ECON 1000 Study Guide - Time 100, Autarky, Gross Domestic Product
Document Summary
Final exam - macro: exam: econ 100 c, date: tuesday, april 16th at 9:00am, place: alumni hall, rows 1-18, covers: macro chapters 5-17, format: Short answer: 5 out of 9 (40%) Long answer: 1 out of 3 (20%) It is corrected for inflation: assume economy with 2 goods: milk & bread. Can vary from year to year because of the quantity of g&s changes year to year. Only the volume changes, price level stays the same. Real gdp measures changes in quantity or volume: nominal gdp: values output at current prices. It is not corrected for inflation: assume economy with 2 goods: milk & bread. Years: 07, 08, 09: 2007: (q2007 x p2007) + (q2007 x p2007) = nominal gdp, 2007, 2008: , 2009: , same for every year! Can vary from year to year because of changes in quantities and changes in price levels: gdp deflator: is a measure or index of the overall level of prices.
