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Economics 2010 final exam May 5 ,2016

by: Vonesha Notetaker

Economics 2010 final exam May 5 ,2016 ECON 2010

Marketplace > University of Memphis > Economcs > ECON 2010 > Economics 2010 final exam May 5 2016
Vonesha Notetaker
University of Memphis

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These are notes/ study guide for economics 2010
Intro to Macroeconomics
Prof. Jamin Speer
Study Guide
Economics, Macroeconomics, Econ, final study guide
50 ?




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This 4 page Study Guide was uploaded by Vonesha Notetaker on Thursday April 28, 2016. The Study Guide belongs to ECON 2010 at University of Memphis taught by Prof. Jamin Speer in Winter 2016. Since its upload, it has received 19 views. For similar materials see Intro to Macroeconomics in Economcs at University of Memphis.

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Date Created: 04/28/16
Final exam: 50 multiple­choice questions 5 will be repeated from Midterm 1 5 will be repeated from Midterm 2 40 will cover the material since Midterm 2 Topics since Midterm 2: Most important Shape of each curve and why each curve is shaped the way it is: Aggregate demand curve: Aggregate demand slopes downward.  The reason being is because of the wealth effect (consumption)  and the interest rate effect (investment) Short­run aggregate supply curve: Short run aggregate supply  curve slopes upward. The reason for its upward sloping is due to wages (sticky wages).  Long­run aggregate supply curve: Long run aggregate supply  curve is vertical. It is determined by level of output such as  human capital (skills and education), Physical capital  (machines), Technology, and Natural Resources  What can shift each curve in:   Aggregate Supply (AS):  Long­run aggregate supply (LRAS) : Long­run aggregate supply shifts because of changes of technology, human capital , and  potential output  Short­run aggregate supply (SRAS) :  Short­run aggregate  supply shifts  because of changes of input cost of labor and  energy(oil). If the price goes up the supply curve shifts left. If  prices go down the supply curve shifts right.  Aggregate Demand (AD): Aggregate demand shifts when there  are any changes in spending.  What is fiscal policy: Taxes and government spending  What is monetary policy: government monitoring and  controlling key interest rates and money supply(buying and  selling government bonds)  Expansionary/contractionary policy: Expansionary policy: increases the quantity of bank reserves and lower interest rate Contractionary policy: slows down growth in bank reserves ,  raises interest rates , reduces borrowing , slows down growth in  the money supply and reduces inflation rate. How each type of policy can affect aggregate demand: Sticky wages and why they matter: Sticky wages is when  wages adjust to economic change, however they are not  immediately. Wages change slowly over time due to contracted  wages. This can determine how much a worker is worth to the  company  Important Wealth effect: The wealth affect deals with consumption. This  is one of the two reasons why aggregate demand slopes  downward   Interest rate effect: The interest rate effect deals with  investments made. This is one of the two reasons why aggregate  demand slopes Short­run effects of policy: Things in the economy are taking  the time to catch up with the rest of the economy. This effect is  temporary. Long­run effects of policy: Everything in the economy is  averaged out. Crowd­out effect of government spending: government wants  to increase spending it borrows money, decrease savings,  increase interest rates, and decrease investment.  Why/when a recession will end on its own: When you wait the recession could end because over time things start to catch up.  You can also get out of a recession by increasing aggregate  demand  Spending multiplier: when money is spent, it on more than one thing so the value of the same money being spent is multiplied  Marginal propensity to consume: fraction of new income that  people spend  Components of aggregate demand Consumption + Investment + Government + Export – Import =  Aggregate Demand *side note (Export – Import = Trade)  Less important Zero lower bound: When interest rate hits 0% it can not get any  lower  Quantitative easing (no details, just the basics of what it is):  New money supply Stagflation: extremely high inflation that leads to high  unemployment  Supply­side economics:  growth can be most effectively created  by investing in capital


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