ECON 104 Lecture 99: LAB Pre-Exam 1

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ECON 104
Ozgur Orhangazi

1. Economics is defined as the study of choices people make under scarcity. Macroeconomics studies the effect of these choices on the larger scale: at the aggregate outcome. CPI traces a basket of foods and prices over time, 2. What are the main goals of macroeconomics? a. The main goals of macroeconomics are to calculate the effect of changes in the economy. This allows the government to predict the direction of the economy, whether jobs will increase or decrease b. “Define talk about economic fluctiations 3. How do we measure economic growth? a. Through the change in real gdp every year 4. What is the difference between real and nominal GDP? Why is this important? a. Real GDP is the Nominal GDP between 5. What are the main problems with the measurement of the GDP? Value exchanges, I scratch your back and you scratch mine is not measure]]]]]]d Environmental damages, if the government pays to clean up a cost Social Welfare and Income Distribution. 6. How do you
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