MidtermReview

MidtermReview - Econ 202: Midterm Review 1. Recognize a...

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Econ 202: Midterm Review 1. Recognize a description of each of the four phases of the Business Cycle: peak, upturn, downturn trough 2. Know the trigger that sends the economy out of the peak and into a downturn; and the trigger that sends the economy out of a trough and into an upturn 3. Recognize a description of each of the three kinds of unemployment: frictional, cyclical, structural 4. Know who is included and not included in the Civilian Labor Force 5. Know how to calculate an unemployment rate 6. Recognize a definition of inflation 7. Recognize the definitions of demand pull and cost push inflation 8. Know how to find a price index number from two nominal GDP values 9. Know how to find the inflation rate from two price index numbers 10. Know how to deflate the GDP, given nominal GDP and a price index number 11. Recognize a description of each of the three methods for calculating GDP 12. Know what is included in each of the GDP Accounts: Gross Domestic Product, Net Domestic Product, National Income, Personal Income, Disposable Income. 13. Know what economic activities are not included in GDP 14. Know why we calculate discretionary income 15. Recognize a definition of Capital Consumption Allowance or Depreciation Allowance (two names for the same thing) and that this is left out of Net Domestic Product because it represents replacement capital, not contributing to growth 16. Know what a “factor share” is, and what factor shares are counted in National Income: wages and salaries, benefits, proprietorship incomes, corporate profits, rental payments, interest
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This note was uploaded on 04/03/2008 for the course ECON 202 taught by Professor Iforget during the Spring '08 term at Drexel.

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MidtermReview - Econ 202: Midterm Review 1. Recognize a...

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