Econ 2100 Final Exam Review PDF

ECON2100 Professor Maurer LIM College FINAU EXAM REVIEW Chapters L9 & 20: GDP L. GDP 2. Real GDP 3. GDPvs. GNP 4. GDP as a measure of economic growth 5. business cycle...

ECON2100 Professor Maurer LIM College FINAU EXAM REVIEW Chapters L9 & 20: GDP L. GDP 2. Real GDP 3. GDPvs. GNP 4. GDP as a measure of economic growth 5. business cycle a. flat economy b. recessionary growth c. economic growth d. economic boom e. recession f. Great Recession g. depression h. Great Depression * Chapter 21: Unemployment 7. participation vs. nonparLicipation in the labor force 3. types of unemployment 'seasonal a. b. frictional c. cyclical d. frictional e. technological 4. measuring unemployment a. labor force=employed plus unemployed b. unemployment rate=#unemproyed/civilian rabor force x 100 c. employment rate= #employed/population x 100 5. fullemployment Chapter 22: tnflation 6. types of price changes a. inflation b. deflation c. hyperinflation d. stagflation 7. anticipating vs. not anticipating inflation 8. total market basket 9. base year 10- Consumer Price lndex vs. producer price lndex 11. price index=price in current period/price in base period x 100 tZ- annual inflation rate=this year-last year/last year L3. demand-pull vs. cost-push inflation 1_4. Bureau of Labor Statistics 15. nominalvs: real Chapters 23 &24: Aggregate Demand and Aggregate Supply 1,. John Maynard KeYnesc+l+G+NX Z. Keynes'Aggregate Demand Theory: AD=C+ I + G + NX 3. Keynesian vs.Classicaleconomictheory 4. determinants of AD and AS Chapter 30: Government Budgets & Fiscal Policy 1. types of budgets a. balanced b. surplus c. deficit 2. Federal fiscal Year 3. creation ofthe budget 4. Federal revenues 5. Federal expenditures 6. debt vs. deficit 7. current U.S. national debt 8. fiscal levers a. government spending b. taxation Chapters 27 &28: Money, Banking & Monetary Policy 1. characteristics of money 7. measuring the money supply a. M1 b. M2 c. L 3. "creation" of money 4. Federal Reserve a. origins b. structure c. functions 5. monetary levers a. reserve requirements b. interest rates c. open-market operations  Chapter 33 & 34: lnternationalTrade 1. globalization ' -a;' 'advantages - ' b. disadvantages 2. protectionism: a. tariffs b. quotas ' c. embargoes' d. voluntary trade restriction agreements 3. trading partners 4, internationaltrade organizations a- World Trade Organization b. Export-lmport Bank c. World Bank 5. internationaltrade agreements a. NAFI'A b. European Union 6. balance oftrade