By: Farihah Chowdhury, Sabine Cilmans, and
DATE: THURSDAY, APRIL 2ND, 2015
INSTRUCTOR: Aqeela Tabassum
COURSE CODE: ECON 1500-0LF
TABLE OF CONTENTS
Question 1: Access the Bank of
Canada web site to answ
Shock therapy vs gradualism Notes
Shock therapy: radical reforms and rapid transformation
Examples: Vietnam, East European (especially Central
European countries and Baltic states
Gradualism: step by step approach to economic
FOR IMMEDIATE RELEASE
4 March 2015
CONTACT: Media Relations
Bank of Canada maintains overnight rate target at 3/4 per cent
OTTAWA The Bank of Canada today announced that it is maintaining its target for the
overnight rate at 3/4 per cent. The
Chapter 6- Measuring the Cost of Living
1. How to measure the overall price level in the economy.
2. How to generate a Price Index &
3. How to employ the Price Index to compare dollar figures from different points
in time and to adjust interes
PASS MOCK EXAM FINAL MACROECONOMICS
PASS MOCK EXAM FOR PRACTICE ONLY
Course: ECON 1000 C & D
Facilitator: Kelly Paget
Date and location of mock exam take-up: Thursday, April 1st from 6:00-9:00 p.m. in SA 416.
It is most beneficial to you to wri
Class Notes: 5-Measuring A Nations Income
Economies are vastly complicated. They involve millions of people, thousands of
businesses and a wide variety of goods and services. You can buy an ice cream, a
haircut, a movie ticket, a computer. Now if I ask yo
Critical Path- ECON 1500, Macroeconomics, Winter
The Critical Path is the calendar, timeline or weekly course schedule. It is an important document
that lays out weekly objectives that you are responsible for to ensure academic success. You are
December 2014 to
January 2014 to January
December 2014 to
January 2014 to January
Practice Problems Chapter 12- ECON 1500
Question 1: The following Table shows the price of good X in a few different countries. In
addition, assume that the price of good X in Canada is $2 CAD and the Law of One Price holds:
Price of Good X
Practice Questions Chapter 14 - ECON 1500
1. What are the three reasons the aggregate-demand curve slopes downward? Explain them.
2. What happens to the natural rate of output when the natural rate of unemployment falls?
3. Suppose the economy is in long-
What You Need to Know for the Final Exam (ECON 1500)
1. Introductory Material (Chapter 1, Chapter 2)
You should be able to
Explain the basic concepts scarcity, trade-off, opportunity cost, and marginal analysis.
Use marginal reasoning in decisions-makin
Macroeconomics: Study of how the economy as a whole grows and changes over time
- Guides government policies to fix problems
For all Countries there are 3 Major Economic Goals:
1. Promote Economic Growth
2. Limit Unemployment
3. Keep Prices Stable (Limit
Chapter 14: Aggregate Demand and Aggregate Supply
What are economic fluctuations? What are their characteristics?
How does the model of aggregate demand and aggregate supply
explain economic fluctuations?
Why does t
Chapter 12: Open Economy Macroeconomics
How are international flows of goods and assets related?
Whats the difference between real and nominal exchange rate?
What is purchasing power parity, and how does it explain nominal
Chapter 13: A Macroeconomic Theory of the Open
In an open economy, what determines the real interest rate? The
real exchange rate?
How are the markets for loanable funds and foreign-currency
Assignment 3 Microeconomics
a. Private firms will not undertake the efficient amount of basic science research because basic
research is a public good. This is because it is not excludable, meaning no one can be prevented
Chapter 14- Aggregate Demand and Aggregate Supply
By the end of this chapter, you should understand:
Three key facts about short-run economic fluctuations.
How the economy in the short-run differs from the economy in the long-run.
Chapter 9- Unemployment and Its Natural Rate
Understanding unemployment data
How unemployment arises from:
-Minimum Wage Laws,
-Bargaining between Unions and firms &
Why is this Chapter important?
Empirical evidence Notes
8. Problems of specification and estimation
selecting the dependent variables
9. Empirical evidence
debate about what dependent variable or measure of the
outcome of performance is appropriate (g
Microeconomics of transition Notes
5. The framework of transitiontraditionally the econ literature on
transition is translated into 4 major dimensions:
a) Microeconomics of transition, which includes the process of
creation of markets and associated price
European Bank of Reconstruction and Development EBRD
Why the initial conditions matter?
As markets are introduced, we expect allocation patterns to
revert to more normal patterns that resemble long-term
market outcomes. The more serious the distorti
Patterns growth index models Notes
7. Assessing transition patterns-growth index models
To understand how we might assess the patterns of performance
exhibited by different transition econ, we will use two illustrative
approaches for transition economies.
Transition Policies Notes
a) Important question about transition is the speed of transition
should the economy be transformed rapidly, or should there be a
more gradual adjustment to the new system.
Big bang (shock therapy)
strategy that involves moving
Transition and development Notes
Transition and development
Transition is very different from development.
Development is the process of turning a less
complex organism into a more complex one.
Transition can be likened to changing the
organism from on
The Warsaw Pact Notes
Main explanatory forces in modeling transition are:
Initial conditions, prevailing at the onset of transition
Policy measures, chosen during transition (degree of
Environmental factors-resource base, level of developm
The Legal System Notes
International trade and finance policies
elimination of state trade monopoly
Introduction of convertibility of currency and the
implementation of an exchange regime capable of sustaining
a reasonable foreign & domestic balance.
Vietnam and China are similar in initial conditions and in
transition results (immediate growth of output without
transformational recession) despite different reform
Chinese reforms are the classical example of
Microeconomics Assignment One
c. Opportunity cost
Opportunity cost of one car
Opportunity cost of car in givin