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review 2 - trade surplus aggregate supply business cycles...

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Econ 162B-A0, A1 Kenny Christianson Fall 2010 exam date: November 19 REVIEW SHEET FOR MIDTERM TWO concepts to know: circular flow model deflation real and nominal GDP nominal interest rate chain-type real GDP real interest rate foreign exchange market expected inflation exchange rates demand-pull inflation balance of payments cost-push inflation current account hyperinflation trade deficit aggregate demand trade surplus aggregate supply business cycles credit crisis unemployment rate mortgage backed securities depression international arbitrage recession global footprint labor force appreciation underemployment depreciation underground economy consumption types of unemployment investment GDP gap government spending natural rate of unemployment
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Unformatted text preview: trade surplus aggregate supply business cycles credit crisis unemployment rate mortgage backed securities depression international arbitrage recession global footprint labor force appreciation underemployment depreciation underground economy consumption types of unemployment investment GDP gap government spending natural rate of unemployment net exports potential (full employment) GDP capital consumption allowance inflation international arbitrage CPI classical model PPI labor market GDP price deflator production function GNP, NNP, NI, PI product market disposable personal income Say’s Law Purchasing power parity classical dichotomy Big Mac Index crowding out effect equations to remember: Ways of measuring GDP Purchasing Power Parity: P = P f x E chain-type growth rate: g = Σ(Q 2 x P 1 ) x Σ(Q 2 x P 2 ) Σ(Q 1 x P 1 ) Σ(Q 1 x P 2 ) price index = cost of market basket in current year x 100 cost of market basket in base year GDP = C + I + G + (X – M) GNP = GDP + NFIA NNP = GNP – CCA NI = NNP - SD NI = w + i + R + profits...
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