study guide for second midterm Fall 2007

study guide for second midterm Fall 2007 - Some of the...

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Some of the things that you must know for the midterm 1 Economic Growth (Chapters 7 and 8) #$ 5 0Ð5Ñ 5 œ= Ð81 Ñ • the definitions of the symbols and how to explain this equation in words • the diagram and how to interpret it • effects of changes in parameters of the model • why the = 5 line slopes downward and the implications of this • definition of steady state and how to find steady-state values of and 5ßCß - • definition ( ) and interpretation ( maximized) of golden rule point QT œ 81 - 5 $ • how to find 5 K • how to find = K • US saving rate issues • Convergence or not? Aggregate Demand – Closed Economy (Chapters
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