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ECO 2013, Midterm 2 Study Guide

by: Faith Oluwayemi

ECO 2013, Midterm 2 Study Guide ECO 2013

Marketplace > University of South Florida > Economics > ECO 2013 > ECO 2013 Midterm 2 Study Guide
Faith Oluwayemi
GPA 3.8

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About this Document

This document covers every topic since the first midterm. It contains important facts, questions and direct pointers for what to study.
Econ Princ (Macroeconomics)
A. Criss
Study Guide
50 ?




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This 2 page Study Guide was uploaded by Faith Oluwayemi on Friday October 14, 2016. The Study Guide belongs to ECO 2013 at University of South Florida taught by A. Criss in Fall 2016. Since its upload, it has received 14 views. For similar materials see Econ Princ (Macroeconomics) in Economics at University of South Florida.


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Date Created: 10/14/16
ECO 2013 Exam 2 Study Guide GDP: Measuring production and income Important! An economy is measured by its total production. A country’s total production is measured by Gross Domestic Product (GDP).  Important features/ facts about GDP  Components of GDP/ How is GDP calculated?  How is net export calculated?  What are intermediate goods?  How are intermediate goods important to the market value of goods and services?  How does GDP come short as a measure of total production?  How does GDP come short as a measure of well-being?  What is: a. Nominal GDP b. Real GDP?  Difference between Nominal GDP and Real GDP  How do you calculate the GDP deflator? Important! The GDP deflator measures changes in price level Unemployment and inflation  The Bureau of Labor Statistics classifies the adult population into three categories, what are they?  Types of unemployment Important! Labor force = Unemployed + Employed Labor force participation rate = Labor force/Adult population Unemployment rate = Unemployed/Labor force  What is natural rate of employment?  What influences wage level in an economy?  What happens to the supply of labor when minimum wage is above the equilibrium?  Why would firms set the minimum wage above the market equilibrium? Important! Wages above equilibrium = Unemployment  What is: a. Price level b. Inflation?  What is the function of the Consumer Price Index?  What is the function of the GDP deflator in measuring inflation?  What limitations make the Consumer Price Index an insufficient measure of inflation?  What makes Real interest rate different from Nominal interest rate? Economic Growth, the financial system and business cycles  What is long-run economic growth?  What determines the rate of long-run growth? Important! Growth rate = % change in GDP Number of years to double GDP = 70/ Growth rate  What is potential GDP?  Factors that make potential GDP rise  What is a: stock, bond?  What determines how fast an economy grows?  How technology affects economic growth  The new growth theory  What is a public good? What do public goods result in?  Public goods are non-rival and non-excludable. What does this mean?  The role of government in growing knowledge capital Important! Knowledge capital is the key to economic growth  The arguments against economic growth


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