[ECON 200] - Midterm Exam Guide - Everything you need to know! (24 pages long)

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6 Feb 2017
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JMU
ECON 200
MIDTERM EXAM
STUDY GUIDE
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January 10, 2017
Understand why does the US experience periods of growth followed by stagnation or
contractions and then growth again?
Inter-regional & international trade
The role of fiscal & monetary policy
o American recovery & reinvestment act
o Quantitative easing
o New Deal
o Gold Ehage Stadard of the 9’s & earl 9’s
Understand why some countries have high levels of GDP per capita and others do not
Globalization & immigration
Legal & political institutions
Geography
Culture
ECONOMICS IS ABOUT TRADE
There are gains
Move resources around
OVERCOMING SCARCITY
Shifting production possibilities frontier away from the origin
We are interested in the short run ( < 5 years) or the long run ( >20 years)
Adam Smith: trade matters
Division of labor: occurred spontaneously
o Ex. why we are in college
The Human Side of Trade:
Trade is a form of creative destruction
Most people gain, some lose
o Ex. doctors and nurses if cure all medicine is made
Finding a new job can be costly
New stuff is created; often was once unimaginable
What can education do
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Stadiums & Ice Rinks:
Cosider the ed of last ight’s gae Alaaa vs. Cleso – people do’t have to e
guided out of the game
Marching band if one person makes a wrong step the routine is ruined
Spontaneous order or the invisible hand
Measuring the Macroeconomy:
Gross Domestic Product (GDP)
o Final goods & services in a year
Unemployment rate
Inflation rate
Income distribution
In the past 60 years income has almost tripled
In the past few years, immigration between Mexico has stayed the same
Rate of how fast income doubles = 70 / growth rate
Unemployment: searching for a job and able to work
Beveridge Curve: job opening rate vs. unemployment rate
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