Econ 214 - Study guides, Class notes & Summaries

This is comprehensive notes on all the macroeconomic chapters covered in class in the first semester. It includes explanations about all the important graphs covered and it discusses every learning objective in the module framework.

What are the 3 key components for economic growth?1. resources 2. technology 3. institutions True/False: GDP is a function of land, labor, and capital inputs.True True/False: More physical capital available means more production.True Capital stock in wealthy nations is (lower/higher) than capital in developing nations.Higher True/False: Investment is usually increasing during periods of expansion.True What is the primary source of economic growth? (Solow model)physical capital

1. Which of the following would not be an expected response from a decrease in the price level and so help to explain the slope of the aggregate-demand curve? a. When interest rates fall, In-and-Out Convenience Stores decides to build some new stores. b. The exchange rate falls, so French restaurants in Paris buy more Kansas beef. c. Tyler feels wealthier because of the price-level decrease and so he decides to remodel his kitchen. d. With prices down and wages fixed by contract, Fargo ...

In an ideal labor market, wages would adjust to balance the quantity of labor supplied and the quantity of labor demanded, ensuring that all workers are always fully employed. a. True b. False Minimum wages create unemployment in markets where they create a a. surplus of labor. Unemployment of this type is called frictional. b. surplus of labor. Unemployment of this type is called structural. c. shortage of labor. Unemployment of this type is called structural. d. shortage of labor....

Figure 27-1 The figure depicts a demand-for-loanable-funds curve and two supply-of-loanablefunds curves. A graph shows a straight line, Demand, decreasing linearly from left to right, a second straight line, S 1, increasing linearly from left to right, and a third straight line, S 2, increasing linearly from left to right, to the right of and parallel to S 1. Refer to Figure 27-1. Which of the following events would shift the supply curve from S1 to S2? a. In response to tax reform, house...

Gross Domestic Product:The market value of all final goods and services produced within a country during a specific period. Intermediate Goods:Goods purchased for resale or for use in producing another good or service. Final market goods and services:Goods and services purchased by their ultimate user. What counts towards GDP?1. Only final goods and services count 2. Only transactions involving production count (produced) 3. Only production within the country is counted 4. Only goods ...

open market operationsBuying & selling government securities to change the supply of money monetary policyGovernment policy that attempts to manage the economy by controlling the money supply and thus interest rates. money supplythe quantity of money available in the economy moneyanything that serves as a medium of exchange, a unit of account, and a store of value quantity of moneyis the sum of deposits and currency quantity equationM x V = P x Y

ECON 214 Exam #3 Questions with 100% Correct Answers What are the 3 key components for economic growth? - 1. resources 2. technology 3. institutions True/False: GDP is a function of land, labor, and capital inputs. - True True/False: More physical capital available means more production. - True Capital stock in wealthy nations is (lower/higher) than capital in developing nations. - Higher True/False: Investment is usually increasing during periods of expansion. - True What is the pri...

EA correct answers Electronic attack "jamming" 3 Types of Chaff rounds? correct answers MK-214 Seduction MK-216 Distraction MK-245 Giant IR 5 Primary Systems interface with SLQ-32? correct answers MK-53 DLS UYX-4 SEI BEWT AN/SLA-10B CDC CONSOLE EP correct answers Electronic Protect protection of own ships use of the electronic spectrum What sources does STT receive BMS clueing and where is it displayed? correct answers IBS- TAND CIB and they are displayed in CIC on the jo...

Econ 214 Test 1 Questions with 100% Correct Answers Gross Domestic Product: - The market value of all final goods and services produced within a country during a specific period. Intermediate Goods: - Goods purchased for resale or for use in producing another good or service. Final market goods and services: - Goods and services purchased by their ultimate user. What counts towards GDP? - 1. Only final goods and services count 2. Only transactions involving production count (produced) ...