Study Guides (238,202)
Canada (115,009)
Philosophy (156)
PHL 302 (29)

study guide

1 Page
Unlock Document

Ryerson University
PHL 302
Glen Hoffmann

Question Set 1 1 Which of the following problems are likely to be studied by a microeconomist and which by a macroeconomist? a. The rapid growth of Microsoft b. Why unemployment in Canada rose from 1990 to 1991 c. Why Japans economy grew faster than the U.S. economy in the 1980s, but more slowly in the 1990s d. Why university tuition fees have risen so rapidly in recent years 2 Explain what we mean by potential output (GDP). Explain why potential GDP does not depend on the price level. Is it possible that real GDP might be larger or smaller than potential GDP? 3 What are the implications of differences between actual and potential GDP for the unemployment rate and the rate of utilization of factories and machinery? 4 Okuns Law says that differences between the growth rate in potential output and the growth rate in real GDP change the unemployment rate as follows: u = - (gY gY p Based on the data
More Less

Related notes for PHL 302

Log In


Don't have an account?

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.