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 PPI’s – mining, manufacturing and agriculture GDP deflator Price stability Inflation rate goal Demand/pull inflation Cost/push inflation COLA’s ARM’s...
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Review topics for second exam - Phantom unemployed Human...

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