review_midterm1

review_midterm1 - First midterm (25 points), next Monday 10...

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First midterm (25 points), next Monday 10 multiple choice questions (10 points) 3 short answer questions (15 points) Chapters 5, 6, and Classical Model You can use a simple $1 calculator, but note: Calculators that can be entered text are not allowed Cell phones are not allowed
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Calculating GDP: what is included, calculation, measurement problems. Unemployment: measurement, types of unemployment, measurement problems. Chapter 5: GDP and Unemployment
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Measurement, uses, costs of inflation, measurement issues. Chapter 6: CPI and Inflation
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Main assumptions, equilibrium, graphs, and results. Fiscal policy Monetary policy Classical Model
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Main assumptions, equilibrium, graphs, and results. Fiscal policy Monetary policy Classical Model
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Output Determination in the Classical Model 100 million Number of Workers Output (Dollars) $7 Trillion = Full Employment Output Aggregate Production Function 100 million Number of Workers Real Hourly Wage $15 L S L D
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review_midterm1 - First midterm (25 points), next Monday 10...

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