Teaching Assistant Information and Tutorial Schedule

Microeconomics studies the behavior of individual consumers and firms, while macroeconomics studies large collections of consumers and firms.

Canada was 6 times richer in 2000 than in 1900.

Examples of aggregate variables include GDP, inflation, and unemployment.

<p>Business cycles refer to the recurring periods of expansion and contraction in the economy.</p> Signup and view all the answers

<p>Macroeconomic models are used to study aggregate variables and explain stylized facts.</p> Signup and view all the answers

<p>By summing up all incomes earned by the factors of production within a country during a specific period.</p> Signup and view all the answers

<p>$30 million</p> Signup and view all the answers

<p>$20 million (Coconut Producer) + $30 million (Restaurant) = $50 million</p> Signup and view all the answers

<p>It is used to compare and analyze the relative economic well-being of individuals in different countries.</p> Signup and view all the answers

<p>By dividing the total GDP of a country by its population.</p> Signup and view all the answers

<p>The government collects taxes and provides public services, influencing the flow of income and expenditure within the economy.</p> Signup and view all the answers

<p>The sum of value added to goods and services in production across all productive units in the economy.</p> Signup and view all the answers

<p>Total spending on all final goods and services production in the economy.</p> Signup and view all the answers

<p>Consumption (C), Investment (I), Government expenditure (G), Net exports (NX)</p> Signup and view all the answers

<p>Adding up all incomes received by economic agents contributing to production.</p> Signup and view all the answers

<p>To ensure accuracy and reliability in calculating the total value of goods and services produced in the economy.</p> Signup and view all the answers

<p>The Product Approach focuses on the value added at each stage of production, while the Income Approach considers the total incomes earned.</p> Signup and view all the answers

<p>The inflation rate is calculated as the rate of change in the price level.</p> Signup and view all the answers

<p>Nominal GDP = (Price of Good A x Quantity of Good A) + (Price of Good B x Quantity of Good B)</p> Signup and view all the answers

<p>Percentage increase in nominal GDP = ((GDP2 - GDP1) / GDP1) x 100%</p> Signup and view all the answers

<p>Government production is difficult to measure because the output, like defense services, is typically not sold in the market.</p> Signup and view all the answers

<p>A price index is a weighted average of observed prices that provides a measure of the price level.</p> Signup and view all the answers

<p>Real GDP measures the value of total output adjusted for changes in prices.</p> Signup and view all the answers

<p>35.4%</p> Signup and view all the answers

<p>1.312</p> Signup and view all the answers

<p>The chain-weighted GDP is a geometric average of the ratios calculated using different base years, considering relative price changes over time.</p> Signup and view all the answers

<p>1.333</p> Signup and view all the answers

<p>It adjusts the real GDP calculation to reflect changes in relative prices, providing a more accurate measure of economic growth.</p> Signup and view all the answers

<p>Chain-weighted GDP accounts for relative price changes over time, providing a more accurate representation of economic growth.</p> Signup and view all the answers

<p>RGDP2c1 = GDP1 × gc</p> Signup and view all the answers

<p>RGDP1c2 = GDP2 ÷ gc</p> Signup and view all the answers

<p>Implicit Price Deflator = Nominal GDP ÷ Real GDP</p> Signup and view all the answers

<p>Current year CPI = (Cost of base year quantities at current prices ÷ Cost of base year quantities at base year prices) × 100</p> Signup and view all the answers

<p>65.9%</p> Signup and view all the answers

<p>171.2</p> Signup and view all the answers