ECON 102 • Midterm • Introduction to Economics II

Main Concerns of Macroeconomics

Output Growth and Business Cycle

Circular Flow Model

What is GDP?

Measuring GDP - Prodution or Value-Added Method

Measuring GDP - Expenditure Method

Example (Expenditure Method)

Measuring GDP - Income Approach and other National Income Accounts

Nominal vs Real GDP

GDP Deflator

Economic Well Being (GDP Per Capita)

Question (GDP Calculation)

Question (Components of GDP)

Question (Expenditure Method)

Question (Real GDP, Nominal GDP and Deflator)

Unemployment - Definitions and Concepts

Example (Labor Force Participation Rate and Unemployment Rate Calculation)

Example (Labor Force Participation Rate and Unemployment Rate Calculation)

Types of Unemployment

Example (Types of Unemployment)

Problems with Measuring Unemployment

Question (Unemployment and Labor Force Participation Rate Calculation)

Question (Unemployment/Labor Force)

Question (Unemployment/Labor Force)

Question (Calculation Unemployment Rate)

Question (Labor Force)

Inflation - Definitions and Concepts

Example (Definition of Inflation)

Measuring Inflation - CPI

Example (Calculating CPI)

Example (Measuring Inflation with CPI)

Example (Measuring Inflation with CPI)

Measuring Inflation - PPI

Problems with CPI

CPI vs GDP Deflator

Example (CPI vs Deflator)

Nominal vs Real Interest Rates

Example (Nominal Values and Real Values)

Costs of Inflation

Question (CPI vs GDP Deflator)

Question (CPI)

Question (Nominal vs Real Values)

Question (Nominal vs Real Interest)

Question (CPI vs GDP Deflator)

Production Function

Example (Diminishing Marginal Returns)

Economic Growth

Example (Economic Growth)

Example (Economic Growth)

Determinants of Long-Run Economic Growth

Example (Labor Productivity)

Example (Labor Productivity)

Policies for Promoting Economic Growth

Question (Labor Productivity)

Question (Economic Growth)

Question (Economic Growth)

Question (Production Function)

Aggregate Expenditure

Consumption Function

Example (Consumption and Saving)

Investment

Example (Investment)

Government Purchases

Net Export

Planned Aggregate Expenditure and Equilibrium

Example (Aggregate Expenditure and Equilibrium)

Example (Aggregate Expenditure and Equilibrium)

Spending Multiplier and Tax Multiplier

Example (Multipliers)

Multipliers with Proportional Income Tax

Example (Multipliers with Proportional Income Tax)

Fiscal Policy in Aggregate Expenditure Model

Government Budget and Automatic Stabilizers

Example (Automatic Stabilizers)

Question (Consumption Function)

Question (Aggregate Expenditure)

Question (Disequilibrium and Change in Inventories)

Question (Spending Multiplier with Proportional Income Tax and Equilibrium)

Question (Equilibrium and Fiscal Policy)

Question - Spending Multiplier with Proportional Income Tax and Equilibrium

Question - Equilibrium and Fiscal Policy

Exam-like Question - Equilibrium and Fiscal Policy

Components of GDP

Components of GDP

Components of GDP

GDP Calculation

Nominal GDP Calculation

Nominal GDP Calculation

GDP vs GNP

GDP vs GNP

GDP vs GNP

Expenditure Method

Expenditure Method

Expenditure Method

Real GDP

Nominal vs Real GDP

GDP Deflator

Real GDP, Nominal GDP and Deflator

Real GDP, Nominal GDP and Deflator

Calculation of Disposable Income

Labor Force

Labor Force

Unemployment/Labor Force

Types of Unemployment

Types of Unemployment

Types of Unemployment

Types of Unemployment

Types of Unemployment

CPI

CPI and Inflation

Nominal vs Real Values

Nominal vs Real Interest

Measuring Inflation with CPI

Production Function

Labor Productivity

Economic Growth

Consumption and Saving

Saving and Investment

Saving

Disequilibrium and Change in Inventories

Aggregate Expenditure and Equilibrium

Aggregate Expenditure and Equilibrium

Aggregate Expenditure and Equilibrium

Aggregate Expenditure and Equilibrium

Aggregate Expenditure and Equilibrium

Aggregate Expenditure and Equilibrium

Aggregate Expenditure and Equilibrium