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StudyGuide1 - Deskins Principles of Macroeconomics Exam 1...

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Deskins – Principles of Macroeconomics Exam 1 Study Guide From Chapter 5 1. What statistic is most commonly used to measure overall economic output? Know its precise definition. How is it calculated? 2. Understand the individual components of GDP and what is included in each. 3. Understand the distinction between real and nominal GDP. Be able to work with simple numerical problems. 4. At what rate did real GDP (seasonally-adjusted) grow in the U.S. for the most recent quarter for which statistics are available? What is GDP roughly for the U.S? GDP per capita? 5. Understand the imperfections with GDP as a measure of economic well-being and be able to illustrate with examples. 6. Be aware of the typical manner in which real GDP fluctuates over the short-run – the business cycle. Be able to diagram this cycle and point out the peaks and troughs. Also, be able to characterize these points in terms of unemployment and inflation. From Chapter 6
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This note was uploaded on 12/27/2011 for the course ECON 205 taught by Professor Johndeskins, during the Fall '11 term at Creighton.

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StudyGuide1 - Deskins Principles of Macroeconomics Exam 1...

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