Study Guides (248,356)
Economics (366)
ECN 204 (104)
Eric Kam (10)
Final

2 Pages
172 Views

School
Department
Economics
Course
ECN 204
Professor
Eric Kam
Semester
Winter

Description
Wednesday April 23 , 2012 Final Exam Formula Sheet Chapter 9: -unemployment rate (u-rate): % of the labour force that is unemployed  u-rate = 100 x # of unemployment/labour force -labour force participation rate: % of the adult population that is in the labour force  labour force population = 100 x labour force/adult population Chapter 10: -The reserve ratio, R  = fraction of deposits that banks hold as reserves  = total reserves as a percentage of total deposits -Money supply: = currency + deposits Chapter 11: -Value of Money:  P = price level  1/P is the value of \$1 measured in goods -Relative Price:  is the price of one goods relative to (divided by) another  Relative prices are measured in physical units, so they are real variables  Example: Price of a CD: \$15/CD, Price of cheese pizza: \$10/pizza  Relative price of CDs in terms of pizza  Price of CD/price of pizza = \$15/\$10 = 1.5 pizza’s per cd -an important relative price is the real wage:  W = nominal wage = price of labour  Example: \$15/hour  P = price level = price of goods and services (g&s)  Example: \$5/unit of output -real wage is the price of labour
More Less

Related notes for ECN 204
Me

OR

Join OneClass

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

Join to view

OR

By registering, I agree to the Terms and Privacy Policies
Just a few more details

So we can recommend you notes for your school.