Review Exam 2 spring 2008

Review Exam 2 spring 2008 - Review Exam 2 Spring 2008...

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Review Exam 2 – Spring 2008 Chapter 15 Understand how unemployment is measured and what the problems are in measuring the true value of unemployment. Understand the different between the natural rate of unemployment and cyclical unemployment. Understand the differences between structural and frictional unemployment and what causes them Understand how wages above the equilibrium result in structural unemployment and what factors result in the wage being above the equilibrium wage Understand how government policies can affect the natural rate of unemployment Chapter 12 Know what has been happening to the economy over the last 100 plus years Understand the factors that determine long run economic growth Understand what is meant by a production function and what it means if it has constant returns to scale. Understand what the government can do to promote economic growth Understand what is meant by diminishing returns and what the implications of it
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Review Exam 2 spring 2008 - Review Exam 2 Spring 2008...

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