Study guide growth

Study guide growth - h. Rule of 70 Class video on GDP...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Study guide Test #3 Econ 201 ECONOMIC GROWTH 1. Define GDP and explain the definition. 2. “ An increasing GDP does not indicate that all persons in the economy are better-off.” Explain. 3. Understand the two methods of calculating the GDP. 4. What is the Business cycle? Describe the different phases of the business cycle using the concepts of the secular growth rate. Relate each phase of the business cycle to the PPC of a country. 5. Name and describe the theories of economic growth. 6. Clearly understand: a. The economic growth rate b. The per capita growth rate c. GNP d. National income accounting identity e. Growth recession f. Secular growth rate g. Real and nominal growth rate
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: h. Rule of 70 Class video on GDP INFLATION 1. Define inflation. 2. What is a price index? How do you use it to measure inflation? 3. What are the different price indexes? 4. What are the different problems associated with using the CPI to measure inflation? 5. What are the different types of inflation? 6. Explain the causes of demand-pull and cost-push inflation? 7. Describe the redistributive mechanics of inflation. 8. What are some protective measures against inflation? Clearly understand: a. Real and nominal prices b. Bracket creep c. Menu price of inflation. d. Discomfort index....
View Full Document

This note was uploaded on 03/24/2010 for the course ECON 201 taught by Professor Fairchild during the Spring '08 term at Northern Virginia.

Ask a homework question - tutors are online