MIDQUESTIONSS11

MIDQUESTIONSS11 - Intro Macro - Sheflin Essential Questions...

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Intro Macro - Sheflin Essential Questions in Intro Macroeconomics -- Up to the Midterm You should be able to answer these questions asked by an intelligent friend who knows no macroeconomics. Look up answers for questions that give you trouble. NOTE there may be some items here that we did not cover, and some items we covered that are not here. Graph means show the appropriate graphical analysis – aggregate Supply and Demand, Money Supply and Demand, Yield Curve, etc. Arrow diagram means be able to trace out steps - M ↑→ i ↓→ I ↑→ D ↑→ P ,Y Equation means be able to write out a related equation BACKGROUND AND MICRO ISSUES 1. How do economists measure the value of anything? 2. What determines the price and quantity of any good or service? graph 3. What is opportunity cost and why is there no free lunch? 4. What does the invisible hand mean, and why does it suggest laissez-faire? 5. What are the three questions answered by any economic system and how are they answered under a market-based system 6. What is the difference between capitalism, socialism, communism 7. What is the definition of Microeconomics? Macroeconomics? Economics? CIRCULAR FLOW,NATIONAL INCOME ACCOUNTING AND OTHER
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This document was uploaded on 10/31/2011 for the course 202 101 at Rutgers.

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MIDQUESTIONSS11 - Intro Macro - Sheflin Essential Questions...

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