ECON100 Study Guide - Midterm Guide: Deflation, Aggregate Supply, Fiscal Multiplier
7 Dec 2016
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Disclaimer: i cannot guarantee that all topics you will be tested on will be on this review. This is simply meant to aid in your studying efforts. This review summarizes many important topics that we"ve covered in chapters (cid:884),(cid:883)(cid:882)-12. Your exam will consist of 40 multiple choice questions (scantron). Any transaction that does not result in the production of final goods. Financial payemtns: public/private transfer payments like welfare or birthday checkcs, stock market transactions. Under the table, tips, illegal drugs, prostitutes. Nominal gdp is just all the dollars added up. Tells us the amount of output potentially available to the average person. To be considered unemployed, what must be true of an individual: when a worker who is not currently employed is actively searching for a job without success. Everyone in the country will fall into 1 of 3 categories (in regards to their working vs. not working status).
