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Topicsfortest1 - Money Functions of money Measures of money...

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Topics: Chapter 2: Measurement of GDP: Expenditure method: Components, Treatment of inventories, Used goods Income method: Components Product method GDP and GNP: Relationship between the two. Nominal GDP and Real GDP GDP deflator Measurement of Inflation: CPI CPI vs. GDP deflator Measurement of Unemployment rate: Employed, Unemployed, Labor force Chapter 3: Production function: Production functions, MPL, MPK, Returns to Scale, Diminishing MPL and MPK Cobb-Douglas Production function, Economic profits, share of income going to K and L Profit maximizing condition: W/P = MPL; R/P = MPK Goods market equilibrium in a closed economy: Y = C+I+G Loanable funds market: S=I(r) (Graph and solving models to determine r) National Savings, Private Savings and Public Savings Shifts in S curve, Shifts in I curve. Chapter 4:
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Unformatted text preview: Money Functions of money Measures of money Quantity theory of money Fishers equation Money demand and Money supply Chapter 5: An open economy: Y=C+I+G+NX Loanable funds market in a small open economy: If S>I, trade surplus, capital outflows. If S<I, trade deficit, capital inflows. Domestic fiscal policy using LF market. Foreign fiscal policy using LF market. Foreign Exchange Market: Effects of domestic and foreign fiscal policy on trade balance Effects of domestic fiscal policy, foreign fiscal policy and trade policy on real exchange rate. Real Exchange Rate and Nominal Exchange Rate Purchasing Power Parity Chapter 6: Unemployment Types of unemployment: Frictional, Structural, Cyclical and Seasonal, Natural Rate. Causes of unemployment Role of Public Policy...
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This document was uploaded on 10/28/2011 for the course ECON 420 at UNC.

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