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Final

final exam review.pdf

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Winter

Description
ECON 1BB3FINAL EXAM REVIEW1 Macro definitions and data i Measuring output Ch 5definitions of GDP GNPcomponents of GDPimportant to understand what is included in each component category and be able to handle application questionscalculation of the GDP deflatorimportance of real GDP as a measure of wellbeing ii Measuring prices and inflation Ch 6calculating the CPI definitionsprice level inflation rateproblems with the CPI substitution bias new goods unmeasured quality changecomparison of GDP deflator and CPI application questionsability to compare dollar figures from different years simple ratio problemindexingnominal vs real interest rates 2 The economy in the long run i Economic growth Ch 7definitions productivity human capital physical capital natural resources labor technologyconstant returns to scalewhat is it AND why is it importantdiminishing marginal productwhat is it AND why is it importantcatchup effect including diagram of production functionuse of public policy to encourage growth pages 137157 ii Saving and investment Ch 8definitions financial market bonds stocks financial intermediaries banks mutual funds public saving private saving national saving budget surplus and budget deficitin a closed economy in the long run savinginvestment use the national income accounting identity to show that this is truethe supply of saving and demand for investment loanable fundsequilibriuminterest rate saving and investmentcrowding outbe able to use diagram to answer questions about the variables r I S Sp Sg including magnitudes for example which change is larger Sp or Sg or S
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