Monday, February 16, 2009

MacroEcon Overview Test Concepts

GDP-money spent and money received approach or flow of product and earnings or cost approach
GDP and economic well-being page 4 in packet, what is included and what isn’t for consumption, investment, gov’t spending and net exports, real v nominal GDP, Consumer Confidence and GDP
Shifts in AD and AS
Positive supply shocks and labor productivity,negative supply shocks and oil price increases, 
Restrictive or tight monetary policy v loose or expansionary monetary policy, contractionary  v expansionary fiscal policy-fiscal policy and interest rates
crowding out effect
Unemployment rate and types of unemployment

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