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ECON 1000 Review Notes

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ECON 1000
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ECON 1000Review SessionReview NotesFinal ExamMacroExam ECON 100 CDate Tuesday April 16th at 900amPlace Alumni Hall Rows 118Covers Macro chapters 517FormatMultiple Choice 20 Questions 40Short Answer 5 out of 9 40Long Answer 1 out of 3 20NO CALCULATORS ALLOWEDIntroductionSome of the Basic TheoryWill not cover ApplicationsMake sure you go over the last 4 Macro Final Exams posted on cuLearn particularly the short answer questions Two Major Data SetsGross Domestic Product The market value of all final goods and services produced within a country in a given period of timeReal GDP Values output at constant prices of the base year It is corrected for inflationAssume Economy with 2 goods MilkBread Years 07 08 092007 Q2007 x P2007Q2007 x P2007 Real GDP 20072008 Q2008 x P2007Q2008 x P2007 Real GDP 20082009 Q2009 x P2007Q2009P2007 Real GDP 2009Real GDP calculates changes in quantityCan vary from year to year because of the quantity of gs changes year to year Only the volume changes price level stays the sameReal GDP measures changes in quantity or volumeNominal GDP Values output at current prices It is NOT corrected for inflationAssume Economy with 2 goods MilkBread Years 07 08 092007 Q2007 x P2007Q2007 x P2007 Nominal GDP 20072008 2009 Same for every year Make sure you use current pricesCan vary from year to year because of changes in quantities and changes in price levelsGDP Deflator Is a measure or index of the overall level of prices Used to measure changes in the prices of all gs produced in a countryGDP Deflator100 x Nominal GDPReal GDP
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