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ECON 101 Midterm Topics Study Guide

by: Maria Notetaker

ECON 101 Midterm Topics Study Guide ECON 101

Marketplace > Montclair State University > Macro Economics > ECON 101 > ECON 101 Midterm Topics Study Guide
Maria Notetaker

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Description of topics on Midterm Exam
Macro Economics
Study Guide
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Popular in Macro Economics

Popular in Macro Economics

This 3 page Study Guide was uploaded by Maria Notetaker on Thursday September 15, 2016. The Study Guide belongs to ECON 101 at Montclair State University taught by Pirouz in Spring 2015. Since its upload, it has received 10 views. For similar materials see Macro Economics in Macro Economics at Montclair State University.

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Date Created: 09/15/16
Econ Midterm Study Guide Tuesday, April 28, 2015 10:50 AM   CH 6   Price flexibility  Equilibrium    CH 7   Gross domestic product (concept)  Measure it from the expenditure approach (GDP and GNP)  Different b/t gross investment and net investment   Depreciation is called consumption in fixed capital  Have to understand diff b/t nominal and real GDP  Some short comings of GDP (quantitative ­ measures but does not show [exs])   CH 9 Concept of business cycles (fact that despite the secular increase in GDP, we go through these  cycles)  4 phases of cycles (peak, trough, expansion, etc) Concept of unemployment  Frictional  Structural  Cyclical  **very damaging* *tied to the cycles  Cost of unemployment (social and economic) Inflation   How to measure  How to define  What is bad about inflation (costs of inflation [exs])  Core inflation (take food and energy out of consumer price index) [they are very volatile]   CH 10   Consumption theory (direct link b/t consumption and disposable income)  Wells effect  Meaning of MPC (how to measure it)  Meaning of MPC (how to measure it)  APC  APS  Investment theory   Two factors  Multiplier effect *****  Aggregate demand   Aggregate supply  Slope (I+G+etc…) o How it moves/is effected  Relate aggregate demand expenditure to potential output  o Recessionary gap (the effects of it, what happens to it, pressure on prices, how to  calculate it, etc.) o Inflationary gap (the effects of it, what happens to it, pressure on prices, how to  calculate it, etc.)     *PRACTICE QUESTIONS AT THE END OF THE CHAPTERS*   maria gori at 4/2/2015 10:19 AM


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