Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know (0)
Remaining cards (0)
Know (0)
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

ECON 210 FINAL EXAM

QuestionAnswer
What is opportunity cost? Give a real life example. Definition: value of opportunities lost when making a decision Example: When you are given two options to pick from the one you didn't pick is the opportunity cost
What is incentive? Give one real life example. Definition: You can have a positive or negative incentive. They can make a person want to do something more or less and it can make the opportunity cost larger or smaller. Example: Sleep vs making exam
What is GDP? How is GDP calculated using the expenditure approach? What is CPI? GDP- Gross Domestic Product : Sum of market value of G&S in a country with in a certain amount of time Expenditure Approach: C+I+G+Nx Nx = exports-imports CPI - consumer price index: sum of basket G&S of a n individual/household
Explain the problem of "double counting" and how it can be avoided. counting a G&S twice we can this by only counting NEW things
What are the limitations of GDP measures? 1. GDP doesn't measure the cost of living/quality of life 2. GDP doesn't measure if someone has a job 3. GDP doesn't measure economic activities
What would cause the demand and supply curves to shift left and right? Give one example and draw graph.
What would cause a movement in the demand and supply curve? Draw graph.
What is the Market for Loanable funds? If citizens expect to bear more of the burden for their own health care and retirement costs in the future, then how would this effect the supply of loanable funds? Draw a graph.
What is unemployment?
A firm's labor demand and labor supply equations are shown below. Ld = 70 -6(w) Ls = -20 + 12(w) Where w is the wage per hour worked. What is the equilibrium quantity of labor?
The workers, thinking that their wages are too low, decide to strike. After tense negotiations, the firm decide to raise wages by 20 percent. After the wage increase, what is the number of people who are unemployed?
Three main functions of money and how banks create money?
The FED's dual machine and how the FED enacts expansionary and contractionary monetary polic?
The classical theory of inflation: definition and graph
The quantity theory of money: definition and graph
The Aggregate Demand and Aggregate Supply model and Phillips curve
What is the fiscal policy? Explain the expansionary and contractionary fiscal policy and draw graphs.
Using the AD-AS model to present financial crisis in 2008
Created by: 1311706252183118
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards