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Political Economy Exam 1 With Complete Solutions Latest Update
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- Political Economy
- Institution
- Political Economy
Political Economy Exam 1 With Complete Solutions Latest Update
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Political Economy Exam 1 With Complete Solutions Latest UpdateWhat is Political Economy? - correct answers study of the economy from a social science perspective
Economics - correct answers system of production, distributing, and using wealth
Politics - correct answers set of institutions and rules by which social and economic interactions are governed
6 conceptions of political economy - correct answers Classical
Marxist
Institutional
Keynesian
Neoclassical
Modern
Supply and Demand Curve - correct answers sUPply and Demand
Market clearing equilibrium - correct answers the price at which the quantity of goods supplied equals quantity demanded
, Measures of wealth - correct answers GDP
Real GDP- adjusts for inflation
GNP- includes national companies that are abroad
Nominal GDP- doesnt adjust for inflation
Per Capita GDP- divided by population
GDP PPP- how much you can buy with your money
How to calculate GDP - correct answers C+I+G+(X-M)
Private Consumption
Gross Investment
Government Spending
Exports
Imports
What is the ideal GDP growth rate? - correct answers 2-3%
What is the ideal inflation rate? - correct answers ~2%
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