{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

mid1revm11 - Review for first challenge Eco 212 The format...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Review for first challenge Eco 212 The format of the challenge is 5-6 short answer questions (1-2 sentences) and 2 longer questions (usually requiring a graph, some math, and/or a longer explanation). The challenge is closed book. All questions come from the class notes. Also study the first homework, chapters 2,17-20 (2,5-10 in the version of the book which only contains macroeconomics), and this review sheet. Some formulas will be given (students should also know how to calculate percentages, in- cluding change in GDP, inflation, etc.). In particular, the formulas on the next page will be given. 1 Value added = Revenues- cost of goods = Income = wages + profits = spending = C + I + G + X- M CPI = p 1 ,t · q 1 ,b + ... + p n,t · q n,b p 1 ,b · q 1 ,b + ... + p n,b · q n,b · 100 , GDP Deflator = p 1 ,t · q 1 ,t + ... + p n,t · q n,t p 1 ,b · q 1 ,t + ... + p n,b · q n,t · 100 NGDP = p 1 ,t · q 1 ,t + ... + p n,t · q n,t , GDP = p 1 ,b · q 1 ,t + ... + p n,b · q n,t GDP = NGDP...
View Full Document

{[ snackBarMessage ]}

Page1 / 3

mid1revm11 - Review for first challenge Eco 212 The format...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon bookmark
Ask a homework question - tutors are online