Review topics for second exam

Review topics for second exam - Phantom unemployed Human...

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REVIEW TOPICS FOR SECOND EXAM SPRING 2010 CHAPTERS 5 - 7 Chapter 5 GDP and GNP Measuring GDP output Per capita GDP Measurement problems non-market activity unreported income Value added Real GDP vs Nominal GDP Base year Chain-weighted price adjustments Uses of output Consumption Investment Government spending Net Exports Investment, gross investment and net investment
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Disposable income, consumption, savings Chapter 6 Definition of unemployment Labor force Labor force participation rate Unemployment rate Okun’s Law Reasons for unemployment Job losers Job leavers Re-entrants New entrants Education and unemployment Discouraged workers Underemployment
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Unformatted text preview: Phantom unemployed Human costs of unemployment Types of unemployment Seasonal Frictional Structural Cyclical Full employment vs. inflation Outsourcing jobs Chapter 7 Definition of inflation Average price Relative price Redistributive effects Price Income Wealth Money illusion Macro consequences Uncertainty Speculation Bracket creep Measuring inflation inflation rate CPI, core inflation rate and item weight PPIs mining, manufacturing and agriculture GDP deflator Price stability Inflation rate goal Demand/pull inflation Cost/push inflation COLAs ARMs...
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This note was uploaded on 07/02/2011 for the course ECON 222 taught by Professor Shimpalee during the Spring '10 term at South Carolina.

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Review topics for second exam - Phantom unemployed Human...

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