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Licensed Accountant
Chart
US GDP 1960 2011
(Billions of Dollars)
526.4
Components of GDP
What components of GDP (if any) would each
of the following transactions affect? Explain.
A family buys a new refridgerator.
Aunt Jane buys a new house.
Ford sells a Mustang from its inven
Social Economics
Charity
Fairness
Game Theory
Components of a Game
Example: Prisoners Dilemma
Nash Equilibrium
Dominant Strategies
Exercise
Trust
Revenge
Charity
Motives when supporting
charity
Pure altruism
Impure altruism
Gifts as a signal
Chari
Gross Domestic Product (GDP)
Characteristics of Macro
The Time Frame
The Most Fundamental Macro Concept: GDP
Definition
The NIPA
Measurement
The Expenditure Method
Per Capita GDP
Potential GDP
Real vs. Nominal GDP
Measuring the Price Level (P)
Other Elasticities
Cross-Price Elasticity of Demand
Income Elasticity of Demand
Price Elasticity of Supply
Consumer Surplus
Behind the Supply Curve: Producer Theory
Production Function
Firms Costs
Total, Average and Marginal Costs
Fixed and Vari
Calculating Equilibrium with Equations
Comparative Statics
The Three Questions
Examples
Elasticity
Price Elasticity of Demand
Elastic and Inelastic Curves
Calculating Elasticity: The Midpoint Formula
Elasticity and Slope
Equilibrium
Point at whic
Capital Supply
Budget Constraints
Capital Supply Curve
Capital Demand
Marginal Product
Value of the Marginal Product of Capital
Overview of the Economy
Households
Supply
Factor
Markets
Labor
Capital
Households
Households
Demand
Firms Demand
Firms
Pr
Overview of Factor Markets
Labor Supply
Budget Constraints
Labor Supply Curve
Labor Demand
Marginal Product
Value of the Marginal Product of Labor
Overview of the Economy
Households
Supply
Factor
Markets
Labor
Capital
Households
Households
Demand
F
ECON S 10ab: Principles of Economics
Summer, 2012 First Hourly Exam
Answers
96 total points possible
1. (20 minutes/40 points)
a. (10 minutes/20 points)
(5 points for saying Pauls explanation is least likely to be correct)
(5 points for each graph, showin
Practice Problems III. Econ S-10ab Principles of Economics. TA:
Guillem Riambau.
1. Hermione Granger and Neville Longbottom have some homework to do. The
have to prepare 16 different potions, and also write a 250 line long essay on Dragons,
Threstals and
Practice Problems III. Econ S-10ab Principles of Economics. TA:
Guillem Riambau.
1. Hermione Granger and Neville Longbottom have some homework to do. The
have to prepare 16 different potions, and also write a 250 line long essay on Dragons,
Threstals and
Econ S-10ab
Summer, 2012
Practice Problems for Exam 1
1. How do each of the following events affect the market for frozen yogurt in the U.S.?
For each event, show on a graph which curve has shifted and the resulting change in
equilibrium price and quantit
Principles of Economics
Summer 2012
Lecture 1: David Laibson
Chapters 1-2
Acemoglu, Laibson, and List
1
What is the cost of Facebook?
2
Outline of Lecture
Chapters 1 and 2
1. Define economics: the study of choice
2. Compare and contrast economics with oth
The GDP Deflator vs. the CPI
Problems with the CPI
Why is Inflation Bad?
Interest Rates
Real vs. Nominal Interest Rates
The Price Level and Interest Rates
Unemployment
Definition and Measurement
Types of Unemployment
Measures of the Price Level
The