ECON 203 Study Guide - Comprehensive Final Exam Guide -

• School: University of Calgary
• Department: Economics
• Course: ECON 203
• Professor: Ronal Schlenker

Document Summary

Principal owners of resources: firms, make consistent decision, maximize profit. Endogenous (induced, dependent : variables explained within a theory. Embedded value judgements: key issues in macro, unemployment. Interest rates: exchange rates, deficits & debt, fiscal & monetary policy, trade & trade policy. Commodity units in bundles 1992 price 1992 vlue 2018 price 2018 value. Cpi 92 = (cid:2874)(cid:2868)(cid:2868)(cid:2874)(cid:2868)(cid:2868)*100 = 100 (base year) Ir18 = (cid:4666)(cid:2869)(cid:2873)(cid:2868) (cid:2869)(cid:2872)(cid:2868)(cid:4667) (cid:2869)(cid:2872)(cid:2868: change in a price index from one period to another, cpi 17 = 140. Implicit price index (ipi) (implicit or gdp deflator) Ipi 92 = (cid:2874)(cid:2868)(cid:2868)(cid:2874)(cid:2868)(cid:2868) (cid:883)(cid:882)(cid:882) =100 (base year) 116. 4: nominal gdp - value of economy"s production at current prices, real gdp - value of economy"s production at base period (constant) prices. Economic growth - % change in real gdp from one period to another. Nominal gdp 1983 billion : canada 2015 ipi = 112. 2 (base year 2007, using cpi ir 2002 =(cid:2869)(cid:2869)(cid:2877). (cid:2868) (cid:2869)(cid:2869)(cid:2874). (cid:2872) (cid:2869)(cid:2869)(cid:2874). (cid:2872)