Spring17 Econ104 Final Review - Key Terms for Final Exam...

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Key Terms for Final Exam - Econ 104 - by lesson Lesson 1 Consumption Function Shifts vs. movements along consumption function Percent Changes Solving an equation with one unknown Lesson 2 Comparative Advantage Law of Identifying What is so great What is not so Great Who protests at free trade meetings Nominal vs. Real wages There is no such thing as a free lunch Rationality - ex-ante, ex-post Index of economic freedom Free market vs Command and control Normative vs Positive Economics
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Lesson 3 Income equals expenditure - the dried apricot example Cruise ship analogy Shocks Dual Mandate Policy lags Real vs. Nominal GDP The GDP Deflator Stagflation of the 1970s Lesson 4 Unemployment rate Formula Problems with the signal as to conditions in labor market Hidden unemployment Underemployment Discouraged workers Inflation price indexes calculation biases chain weighted price indexes across PA
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Real vs. Nominal Interest Rates ex-ante vs. ex-post calculation Evils of deflation Lesson 5 Plastering Problem
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