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macroeconomics

Chapter 21 - Monetary Policy and Central Banking - test

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Chapter 21 - Monetary Policy and Central Banking Answer: c Which of the following is not one of the basic functions of money? Store of value Unit of account Medium of barter Means of payment Answer: b Which of the following best describes ?money,? as the term is used in economics? The root of all evil A liquid asset A means of measuring velocity A unit of additivity Answer: d Which of the following items is included in M2, but not in M1? Currency Travelers checks Treasury bills (T-bills) Savings deposits Answer: d Which of the following represents a part of the U.S. money stock (M2)? A quarter received by a child for doing the dishes A corporation?s deposit of $1 billion in Bank of America

Macroeconomics complete course study guide

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Economics
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economics
Consumer theory
demand
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macroeconomics
International economics
Crowding out
inflation
Supply and demand
Gross domestic product
Aggregate demand
deflation
Business

AP Macroeconomics Exam: Course Study Guide [ UNIT I ] What is economics? the systematic study of choice textbook definitions ? refer to the allocation of scarce resources in order to satisfy societal wants What is the basic problem of economics? scarcity scarcity is the problem in the world that humans invented economics in order to address ? scarcity CANNOT be solved, only addressed or accommodated ? scarcity is the state of affairs in the world where a finite amount of stuff exists to satisfy a virtually infinite amount of human wants ? [scarcity = wants > resources ] ? to be scarce, something must be both limited and desirable ? scarce ? scarcity Sometimes, definitions of economics incorporate the three basic questions of economics: What to make/produce?

AP Macroeconomics Unit 1 Study Guide

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Microeconomics
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Economic equilibrium
Production–possibility frontier
Economic growth
supply
Business

AP Macroeconomics UNIT 1 Study Guide (Chapters 1-3) Part 1: Multiple Choice (36 questions, 2 points each) 1. Provide a definition for scarcity as it relates to economics 2. Understand the concept of opportunity cost and be able to apply it to a real life scenario (I.e. going out rather than studying for this test) 3. Provide a definition for the production possibilities curve as it relates to the allocation of resources in a society. 4. Describe the shape for a production possibilities curve as it relates to constant or increasing opportunity costs. 5. Provide a definition for the market mechanism. 6. Describe Karl Marx?s approach to the 3 basic economic questions

Macroeconomics Formula Sheet

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IS/LM model
Crowding out
Expansionary monetary policy
Fiscal policy
Contractionary monetary policy
Gross domestic product
Fiscal multiplier
monetary policy
Multiplier
Supply-side economics
Business

Inflationary Gap: At Capacity, The difference between Planned Expenditure and Agg. Output (rise in price not met with rise in Y) Causes of Inflation: Demand Pull ? initiated by MD? Cost Push/Supply-Side ? caused by ?Costs and ?Supply Stagflation- Causes both Y? P? - BAD NEWS Expectations: Of price increases cause companies to collectively pre-empt by increasing prices causing the real price to rise Monetary/Fiscal: Expansionary monetary/Fiscal policy at capacity will also push up AD causing inflation Lags: Recognition, Implementation -much longer for Fiscal Policies, Response - time it takes for the economy to adjust after implementation- much longer for Monetary Policies)

Ch 7 econ notes

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National accounts
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business cycle
unemployment
Recession
Gross domestic product
Government budget deficit
Political debates about the United States federal budget
Balance of trade
Business

1.????? Real Economic growth a.?????? How does real economic growth occur? ????????????????????????????????????????????????????????????? i.????? When the factors of production improve b.????? What does it look like on an AS AD model? ????????????????????????????????????????????????????????????? i.????? Aggregate= Total ??????????????????????????????????????????????????????????? ii.????? On Y axis is Average Price Level ????????????????????????????????????????????????????????? iii.????? On X axis is Real GDP (Real Output c.?????? PPC? ????????????????????????????????????????????????????????????? i.????? AD=C+Ig+G+Xn 1.????? Consumption, Investment, Gov Spending, Exports 2.????? So the curve will shift with these factors 2.????? Business Cycle (See One Note) a.?????? Explain What it is

Econ Notes

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Federal funds rate
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deflation
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Notes Holding Money Means that I have money in such a way that it?s not earning any interest, not circulating, and has zero velocity.? Ex: money in a piggy bank? Demand for Money Transaction Demand Dt For purchase Varies directly with GDP Demand for money increases to purchase that which is produced by the economy, ie, GDP Simplification ( Dt is independent of interest rates) Asset Demand Da Money held as an asset, held for future investment Varies inversely with interest rates (opportunity cost) Precautionary Demand (brought up by Keynes) ?Rainy Day Money? You?re holding onto money for emergencies. Total demand for money, Dm =? Dt + Da and is the supply of money Bonds Bonds = Loans?

Minimum Wage

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Labor economics
Employment compensation
Economics
Macroeconomics
Human resource management
Minimum wage
Socialism
Socioeconomics
Unemployment
Inflation
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Politics
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Minimum wage
Labor economics
Employment compensation
economics
macroeconomics
Socioeconomics
Human resource management
unemployment
Employment Policies Institute
Employment
Economic inequality
Living wage
Labor
Politics

Minimum Wage Nathan Yu ENGLISH LANGUAGE AND COMPOSITION SECTION II Question 1 (Suggested time?40 minutes. This question counts for one-third of the total essay section score.) Minimum Wage has been a highly controversial topic for many years. Supporters argue that it is necessary in that minimum wage provides more to workers, allowing them to live better lives. Others argue that minimum wage may provide temporary benefits, it only causes harm to the economy as it causes inflation and unemployment.

Macroeconomics Notes for Chapters 1 & 2

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Macroeconomics Ch. 1 & 2 Notes Economics ? social science concerned w/ the efficient use of scarce resources to achieve maximum satisfaction of economic wants Rational self interest ? individuals pursue actions that give them the greatest satisfaction (cost & benefit) Marginal ? extra/additional Marginal analysis is used for every decision, each option includes marginal benefits and marginal costs MB=MC (okay) MB>MC (good) MB

Macroeconomics Equations

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Formulas

Formulas for Macroeconomics GDP = C+Ig+G+Xn NDP = GDP ? consumption of fixed capital = GDP - depreciation NI = NDP ? Net foreign factor income earned ? indirect business taxes PI = NI ? SS Contributions ? corporate income taxes ? undist. corporate profit + transfer payments DI = PI ? personal taxes = consumption + savings Price Index Nominal GDP/real GDP Inflation rate (Index 2 ? Index 1)/Index 1 Real GDP Nominal GDP/Price Index Unemployment Rate (Unemployed/Labor force)*100 Okun?s Law For every 1% point actual unemployment rate exceeds natural rate, GDP gap of 2% occurs. Real Income Nominal income/Price index APC Consumption/income APS Saving/income MPC Change in consumption/change in income MPS Change in saving/change in income

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