Econ final
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What was unusual about the 2001 Recession? | 1) GDP never went negative
2) We didn't come out strong like we usually do
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| What 3 things make a multiplier larger? | 1) Saving less
2) Spending less on imports
3) Tax cuts
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| Worker Productivity | Amt a worker produces within an hour * price
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| What's wrong with how we measure GDP/Growth? | 1) Says nothing about unemployment
2) The more we produce, the more we pollute.
3) Doesn't say what was produced.
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| 3 Policies that shift the A.D. curve to the right | 1) Gov. Spending
2) Tax Cuts
3) Lowering the int. rates
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| How long do recessions and expansions last? | Recessions: 11 Months
Expansions: 5 years
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| Formula for real interest rates | r=i-p (Real = nominal - inflation)
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| Real GDP Formula | Real GDP = (nominal GDP)/(price index or GDP deflator)
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| Wealth Effect | People spend more because on paper they look wealthier than they are because of their assets. Assume they can sell their assets later to pay for what they spend now.
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| Demand-Pull Inflation | Low unemployment rate, high demand for goods and services.
Ex.: Vietnam war. demand high since unemployment was low, then the war further increased the demand for goods.
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| Cost-Push Inflation | Energy Prices go up, takes more $ to produce goods, prices go up to make up for the higher costs.
Ex.: OPEC cutting production of oil
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| Stagflation | High unemployment coupled with high inflation
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| When is inflation a problem? | When you can't predict it! Prices go up, but wages stay the same.
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| Unemployment Formula | Unem= (# of people unem.) / (Labor force (unem. + employed))
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| Frictional Unemployment | Good for the economy. It's voluntary. Looking for a better job, in school, paternity/maternity leave.
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| Cyclical | Jobs lost and gained through business cycles. Theoretically, you get your job back when the demand his high again. TEMPORARY.
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| Structural | BAD. Skill set doesn't match the job demand. Your job never comes back.
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| Nairu Theory | Natural Rate of Unemployment.
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