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STUDY POINTS FOR EXAM 1- CHAPTERS 7-8 CHAPTER 7 1. Calculate the unemployment rate. 2. Historical questions about unemployment rates 3. Why do official unemployment rates understate the true unemployment rates? 4. Recessions and unemployment rates. 5. Labor force is comprised of… 6. Labor force part. rate. 7. Job loser, job leaver, etc 8. Frictional, seasonal, cyclical and structural unemployment 9. Full employment unemployment rate. 10. Why can’t unemployment rates be zero? 11. Inflation/deflation 12. Purchasing power of the dollar 13. Formula for calculating a basic price index. 14. CPI 15. Real rate of interest 16. Business fluctuations
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Unformatted text preview: 17. Recessions/Expansions/Depressions CHAPTER 8 1. Circular flow diagrams 2. Product market vs. factors market 3. GDP 4. Two methods of measuring GDP. 5. Which transactions are excluded? 6. Final goods vs. intermediate goods 7. Fixed investment 8. Durable and nondurable goods 9. You have to know how to calculate GDP and all of its components. 10. How do you calculate GDP via the income approach? 11. How do you calculate GDP via the expenditure approach? 12. Largest categories in each approach. 13. NPD, NI, PI, DPI. 14. Nominal values vs. real values. 15. Per capita GDP and Real GDP....
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