Econ203 Samenvattingen, Notities en Examens

ECON203 TestBank full

The document discusses the relationship between **unemployment and inflation** in the short and long term, and evaluates the validity of the **Phillips curve** in predicting their trends. It also traces the origin of the Phillips curve, which shows an inverse relationship between inflation and unemployment, and explains how **recessions** affect both variables and how the government can intervene with fiscal or monetary policies. The document compares the effects of **aggregate supply and demand...

Question 1 1 / 1 point The ________________ arises when a price changes because consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price. a)  preferences effect b)  substitution effect c)  income effect d)  backward-bending supply curve Question 2 1 / 1 point Marginal utility can: a)  increase positively, but not negatively b)  be positive or negative, but not zero c)  ...

These Winter 2019 ECON 203 notes are the best that you will receive to have an edge over your other classmates. The colourful notes include every class and 10 plus final exam questions that were given by Peter Tracey in class. The textbook that was used in conjunction with Tracey’s 203 class was, the seventh Canadian edition, Principles of Macroeconomics by Mankiw, Kneebone, and McKenzie. Topics that are covered in these notes are: C.I.G.NX., Value added graphs, Total demand and total supply o...