Nominal gdp vs real gdp - Study guides, Class notes & Summaries

Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass What is economics? -Answer-Science of making choices, science of scarcity What is scarcity? -Answer-Limited resources to satisfy unlimited human wants What are the factors of production and their rewards? -Answer-Land = rent Labor = wages Capital = interest Entrepreneur = profit What is opportunity cost? -Answer-The value of the next best alternative given up What is Production Possibilities Frontier? -Answer-Graph tha...

Study Outline for Econ S10b Midterm Exam Harvard University, Summer School Note: The assigned readings are potential sources for exam questions. I will NOT ask narrow factual questions about these readings, but you should be able to relate their main arguments to the material we have discussed in class. Note: The following outline does NOT cover everything we have studied in the class. All concepts and applications that we have discussed in class are possible exam topics. Good items to st...

Exam #1 Review Questions (answers) ECNS 303 1.) Exogenous vs. Endogenous variables Consider a potential criminal. The individual maximizes his or her utility by choosing how much labor to supply towards legitimate work opportunities (Lw) and how much labor to supply towards crime (Lc). In doing so, this person can earn a wage w in the legal labor market and a return to crime n in the illegal labor market. In the illegal labor market, the potential criminal faces costs of punishment...

CFA Level 1 Economics 241 Questions with Answers 2023 Price Elasticity of Demand Formula - CORRECT ANSWER (% Change in Quantity Demanded) / (%t Change in Price) Cross Elasticity of Demand Formula - CORRECT ANSWER (% Change in Quantity Demanded) / (% Change in Price of Substitute or Complement) Income Elasticity of Demand Formula - CORRECT ANSWER (% Change in Quantity Demanded) / (% Change in Income) Price Elasticity of Supply Formula - CORRECT ANSWER (% Change in Quantity Supplied)...

REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...

CFA Level 2: Econ Exam 115 Questions with Answers This econ topic regards the relationship between exchange rates and interest rates - CORRECT ANSWER ..... When is interbank FX market for most currency pairs typically most liquid? - CORRECT ANSWER 8am-11am New York Time ^because the London and New York (two largest FX trading centers) overlap during these times making it the most liquid during these hours. Arbitrage Constraints on Spot Exchange Rate Quotes - CORRECT ANSWER 1. the b...

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Study Outline for Econ S10b Midterm Exam Harvard University, Summer School Note: The assigned readings are potential sources for exam questions. I will NOT ask narrow factual questions about these readings, but you should be able to relate their main arguments to the material we have discussed in class. Note: The following outline does NOT cover everything we have studied in the class. All concepts and applications that we have discussed in class are possible exam topics. Good items to st...

Contractionary monetary policy REDUCES the money supply. The Fed may decide to take a contractionary approach by INCREASING the interest rates. Indicates a shift in AD to the left to full employment, and reduce inflationary pressures Cost Push Inflation increases in the price level (inflation)resulting from an increase in resource costs (for example, raw material prices) and hence in per unit production costs; inflation caused by reductions in aggregate supply Crowding out effect ...

Macroeconomics - GDP and CPI questions and answers 100% correct What does GDP Measure? Total Output of Goods and Services. Total Income of everyone in the economy. Total expenditure on the economy's output of goods and services. Measure of a society's economic well-being. For economy as a whole, income must equal expenditure. Definition of GDP Market value of all final goods and services produced within a country in a given period of time. GDP is Market Value Convert all ...