chap17 - Distribution of Midterm 2 grade 4 5 4 0 3 5 3 0 2...

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20 30 40 50 60 70 80 90 100 110 0 5 10 15 20 25 30 35 40 45 Distribution of Midterm 2 grade Average: 67; highest score: 105; scores over 90: 30
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Macroeconomics Chapter 17: Macroeconomics: the Bird’s – Eye View of the Economy
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Great Depression Number of people without jobs nearly tripled by 1933 when the unemployment rate hit 25% Factories cut production 31% Stocks lost a third of their value in 3 weeks in 1929 Question: What caused it? Could better economic policies have prevented the great depression? Lesson: free-market sometimes needs intervention. Government has a responsibility to promote the overall health of the economy through sound macroeconomic policies. More info.: http://en.wikipedia.org/wiki/Great_Depression
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Microeconomics vs. Macroeconomics Microeconomics is the study of individual choice under scarcity and its implications for the behavior of prices and quantities in individual markets. Macroeconomics is the study of performance of the national economy as well as the policies used to improve the performance.
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Major macroeconomics issues: 1. Economic growth and living standards Standard of living: The degree to which people have access to goods and services that make their lives easier, healthier, safer, and more enjoyable Economic growth: A process of steady increases in the standard of living (in the quantity and quality of the goods and services the economy can produce)
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Output of the U.S. Economy: 1900-2004 In 2004 output of the U.S. economy was:33 times the 1900 level, 6 times the 1950 level
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In the U.S. over time: 1.9 automobiles per U.S. household. In 2004, a typical U.S. resident consumed over 8 times the quantity of goods and services consumed in 1900. In 1960, 8% of the adult population had a college
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chap17 - Distribution of Midterm 2 grade 4 5 4 0 3 5 3 0 2...

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