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Ch20- W09 - Introduction to Macroeconomics AS/ECON1010 3.0...

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Introduction to Macroeconomics AS/ECON1010 3.0 Section R– W09 Professor: Art Noordeh, PhD Web site: www.noordeh.pageout.net
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Teaching Assistants ROOM: 1098 VH 1. Negar Razavilar Office hrs: M W; 10 – 1 pm Email: [email protected] 1. Lulu Lo Office hrs: T R; 12 – 1 & 2:30 – 4:00 Email: [email protected]
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Course Evaluation 1. Midterm Exam (40%):Tue. April 7 (in class) 2. Assignment (20%): Due May 21 @11:45 pm 1. Final Exam (40%): May 22 – June 2
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Online Assignment Web site: WWW.APLIA.COM Fee: Approx. $35 Course Key: V7PK-7UBN-RSLF Grace period: Till March 24, 09
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Other Important Dates March 18 : Last date to enrol in the course without the permission of the instructor March 24 : Last date to enrol in the course with the permission of the instructor April 22: Last date to drop the course without receiving a grade May 21: Last day of Winter Classes
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TEXT: ECONOMICS Canada in the Global Environment Sixth Edition by Michael Parkin & Robin Bade Pearson Addison Wesley
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Study Guide by Avi J. Cohen & Harvey B. King Canada in the Global Environment Sixth Edition
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Emails To be used for Administrative purposes ONLY No response to emails requesting information which were given in class No response to emails asking for the test results/marks
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Class/Exam Rules Please turn off your cell phones Be on time (imperative) Closed Book Exams No Electronic Devices Allowed in the Exam (except a basic calculator)
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Reading/Homework for Weeks of March 8 & 15, 09 Reading: Text – Chs. 1, 19 - 21 Practice Exercises: Practice Exercises: All review Quizzes & All review Quizzes & Odd-numbered problems Odd-numbered problems Also: Ch.1 and Appendix to Ch. 1 (if you have not taken Introduction to Microeconomics) Study Guide: Chs. 1, 19 - 21 Key Concepts & all Multiple Choice questions Key Concepts & all Multiple Choice questions Aplia: Aplia: Week one and two: Practice questions/problems Week one and two: Practice questions/problems
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Chapter 20
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Objectives After studying this chapter, you will be able to Define GDP and use the circular flow model to explain why GDP equals aggregate expenditure and aggregate income Explain the two ways of measuring GDP Explain how we measure real GDP and the GDP deflator Explain how we use real GDP to measure economic growth and describe the limitations of our measure
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Gross Domestic Product GDP Defined GDP or gross domestic product , is the market value of all final goods and services produced in a country in a given time period. This definition has four parts: Market value Final goods and services Produced within a country In a given time period
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Gross Domestic Product Market Value GDP is a market value—goods and services are valued at their market prices. To add apples and oranges, computers and popcorn, we add the market values so we have a total value of output in dollars.
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Gross Domestic Product Final Goods and Services GDP is the value of the final goods and services produced.
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