Principles of Cell Biology
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A style of learning in which the student takes an engaged, "proactive" role in
assimilating information and concepts, both in and outside the classroom.
concentrated effort and inten
Chapter 5 Macroeconomics
AGGREGATION AND MACROECONOMICS
An economic aggregate is nothing but an abstraction that people use to
describe some important feature of economic life such as total domestic
THE FOUNDATIONS OF AGGREGATION
THE FUNDAMENTAL ECONOMIC PROBLEM:
SCARCITY AND CHOICE
1. This question asks the students to apply opportunity cost to a
straightforward decision: to rent or buy. After buying the house,
the person would no longer have to pay $24,00
CHAPTER 9 DEMAND SIDE EQUILIBRIUM
THE MEANING OF EQUILIBRIUM GDP
GDP cannot be at its equilibrium if total spending differs from the value
If spending exceeds output, inventories fall and firms increase
If output exc
CHAPTER 16 BUDGET DEFICITS
SHOULD THE BUDGET BE BALANCED? THE SHORT RUN
Attempts to achieve balance during a recession or an inflationary
destabilize the economy.
During a recession, tax revenues will fall short o
Chapter 5 Activity
How do the following events influence GDP?
a) Each of five mothers living in a neighborhood takes care of her preschool
child in her own home.
b) The mothers share the childcare work, each one taking all five
day a week.
CHAPTER 12 MONEY AND THE BANKING
THE NATURE OF MONEY
BARTER VERSUS MONETARY EXCHANGE
A barter system, with no money would be awkward and extremely
Money greases the wheels of exchange, and thus makes the whole
CHAPTER 6 ACTIVITY ANSWERS:
not counted, probably never had previous employment
helped he will be repaying with dollars of lesser purchasing power
hurt she will get raises of
CHAPTER 17 TRADEOFF BETWEEN
INFLATION AND UNEMPLOYMENT
DEMAND-SIDE INFLATION VERSUS SUPPLY-SIDE INFLATION: A
An increase in aggregate demand raises both prices and output; a
aggregate supply raises prices but reduces ou
CHAPTER 9 DEMAND SIDE EQUILIBRIUM
1. From the following data, find the marginal propensity to
consume, compute the expenditure at each level of GDP, and
find the equilibrium GDP:
CHAPTER 10 SUPPLY-SIDE EQUILIBRIUM
THE AGGREGATE SUPPLY CURVE
The aggregate supply curve shows the relationship between the price
level and the quantity of real GDP supplied, holding all other
determinants of quantity supplied constant.
Chapter 8 Aggregate Demand & the Powerful
AGGREGATE DEMAND, DOMESTIC PRODUCT, AND NATIONAL
Aggregate Demand: the total amount that all consumers, business
government agencies are willing to spend on final goods a
SUPPLY AND DEMAND: AN INITIAL LOOK
1. (a) The demand curve for a medicine that means life or death for
a patient will be vertical, provided the patient has access to
any money at all. One would not expect a decline in quantity
Macroeconomics Test I M
Professor Maureen A. Keefe
Indicate whether the sentence or statement is true or false.
_T_ 1. Models are simplifications that are used to observe the workings of a system.
_F_ 2. Slope is measured as run/ri
3/3 Lecture: GDP
3 Macroeconomic factors that explain the state of the economy
o Unemployment Rate
o Inflation Rate
Fiscal Policies implemented by Federal government
Monetary Policies implemented by Federal Reserve
Gross Domestic Product
Macro Economics Notes
Objective of economics: to improve our material well-being => satisfy our human
desires through consumption of goods and services (necessities, luxuries, and in between)
which are produced through economic resources (things used
Monetary policies: question- what is money? Narrow or broad perspective?
Narrow definition only includes liquid forms of money- money which makes it very easy for us to go out
and buy stuf
Broad definition also includes money which is more d
Econ Cycle 2
Business cycle- fluctuation of the economy
Three variables to assess how well an economy is doing: GDP, unemployment rate, inflation rate
Fiscal policies implemented by federal government/reserve banks
GDP- gross domestic product
GDP is the t
Econ Cycle 1
Advertising & technological advances
Human desires unlimited, resources limited- scarcity problem
Adam Smith- Water Diamond Paradox- Water is more important than diamonds, but much cheaper than
Diamonds: water is much more abundant whereas di
Assignment #9 STAT 110 May 2010
1 Comparisons of the Mean Infant Birth Weight for Different Populations of
Mothers Data File: NCBirth STAT 110.JMP
In this problem you will use comparative methods to compare the actual mean birth weights of diffe
CHAPTER 5 TY ANSWERS:
Raises GDP by $50,000.
Raises GDP by $10,000.
GDP does not rise, because there is no market transaction.
GDP rises by $500,000.
GDP does not rise, because nothing new was produced.
Raises GDP by $25,0
CHAPTER 5 ACTIVITY ANSWERS:
None (no market activity)
None (no market activity)
GDP increases by $20,000
None (was in GDP in prior year)
GDP increases $2,000 (value of current services)
American GDP increases
CHAPTER 11 FISCAL POLICY
FISCAL POLICY is the governments plan for spending and taxation.
PLANNING EXPANSIVE FISCAL POLICY
Three types of fiscal policy can be used to stimulate the economy
1. Raise government spending
2. Reduce taxes
3. Increase transfer
CHAPTER 13 MONETARY POLICY
MONEY AND INCOME: THE IMPORTANT DIFFERENCE
Money is a stock, income a flow.
AMERICAS CENTRAL BANK: THE FEDERAL RESERVE SYSTEM
ORIGINS AND STRUCTURE
The Federal Reserve System, established in 1914, is the U.S. cen
IDEAS FOR BEYOND THE FINAL EXAM
Idea 1: How Much Does It Really Cost?
The opportunity cost of any decision should be
considered. Such opportunity cost is the value
(not necessarily in monetary terms) of the next
best alternative n
Chapter 6 Activity
I. The text lists three types of unemployment: frictional, structural and
Which type is each of the following?
a) Adam quits his job in Minnesota because he is tired of the snow,
Arizona and looks for work.
CHAPTER 15 DEBATE: MONETARY & FISCAL
VELOCITY AND THE QUANTITY THEORY OF MONEY
The equation of exchange, M V = P Y, is simply an
If the velocity of money, V, were to be constant, the equation
would become a stri
What is religious about the Iliad?
o How the people depended on the gods
o How they were involved
o Human beings getting support from their gods
o Sacrifice religious
o Gods are helping Achilles- involvement of
o Sacrifices to get a favor