202-Q2-Review - 1 Econ 202 Quiz 2 Review Sheet This quiz...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 202: Quiz 2 Review Sheet: This quiz covers Aggregate Supply and Demand, the National Income Identity, the Consumption, Savings, and Investment Functions, the Incomes-Expenditures Model, and fiscal multipliers. Definitions: (definitions are found at the end of each T&C) Definition of Potential GDP and GDP Gap (also known as Recessionary Gap) Definition of Frictional Unemployment and Structural Unemploymment as two formal components of the Natural Rate of Unemployment Know the meaning of the letters in the National Income Identity: Y, C, I, G, X, M Know that the left hand side of the National Income Identity (Y) stands for GDI, and the right hand side (C+I+G+Xn) stands for GDP Definition of Wealth Recognize aggregate supply and aggregate demand on the graph of the incomes- expenditures model Recognize the Consumption Function, Savings Function, Investment Function Definition of Marginal Propensity to Consume and Marginal Propensity to Save Definition of Fiscal Policy
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern