PP_Slides_Class_15_Wednesday_March_12

PP_Slides_Class_15_Wednesday_March_12 - Good Afternoon!...

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Good Afternoon!! Class 15 Wednesday, March 12
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1. If you are going to take the Make-Up final Exam on Tuesday, April 29, 5:45- 7:45 pm, you must notify me by e-mail by ___ a. Monday, April 28 b. Tuesday, April 1 c. Monday, April 21 d. Tuesday, April 29 e. Monday, March 31
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please read sections 5 and 6 on the syllabus section 5 Final Exam section 6 Make-Up Final Exam
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Market for Loanable Funds
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Market for Loanable Funds if quantity of savings supplied is greater than quantity of investment demanded, interest rate falls if quantity of investment demanded is greater than quantity of savings supplied, interest rate rises
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Market for Hypothetical Product (Market for Goods)
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Market for Goods If quantity of goods supplied is greater than quantity of goods demanded, price falls If quantity of goods demanded is greater than quantity of goods supplied, price rises
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Hypothetical Labor Market (Market for Labor)
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Market for Labor if quantity of labor supplied is greater than quantity of labor demanded, wage falls if quantity of labor demanded is greater than quantity of labor supplied, wage rises
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2. It is ___ that in the classical model, prices and wages are fixed; it is ___ that according to the classical economists, full employment is the norm. a. true true b. false true c. false false d. true false
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Classical economics -in long run economy is at full employment -wages and prices are flexible upwards and downwards -no government intervention -in the long run output is independent of prices
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Long Run Aggregate Supply Curve (classical economics)
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Aggregate Demand and Long Run Aggregate Supply (classical economics)
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3. Which best describes the classical theory of employment? a.
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This note was uploaded on 03/31/2008 for the course ECON 202 taught by Professor Amsler during the Spring '08 term at Michigan State University.

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PP_Slides_Class_15_Wednesday_March_12 - Good Afternoon!...

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