Study Guides (248,237)
Canada (121,422)
Economics (462)
ECON 1BB3 (163)

final exam review.pdf

5 Pages
Unlock Document

Bridget O' Shaughnessy

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
More Less

Related notes for ECON 1BB3

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.