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Macro Econ Exam 3
| Question | Answer |
|---|---|
| BLS Abbreviation | Bureau of Labor Statistics |
| Unemployment Rate Formula | Unemployed / Labor Force |
| Labor Force Participation Rate | Labor Force / Population of people above working age |
| Discouraged Workers | People who haven't looked for a job in the past 4 weeks because they believe none are available (they want to work) |
| Why Unemployment Is Not Perfect Measure | 1.) Counting People with part time jobs 2.) The BLS doesn't verify that the household responses are correct 3.) A person might claim that they are actively looking to remain eligible for government programs 4.) Illegal Workers (Working Illegally) |
| LF Participation | Tells companies the percent of population that is available and willing to work |
| Since 1948 LF Participation Rate for men has _____ and rate for women has _______ | declined, increased |
| LF Participation Rate since 1948 has gone from ____ --> _____ | 58% to 63% |
| Asian Population has _______ unemployment rate in United States | lowest |
| Why does GDP increase 2% -- 3% per year? | 1.) Developed nations need to develop technology 2.) Population growth |
| Business Cycle | Periods of economic expansion and economic recession |
| Long Run Economic Growth | Process by which increasing productivity increases the avg. standard of living |
| GDP per capita formula | GDP / Population Size |
| Growth rate of GDP per Capita | Current Year - Previous Year / Previous Year |
| Rule of 70 | 70/ Growth Rate - # of years to double GDP per Capita |
| A Closed Economy: | there is no trade between nations |
| An Open Economy: | there is open trade between nations |
| Budget Deficit | When the government spends more money than it makes |
| Frictional Unemployment | Short term unemployment that is from the process of matching workers with jobs |
| Structural Unemployment | When there's a mismatch between job skills of workers and what jobs require |
| Cyclical Unemployment | Workers who lose their jobs from recession |
| Government Policy | 1.) Protect individual property - patents and copyrights 2.) Fund R+D 3.) Subsidizing Education |
| Paul Romer | Argues that technology is influenced by how individuals and firms respond to market values and incentives |
| New Growth Theory | A model of long run economic growth that emphasizes technological change and is influenced by economic incentives and determined by the working market system |
| Per Worker Production Function | The relationship between real GDP per hour worked and capital per hour work holding the level of technology constant |
| Who demands funds? | Borrowers (Firms or Households) |
| What is the equation for private savings? | Y-C-T+TR |
| What is the equation for public savings? | T-G-TR |
| financial intermediary | facilitates transactions between lenders and borrowers |
| What 2 key factors influence labor productivity? | Capital and Technology |
Created by:
gabero
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