Study guides, Class notes & Summaries

macroeconomics final exam.

MacroEconomics Final Review.

Macroeconomics Key Terms.

Macroeconomics Quiz.

Macroeconomics study guide.

Macroeconomics.

What is GDP? (gross domestic product) the total dollar value of all final goods and services produced within the country's borders in a given year. Important features of GDP: dollar value goods and services final products, within a country's borders, and in a given year 4 categories of spending: consumption investment government purchases Xnet (net exports)

RESOURCE Anything that can be used to produce something else. There are FOUR "Factors of Production": 1.) LAND - natural resources (mineral, timber, etc.) 2.) LABOR - effort of workers (education) 3.) CAPITAL - manufactured goods used to produce other goods 4.) ENTREPRENEURSHIP - innovation OPPORTUNITY COST Cost of the next best alternative use of money, time, or resources when one choice is made rather than another POSITIVE ECONOMICS Analysis of facts or data to establish scientific...

MicroeconomicsThe study of individual household and firm behaviour, individual markets and industries MacroeconomicsThe study of aggregate behaviour at the country or world level income must equal expenditure because- Every transaction has a buyer and a seller. - Every dollar of spending by some buyer is a dollar of income for some seller.

1) Over a long period of time, perhaps many years, changes in real GDP come primarily from A) leftward shifts of the AD curve. B) upward shifts of the AE curve. C) upward shifts of the AS curve. D) continuous increases in potential GDP. E) rightward shifts of the AD curve. D 2) In the long run, changes in average material living standards are best shown by A) population growth. B) improvements in monetary policy. C) growth in real per capita GDP. D) improvements in fiscal policy. E)...