Study Guides (248,497)
Canada (121,594)
Economics (366)
ECN 204 (104)
Final

ECN204 Full Class Notes For Exam

43 Pages
444 Views
Unlock Document

Department
Economics
Course
ECN 204
Professor
Khyati Antani
Semester
Summer

Description
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
More Less

Related notes for ECN 204

Log In


OR

Join OneClass

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

Sign up

Join to view


OR

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.


Submit