ECON 104 Study Guide - Midterm Guide: Bush Tax Cuts, American Recovery And Reinvestment Act Of 2009, Keynesian Economics

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pucebear934

18 Jan 2014

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Economics: production, distribution, and consumption of goods and services. *economic growth: the increased output of goods and services over time. Real gdp: gdp adjusted for changes in prices. Price changes make it difficult to compare gdp from one year to another using the gdp deflator to measure real gdp is the solution to this problem. Quality changes: prices may decline for goods even if the quality has improved. Gdp does not measure social well-being or income distribution. Unemployed: anyone who wants to work, is not currently employed, and is currently seeking employment: name four types of unemployment included in the official unemployment rate. Explain: how do you measure inflation (hint: explain what a price index is) Consumer price index(cpi): cpi= current cost of basket/cost of basket in base year x 100% Inflation is the measure of percent change in the general price level.

Related Questions

1. Business cycles involve fluctuations around full employment real GDP. List and explain at least three of the possible causes. Demand for goods and services is more or less than the firm.

2. If the Great Recession bottomed in 2009, about when would you guess that the next recession would occur?

3. What are the leading economic indicators that might signal the onset of the next recession?

4. Is supply-side economic activity more important than demand-side economic activity when it comes to predicting changes in the direction of the economy?

greenimpala794

In your own words, discuss each type of economy and its benefit for economic growth.

(Please consider the questions below when answering.)

What is economics?

How does capitalism create a climate for economic growth?

What is the gross domestic product (GDP)?

What are the pros and cons of a mixed economy?

copperfrog478

 9. The series of ups and downs that tend to move the economy is known as __________. a. The economic cycle (business) b. recession c. depression d. economic growth 11. In the Circular Flow Model, consumption expenditures are the expenses of __________. a. The signatures by the factors of production. b. The government in the financial markets. c. The rest of the world in the goods market d. Families in the goods market. 12. GDP is a measure of the total value of __________. a. Sales in an economy over a period of time b. The consumer's income in an economy over a period of time. c. The accumulation of capital in an economy over a period of time. d. The final goods and services produced in an economy over a period of time.

 13. In calculating GDP, double counting (counting the same twice) is avoided, not including __________. a.. Net exports b. Intermediate goods c. Illegal activities d. The depreciation

ECON 104 Study Guide - Midterm Guide: Bush Tax Cuts, American Recovery And Reinvestment Act Of 2009, Keynesian Economics

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