Intermediate Macroeconomics
... – Real GDP values goods and services at constant prices – Nominal GDP values goods and services at current prices – Real GDP – a better measure of economic well-being – Real GDP rises only when the amount of goods and services produced in the economy rises – Nominal GDP can rise because output has i ...
... – Real GDP values goods and services at constant prices – Nominal GDP values goods and services at current prices – Real GDP – a better measure of economic well-being – Real GDP rises only when the amount of goods and services produced in the economy rises – Nominal GDP can rise because output has i ...
Week 20
... axis in his original presentation of the ‘Phillips curve’? (http://www.jstor.org/stable/2550759) ‘Rate of change of money wage rates, % per year’ Note: Some texts show inflation on the Y axis when drawing the Phillips Curve. Gerry prefers to use this notation instead. Question 2 looks at why he make ...
... axis in his original presentation of the ‘Phillips curve’? (http://www.jstor.org/stable/2550759) ‘Rate of change of money wage rates, % per year’ Note: Some texts show inflation on the Y axis when drawing the Phillips Curve. Gerry prefers to use this notation instead. Question 2 looks at why he make ...
PART I: Multiple Choice/Fill-In
... barrels. Now the head of Brazil's National Petroleum Agency (ANP) says another nearby discovery might hold as much as 33 billion barrels, which would make it the third-largest field ever found. That alone would be enough to raise Brazil to eighth position in the global oil rankings—if these estimate ...
... barrels. Now the head of Brazil's National Petroleum Agency (ANP) says another nearby discovery might hold as much as 33 billion barrels, which would make it the third-largest field ever found. That alone would be enough to raise Brazil to eighth position in the global oil rankings—if these estimate ...
Zimbabwe (for both 1 and 2)
... The Central Statistical Office of Zimbabwe produces a consumer price index (CPI) and the month on month and year on year rates of inflation for the whole country once every month. The CPI is based on price observations from across the country covering both urban and rural outlets and weights obtaine ...
... The Central Statistical Office of Zimbabwe produces a consumer price index (CPI) and the month on month and year on year rates of inflation for the whole country once every month. The CPI is based on price observations from across the country covering both urban and rural outlets and weights obtaine ...
Michael Bruno Working Paper 1050
... primarily shifts in aggregate demand in response to the earlier supply shock. •(Figure I includes a separate point for Israel in January—May 1977, not only because May 1977 marked a shift in political regimes, but because it clearly shows that inflation was at that time decelerating in a way that ap ...
... primarily shifts in aggregate demand in response to the earlier supply shock. •(Figure I includes a separate point for Israel in January—May 1977, not only because May 1977 marked a shift in political regimes, but because it clearly shows that inflation was at that time decelerating in a way that ap ...
VII Neoclassical synthesis and economic policies of 1960s
... depression period): price and nominal wages constant, as well as inflationary expectations • In the short-run: prices and wages rigid for many reasons – Informational problem, slow reaction of firms (do not change prices and wages instantaneously, etc. – see next chapters) – This is true for any poi ...
... depression period): price and nominal wages constant, as well as inflationary expectations • In the short-run: prices and wages rigid for many reasons – Informational problem, slow reaction of firms (do not change prices and wages instantaneously, etc. – see next chapters) – This is true for any poi ...
LECTURE #14: MICROECONOMICS CHAPTER 16 (Chapter 17 in
... and panel (b) shows the long-run equilibrium in a perfectly competitive market. Two differences are notable. (1) The perfectly competitive firm produces at the efficient scale, where average total cost is minimized. By contrast, the monopolistically competitive firm produces at less than the efficie ...
... and panel (b) shows the long-run equilibrium in a perfectly competitive market. Two differences are notable. (1) The perfectly competitive firm produces at the efficient scale, where average total cost is minimized. By contrast, the monopolistically competitive firm produces at less than the efficie ...
Macrodynamic information system to simulate tariff policy in the electricity sector
... means of transport - Means of transport ...
... means of transport - Means of transport ...
14.02 Principles of Macroeconomics Problem Set 1 Fall 2005 ***Solution***
... The multiplier tells us how much equilibrium output will change for a given change in autonomous spending. For example, if investment increases by 500, then the equilibrium output will rise by 1,250 (500 *2.5). Why? First, investment increases by 500. Then, this increase in I increases Z (total dema ...
... The multiplier tells us how much equilibrium output will change for a given change in autonomous spending. For example, if investment increases by 500, then the equilibrium output will rise by 1,250 (500 *2.5). Why? First, investment increases by 500. Then, this increase in I increases Z (total dema ...
Final Exam Practice Questions
... Today, the ratio of the price of bread to the hourly wage is smaller than it was when your grandfather was a boy. ...
... Today, the ratio of the price of bread to the hourly wage is smaller than it was when your grandfather was a boy. ...
Questions of Final Provide explanation of 4 out of 10 principles of
... a. What is the value of velocity? b. If velocity is fixed at the value you solved for in part (a), what does the quantity theory of money suggest will happen if the money supply is increased to €400? c. Suppose that when the money supply is doubled from €200 to €400, real output grows a small amount ...
... a. What is the value of velocity? b. If velocity is fixed at the value you solved for in part (a), what does the quantity theory of money suggest will happen if the money supply is increased to €400? c. Suppose that when the money supply is doubled from €200 to €400, real output grows a small amount ...
Interest Rates and Monetary Policy: Conference Summary
... not only those expectations but also the uncertainty surrounding them, as reflected in the risk premiums on the futures contracts. In this paper Piazzesi and Swanson examine the properties of such risk premiums and their implications for monetary policy. By examining data on federal funds futures ra ...
... not only those expectations but also the uncertainty surrounding them, as reflected in the risk premiums on the futures contracts. In this paper Piazzesi and Swanson examine the properties of such risk premiums and their implications for monetary policy. By examining data on federal funds futures ra ...
Gross Domestic Product and Growth Section 1
... – To calculate nominal GDP, we use the current year’s prices to calculate the value of the current year’s output. – The problem with nominal GDP is that it does not account for the rise in prices. Even though your output might be the same from year to year, the prices won’t be and nominal GDP would ...
... – To calculate nominal GDP, we use the current year’s prices to calculate the value of the current year’s output. – The problem with nominal GDP is that it does not account for the rise in prices. Even though your output might be the same from year to year, the prices won’t be and nominal GDP would ...
Economics Exit Exam Preparation
... The firm will attempt to pass some of the burden of the tax to its consumers. The extent to which this is possible depends on the elasticities of demand and supply. Generally, the more elastic (inelastic) demand is, the more difficult (easier) it is for the firm to pass the tax burden to the consume ...
... The firm will attempt to pass some of the burden of the tax to its consumers. The extent to which this is possible depends on the elasticities of demand and supply. Generally, the more elastic (inelastic) demand is, the more difficult (easier) it is for the firm to pass the tax burden to the consume ...
PDF
... change in value added, resulting from both price interventions measured at the actual level of production and adjusted for the change in the rural consumer price index. Non-price transfers were defined to include public investments that can be considered public goods, such as irrigation, roads, rese ...
... change in value added, resulting from both price interventions measured at the actual level of production and adjusted for the change in the rural consumer price index. Non-price transfers were defined to include public investments that can be considered public goods, such as irrigation, roads, rese ...
The Phillips Curve
... • When engaged in a lesson on the Phillip's Curve, the learner will compare and contrast the philip's curve to the aggregate supply/aggregate demand curve, in order to fully understand why there is an inverse relationship between inflation and unemployment. The Phillip's Curve will be presented in ...
... • When engaged in a lesson on the Phillip's Curve, the learner will compare and contrast the philip's curve to the aggregate supply/aggregate demand curve, in order to fully understand why there is an inverse relationship between inflation and unemployment. The Phillip's Curve will be presented in ...
2 aggregate supply and demand:a simple
... change their prices (once the old menus wear out), so the justification for an upwardsloping AS curve holds only in the short run. We still expect the long-run response to be an increase in all nominal prices with production back at Yn, so the long-run AS curve is vertical. Another possibility is th ...
... change their prices (once the old menus wear out), so the justification for an upwardsloping AS curve holds only in the short run. We still expect the long-run response to be an increase in all nominal prices with production back at Yn, so the long-run AS curve is vertical. Another possibility is th ...
Questions
... 64. A major employer in a small town announces upcoming major layoffs of employees. What should we expect to happen to the consumption functions of the affected employees? a. the consumption functions will shift upward. b. most employees will move upward along their consumption functions c. the con ...
... 64. A major employer in a small town announces upcoming major layoffs of employees. What should we expect to happen to the consumption functions of the affected employees? a. the consumption functions will shift upward. b. most employees will move upward along their consumption functions c. the con ...
The Tools of Monetary Policy
... the cost of borrowed funds for depository institutions that borrow reserves Decreasing the discount rate decreases the cost of borrowed funds for depository institutions that borrow reserves ...
... the cost of borrowed funds for depository institutions that borrow reserves Decreasing the discount rate decreases the cost of borrowed funds for depository institutions that borrow reserves ...
36A. Key Problem - McGraw Hill Higher Education
... 51A (Two of the following): a) The level of investment is likely to be low since firms may be discouraged from spending when faced by the future uncertainty that inflation brings. b) Inflation requires that menus, catalogues, price lists, web-sites and so on must be changed which can be very expensi ...
... 51A (Two of the following): a) The level of investment is likely to be low since firms may be discouraged from spending when faced by the future uncertainty that inflation brings. b) Inflation requires that menus, catalogues, price lists, web-sites and so on must be changed which can be very expensi ...
Revised exam date: Tuesday, September 26, 2006
... These study questions are where to begin your preparations for your Macroeconomics test. Also, notice what else is in your notes concerning these topics. Prepare your answers in advance so that you can ask me about any holes in my presentations! I highly recommend that you write out answers to your ...
... These study questions are where to begin your preparations for your Macroeconomics test. Also, notice what else is in your notes concerning these topics. Prepare your answers in advance so that you can ask me about any holes in my presentations! I highly recommend that you write out answers to your ...