To describe the properties of central tendency, variation, and shape in numerical data
To know how to compute descriptive summary measures for a sample
To decide how to make investment decision for differe
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ECO 280 Macroeconomics S17
1. Inflation between 2010 and 2011 is 5% and inflation between 2011 and 2012 is 4%. This is:
a. Increase in inflation
2. Inflation from 2014-2015 is -8%. This is:
ECO 285 Final
Essay: discuss the determinants of the equilibrium interest rate and how it may change
o money supply and demand, money supply = money demand
o Money demand is downward sloping because
o Money supply is vertical because it is con
Exam 2 Study Guide
Chapter 5- Gross Domestic Product
a. Gross Domestic Product (GDP)
i. Market value of all final goods and services produced domestically in a period.
ii. GDP counts only new domestic production
1. Things that are not counted
Title Page (1)
Description of Data
Statistical Analysis of
Many buyers and many sellers, each has a negligible impact on market price
Perfectly competitive market
All goods are exactly the same
Buyers and sellers are so numerous that no one can affect the marker price
(Book Notes)Ten Principles of Economics
Wednesday, January 18, 2017
1. People Face Trade Offs
To get something that we like, we usually have to give up something else that we also like. Making
decisions requires trading off one goal against anoth
(Class Notes) Thinking Like An Economist
Wednesday, January 25, 2017
e.g. Models made for buildings
We use the scientific method
CH 2 Page 1
"you have to make assumptions"
Am I using the right asumptions?
"Everyday we use models"
E.g. We use
(Class Notes) Interdependence and Gains from Trade
Wednesday, January 25, 2017
e.g. can not get coffee for a cheaper price in the country that makes it
CH 3 Page 1
e.g. christmas lights
Self-sufficiency look at first (no trade)
look at trading
(Book Notes)Thinking Like An Economist
Wednesday, January 25, 2017
The Scientific Method: Observation, Theory, and More Observation
economists studying inflation are not allowed to manipulate a nations monetary policy simply to
Region Product Type
Project Report Writing
(1) paper outline
(2) characteristics of a good report
(3) report requirements and submissions
(4) examples of statistical jargon
(5) common mistakes
(6) characteristics of reports of high quality
(1) Paper Outline
Write-Right Writing, Inc.
You are a members of a market evaluation team employed by Write Right Writing Instruments.
You should choose an inventive name for your firm. Feel free to choose a name other than
Overall Presentation- The overall presentation will be graded with the
of assignment directly
and completely in an
CH 4 INT.ECO
The Heckscher-Ohlin model assumes that trade occurs because countries have different resources.
This model contrasts the Ricardian one, which assumed that countries use their technological
comparative advantage to specialize in the production
The provision of a service or the production of various parts of a good in different countries is called
foreign outsourcing or offshoring.
Offshoring is trade in international inputs, which can sometimes cross borders several times before being
The graph Pm x MPLm is downward-sloping because as more labor is used in manufacturing, the
marginal product of labor in that industry falls, and the wages as well. The graph of Pa x MPLa in upwardsloping because we are measuring the labor used in agricul
CH 3 INT. ECO GAINS AND LOSSES FROM TRADE
The model we use to analyze the role of international trade in determining the earning of labor,
land and capital, assumes that one industry (agriculture) uses labor and land and the other
(manufacturing) uses lab
International trade means moving goods and services outside national borders.
At the end of this course we will know what products are traded, who sells them and who buys
them, at what quantities and prices they are traded, the costs and benefits of these
CH 2 INT. ECONOMICS
There are various reasons why a country buys good from another one. These include:
- Differences in technology
- Differences in resources
- Differences in the costs of offshoring
- The proximity of countries (proximity of countries aff
Chapter 7: Inflation
What is inflation?
o An increase in the general (average) price level of goods and services in the
What is deflation?
o A decrease in the general (average) price level of goods and services in the
What is the most wide
Chapter 9: The Keynesian Model in Action
What is the purpose of this chapter?
o To complete the Keynesian model by adding the government and the foreign
sector and use the model to explain macro equilibrium
Why is government spending an autonomous expendi
Eco 285 Chapter 4 Notes: Markets in Action
What causes a change in market equilibrium?
o A change in demand
o A change in supply
Increase in demand -> Increase in equilibrium price -> Increase in quantity supplied
Decrease in demand -> Decrease in equilib
Chapter 5: Gross Domestic Product
What is national income accounting?
o The system used to measure the aggregate income and expenditures for a nation
What is gross domestic product?
o GDP is the market value of all final goods and services produced in a n
Chapter 6: Business Cycles and Unemployment
What is a business cycle?
o Alternating periods of economic growth and contraction, which can be measured
by changes in the real GDP
What are the four phases of a business cycle?
Chapter 8: Keynesian Model
Who was John Maynard Keynes?
o British economist (1883-1946) who offered an explanation of the Great
Depression of the 1930s
Where were the ideas of the classical economists widely accepted?
o Prior to the 1930s
What did the cla