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Questions and Answers
What is the primary tool economists use to measure a nation's economic output?
What is the primary tool economists use to measure a nation's economic output?
- Consumer Price Index (CPI)
- Gross Domestic Product (GDP) (correct)
- Unemployment Rate
- Inflation Rate
GDP includes the total market value of what?
GDP includes the total market value of what?
- Only exported goods
- All intermediate goods
- All finished goods and services (correct)
- Only consumer goods
According to the expenditures approach, what is added to calculate GDP?
According to the expenditures approach, what is added to calculate GDP?
- The value of used goods
- All imports
- The value of stocks and bonds
- All new goods and services bought by consumers, businesses, and government (correct)
Which of the following is NOT counted when calculating GDP?
Which of the following is NOT counted when calculating GDP?
When calculating GDP, what must be subtracted?
When calculating GDP, what must be subtracted?
How is GDP affected when more goods and services are produced?
How is GDP affected when more goods and services are produced?
What is the formula for net exports?
What is the formula for net exports?
Which of these purchases is included in the GDP calculation?
Which of these purchases is included in the GDP calculation?
What broadly happens to the economy when GDP increases?
What broadly happens to the economy when GDP increases?
What is an example of something from the informal economy?
What is an example of something from the informal economy?
Flashcards
Gross Domestic Product (GDP)
Gross Domestic Product (GDP)
The total market value of all finished goods and services produced in an economy in one year.
Expenditures Approach to GDP
Expenditures Approach to GDP
GDP = Consumer purchases + Business purchases + Government purchases + (Exports - Imports)
Net Exports
Net Exports
Value of Exports - Value of Imports
Study Notes
Reaction Rate
- Indicates the change in reactant or product concentration over time.
Rate Expression
- Describes how reaction rate relates to reactant and product concentrations.
General Rate Expression
- For the reaction $aA + bB \rightarrow cC + dD$, the rate can be expressed as: $-\frac{1}{a} \frac{d[A]}{dt} = -\frac{1}{b} \frac{d[B]}{dt} = \frac{1}{c} \frac{d[C]}{dt} = \frac{1}{d} \frac{d[D]}{dt}$.
Instantaneous Rate
- Defined as rate = $k[A]^x [B]^y$, where k is the rate constant, and x and y are the reaction orders with respect to A and B.
Overall Order of Reaction
- Calculated as the sum of the individual orders: overall order = $x + y$.
Rate Laws
- Mathematical relationships that describe how reaction rates depend on reactant concentrations.
Zero Order Reactions
- Rate is constant and unaffected by reactant concentration.
- Rate Law: rate = $k[A]^0 = k$
- Integrated Rate Law: $[A]_t = -kt + [A]_0$
- Half-life: $t_{1/2} = \frac{[A]_0}{2k}$
- A plot of $[A]_t$ vs. t yields a straight line with a slope of -k.
First Order Reactions
- Rate is directly proportional to the concentration of one reactant.
- Rate Law: rate = $k[A]^1 = k[A]$
- Integrated Rate Law: $ln[A]_t = -kt + ln[A]_0$
- Half-life: $t_{1/2} = \frac{0.693}{k}$
- A plot of $ln[A]_t$ vs. t is linear with a slope of -k.
- Half-life is constant, regardless of the initial concentration.
Second Order Reactions
- Rate is proportional to either the square of one reactant's concentration or the product of two reactants' concentrations.
- Rate Law: rate = $k[A]^2$ or rate = $k[A][B]$
- Integrated Rate Law: $\frac{1}{[A]_t} = kt + \frac{1}{[A]_0}$
- Half-life: $t_{1/2} = \frac{1}{k[A]_0}$
- A plot of $\frac{1}{[A]_t}$ vs. t is linear with a slope of k.
- Half-life depends on the initial concentration of the reactant.
Activation Energy
- The minimum energy required for a reaction to occur.
Arrhenius Equation
- Describes the relationship between the rate constant, temperature, and activation energy: $k = Ae^{-E_a/RT}$.
- k is the rate constant, A is the frequency factor, $E_a$ is the activation energy, R is the gas constant ($8.314 J/(mol \cdot K)$), and T is the temperature in Kelvin.
Determining Activation Energy
- Can be found using rate constants at different temperatures: $ln(\frac{k_2}{k_1}) = -\frac{E_a}{R} (\frac{1}{T_2} - \frac{1}{T_1})$.
Reaction Mechanisms
- Step-by-step sequence of elementary reactions by which overall chemical change occurs
Elementary Steps
- Each individual step in a reaction mechanism.
Rate-Determining Step
- The slowest step in a reaction mechanism, which dictates the overall reaction rate.
Catalyst
- A substance that speeds up a reaction without being consumed.
Homogeneous catalyst
- Exists in the same phase as the reactants.
Heterogeneous catalyst
- Exists in a different phase than the reactants.
Summary Table
- Useful cheat sheet of the important information
Order 0
- Rate Law: $rate = k$
- Integrated Rate Law: $[A]_t = -kt + [A]_0$
- Half-life: $t_{1/2} = [A]_0 / 2k$
- Plot of $[A]_t$ vs. t for Linearity
Order 1
- Rate Law: $rate = k[A]$
- Integrated Rate Law: $ln[A]_t = -kt + ln[A]_0$
- Half-life: $t_{1/2} = 0.693 / k$
- Plot of $ln[A]_t$ vs. t for Linearity
Order 2
- Rate Law: $rate = k[A]^2$
- Integrated Rate Law: $\frac{1}{[A]_t} = kt + \frac{1}{[A]_0}$
- Half-life: $t_{1/2} = 1 / k[A]_0$
- Plot of $\frac{1}{[A]_t}$ vs. t for Linearity
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