ECON 210 FINAL EXAM
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| 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
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| 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
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| 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
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| 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
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| 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
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| What would cause the demand and supply curves to shift left and right? Give one example and draw graph. |
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| What would cause a movement in the demand and supply curve? Draw graph. |
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| 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. |
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| What is unemployment? |
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| 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? |
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| 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? |
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| Three main functions of money and how banks create money? |
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| The FED's dual machine and how the FED enacts expansionary and contractionary monetary polic? |
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| The classical theory of inflation: definition and graph |
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| The quantity theory of money: definition and graph |
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| The Aggregate Demand and Aggregate Supply model and Phillips curve |
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| What is the fiscal policy? Explain the expansionary and contractionary fiscal policy and draw graphs. |
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| Using the AD-AS model to present financial crisis in 2008 |
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