Quiz+1+Review - after changes in D/S curves • Go over all...

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Quiz 1 Review Study guide for quiz 1
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Basic principles of economics Definitions  Examples  Exercies
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Opportunity Cost, Comparative Advantage and Gains from Trade PPF Gains from trade: state of the ppf before  and after trade Absolute advantage Comparative advantage Opportunity cost exercises
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Market Forces of Supply and Demand Demand/Supply: schedule, shifters,  quantity demanded vs shift in the curve D/S together: Equilibrium, shortage,  excess, state of the economy before and 
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Unformatted text preview: after changes in D/S curves • Go over all definitions, examples & exercises GDP • Expenditure approach of calculating GDP • Y = C + I + G + NX • Real VS Nominal GDP • GDP Deflator • Go over all definitions, examples & exercises Inflation • CPI / Inflation Rate: calculations, base year etc. . • Problems with CPI • CPI vs GDP Deflator • Comparing different times dollar figures • Real vs nominal interest rate • Go over all definitions, examples & exercises...
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Quiz+1+Review - after changes in D/S curves • Go over all...

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