economic expansion and economic recession (components trough recession peak recovery- a business cycle is the cycle of the economy which includes recessions, troughs, recoverys, and peaks.) Real vs. Nominal GDPreal GDP is GDP adjusted for inflation, while nominal GDP is just nominal and is not adjusted for inflation. Total final value of goods and services produced in a year (Gross Domestic Product) SeasonalityA repeated pattern of spikes or drops i...

These notes cover three important parts of the Economics course: GDP, unemployment, and inflation.  CONTENT COVERED: THREE MAJOR ECONOMIC GOALS, 4 KEYS TO THE UNIT, CALCULATING GDP, What is NOT Included in GDP, Real vs. Nominal GDP, CALCULATING REAL GDP, THREE TYPES OF UNEMPLOYMENT, THE NATURAL RATE OF UNEMPLOYMENT (NRU), HOW TO CALCULATE UNEMPLOYMENT, and THREE CAUSES OF INFLATION.  These notes also label the must-knows that should be found in the tests on this unit. 

Study Outline for Econ S10b Midterm Exam Harvard University, Summer School Note: The assigned readings are potential sources for exam questions. I will NOT ask narrow factual questions about these readings, but you should be able to relate their main arguments to the material we have discussed in class. Note: The following outline does NOT cover everything we have studied in the class. All concepts and applications that we have discussed in class are possible exam topics. Good items to st...

ECS2601_ Microeconomics_ Study Notes. The word economy comes from a Greek word for “one who manages a household. Definition of Economics: the study of how society manages its scares resources. How do we go from managing a household to managing an economy? - A household and an economy face many decisions: o Who will work? o What goods and many of them should be produced? o What resources should be used in production? o At what price should the goods be sold? Society and scare resources:...

This is an in-depth review and analysis of half a year of macroeconomics (the other half is also posted). There are detailed notes in every chapter including topics like: Chapter 7: AE function, autonomous spending vs. induced spending, marginal propensity to consume, save, and spend, finding equilibrium output, simple multiplier with and without government and foreign trade Chapter 8: changes in the price level, AS and AD short run, AE shifts Chapter 9: going from short run to long run, nati...

Macroeconomics - GDP and CPI questions and answers 100% correct What does GDP Measure? Total Output of Goods and Services. Total Income of everyone in the economy. Total expenditure on the economy's output of goods and services. Measure of a society's economic well-being. For economy as a whole, income must equal expenditure. Definition of GDP Market value of all final goods and services produced within a country in a given period of time. GDP is Market Value Convert all ...

Study Outline for Econ S10b Midterm Exam Harvard University, Summer School Note: The assigned readings are potential sources for exam questions. I will NOT ask narrow factual questions about these readings, but you should be able to relate their main arguments to the material we have discussed in class. Note: The following outline does NOT cover everything we have studied in the class. All concepts and applications that we have discussed in class are possible exam topics. Good items to st...