econ review - w Investment macroeconomic versus financial...

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GDP : total market value of a country’s output *market value of all  final  goods (ie only measure in terms of goods sold as final product- no  double counting, as in the tires on a sold car) produced within given period of time by factors of  production  located within country -real v. nominal:  nominal  = based on prices that prevailed when output was produced, unadjusted                             real  = deflated or inflated to reflect changes in price level, adjusted   real versus nominal, GDP versus NI, and GNP versus GDP r --three approaches: value added, output and income, GDP versus welfare, underground  economy. e On the GDP question you could be given a series of examples and be asked to tell whether each  was consumption, investment, exports, imports, or other.
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Unformatted text preview: w Investment: macroeconomic versus financial Unemployment--details of definition and implications, natural rate of, cyclical, frictional, discouraged worker w On the exam you could have a list of cases and be asked whether the person was employed, unemployed or not in the labor force u Inflation: changes in relative prices versus inflation, index numbers; CPI and GNP deflator States of the macroeconomy : Business cycle, recession, depression. : Models : what is and is not being modeled and behavior versus identity w GDP identity: What is it and why is it true W Consumption function: what is it and why is it true. Marginal propensity to consumer (MPC) M multiplier m circular flow c Policy : Ideal Keynesian policy Supply siders Buchanan...
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