final exam info

final exam info - TOPICS FOR THE FINAL: ECO 106 Fall 2009...

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TOPICS FOR THE FINAL: ECO 106 – Fall 2009 The final is comprehensive . The reason is that most of the topics either: - play an important part in the AD-AS model or are related to it - are just important terms in economics that you should know about Topics for the final: Terms to know about: o Opportunity cost, resources, comparative advantage and gains from trade, positive vs. normative, CPI, definition of unemployment rate, what is part of GDP. Related to AD-AS: - Aggregate demand o What determines each component of aggregate demand? Determining C: The consumption function Types of Investment spending: planned vs. inventory I (Remember: I spending is spending on new physical capital, not bonds, stocks etc.) o Graph for planned spending = GDP. o What determines AD, why does a lower price level increase spending? o What shifts the AD curve (what can lead to a change in C, I, G, X-IM)? (Find the size of a shift, explain the multiplier effect - Short-run aggregate supply o Slope: Why do producers supply more at a higher price level? o
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final exam info - TOPICS FOR THE FINAL: ECO 106 Fall 2009...

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