Study Guide Test 1

Study Guide Test 1 - 1 The study of economic history offers...

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1. The study of economic history offers benefits to both historians and economists. Describe these benefits. (Remember the quote by William Parker that we discussed in class.) a. Historians i. Study of economic theory helps organize history b. Economists i. Study of economic history gives economists a basis off of which to guide. 2. Why is the 1958 publication of a paper by Alfred Conrad and John Meyer often associated with the “birth” of economic history? What topic is addressed in their paper? Why was their treatment of this topic controversial, and how did their results differ from previous findings, including those of Phillips (1929)? Explain the asset- pricing model and the historical data used by Conrad and Meyer to obtain their results. a. 3. What are the primary features of cliometrics? What is the focus of most cliometric research? 4. Use the 5 propositions for economic reasoning from Economic Insight 1.1 to discuss/describe the “economic way of thinking.” 5. If the annual growth rate of GDP is 2.5 percent, how many years will it take for GDP to double? What if the growth rate is 5 percent? 10 percent? 6. What does the term “economic development status” mean, and how is it measured? Define GDP and per capita GDP, and discuss recent U.S. data on levels and growth rates of each. How do these figures compare to recent data from other countries? Do data on levels and growth rates of GDP and per capita GDP provide adequate information for measuring economic development status? 7. Describe additional data used to measure the economic development status of the U.S. (Use your notes, as well as figures and tables from Chapter 1.) Be sure to discuss the evidence on income distribution and mobility within the modern U.S.
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8. List and define each of the three main types of unemployment. Is a 0% rate of
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This note was uploaded on 03/19/2008 for the course ECON 2200 taught by Professor Moore during the Fall '07 term at UGA.

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Study Guide Test 1 - 1 The study of economic history offers...

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