review 2.doc - Econ 162-A1 A2 Fall 2017 Kenny Christianson...

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Econ 162-A1, A2 Kenny Christianson Fall 2017 exam date: November 10 REVIEW SHEET FOR MIDTERM TWO concepts to know: circular flow model unemployment rate real and nominal GDP labor force chain-type real GDP business cycles ways of measuring GDP GDP gap GDP price deflator underemployment GDP, GNP, NNP, NI, PI types of unemployment disposable personal income underground economy capital consumption allowance potential (full employment) GDP consumption natural rate of unemployment investment inflation government spending deflation net exports hyperinflation Simon Kuznets disinflation global (ecological) footprint CPI, PPI Mathis Wackernagel PCE price index poverty line nominal interest rate Lorenz Curve real interest rate Gini Coefficient costs of inflation foreign exchange markets
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