StudyGuide2

StudyGuide2 - Prof. Andrea Civelli Principles of...

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Prof. Andrea Civelli Principles of Macroeconomics Short Study Guide for the preparation of Test 2 The second test is going to cover the material presented in class after the first test, which corresponds to the slides in Lecture 4 and 5 that are posted on Blackboard. These refer to Chapters 5, 6, and 8 (see below for more details). Chapter 5 and 6 were presented together in the lecture set Lecture 4. I have focused more on Chapters 6, so the test will cover only pages 84 to 94 of Chapter 5. You can read the rest of the chapter for your own personal knowledge and interest. This was a long overview of three important concepts: GDP, Inflation and Unemployment. Make sure you know and understand: 1. The definition of GDP: You have to know the details about measuring GDP. 2. The relationship between GDP and the price level. How does GDP change in response to a shift of the aggregate supply and the aggregate demand? What about prices? What is a recession? What does it correspond to in terms of GDP and Prices?
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This note was uploaded on 04/08/2011 for the course ECON 2003 taught by Professor Staff during the Spring '11 term at Arkansas.

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StudyGuide2 - Prof. Andrea Civelli Principles of...

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