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ECN204 Full Class Notes For Exam

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ECN 204
Khyati Antani

MacroEconomics ECN204 Lecture 1 General Questions 1 What is Canadas Population 2 What is Canadas GDP 3 What is Canadas Unemployment Rate 4 What is Canadas Annual Inflation Rate 5 Who is Canadas Finance Minister 6 Which institute prints money in Canada 7 Who is the Governor of the institute which prints money in Canada 8 Did Canada experience a Surplus or Deficit in the Government Budget for 20109 What was Canadas Trade Balance for 2010 Positive or Negative nd10 Which is the 2 largest economy in the worldChapter 1 Notes Economic Goals 1 A high rate of growth of GDP General Information Box 2 Low Unemployment Rate DEPT Canadian Dept 3 Low Inflation Rate 500 Billion 4 No consistency in Deficit Budget BORROWING LEADS 5 Positive Balance of TradeExportsImportsNet Exports Tools to Achieve Economic Goals 1 Fiscal Policy GovernmentTaxesGovernment Expenditure 2 Monetary Policy Central Bank Interest Rates Page 1MacroEconomics ECN204GDP Features GDP is the market value of all final goodsservices produced in the economy in one year 1 GDP is always measured in monetary termsQuantityx PriceValue20 Applesx 50 Cents100030 Oranges x 40 Cents1200 2200 2 Only GoodsServices transacted through the market are included a Barter Transactions Excluded b Unpaid Work Excluded c Underground Transactions Excluded V dont know how to include them 3 Only GS Produced this year are included a Resales Excluded b Unsold Inventories produced this year Included Legend Logical Exclusions4 Only Final Goods are included Intermediate Goods Excluded 5 Purely Financial Transactions ExcludedPage 2MacroEconomics ECN204 Why GDP is not an adequate measure of Economic Welfare 1 Barter Transactions Ignored 2 Unpaid Work Ignored 3 Underground Transactions Ignored 4 QualityComposition of Goods Ignored 5 Leisure Ignored 6 Environmental Costs Ignored 7GDP Ignores Population SizeMore AccuratePer Capita GDPGDPPopulation Size 8 Even Per Capita GDP Ignores Distribution of Income23 1 241 3 4Then how can we measure the most accurate Economic Welfare Human Wellness IndexPage 3
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