Section 1/6
This term describes the value of the next best alternative that is given up when making a decision.
What is opportunity cost?
This acronym stands for the total value of all final goods and services produced within a country in a year.
What is GDP?
The building that we are currently in (Full Name)
What is the Beth Ray Center for Academic Support?
Civilian noninstitutional population aged 16 years and older
What is the working age population?
A curve that shows the relationship between the overall price level in the economy and total production by firms in the long run
What is the LRAS Curve?
The _____ cost or benefit is the cost or benefit incurred by adding one additional unit of something.
What is marginal?
Expenditure
Income
Value-added
What are the 3 approaches to measuing GDP
The building that Nelson's office hours are held in (hint: aka the School of Public Policy)
What is Bexell Hall? (Room 424)
(LF / WAP) * 100
What is labor force participation rate?
The theory that countries that start out poor will initially grow faster than rich ones but will eventually converge to the same growth rate
What is convergence theory?
This concept states that as the price of a good or service increases, fewer people will want it.
What is the law of demand?
“A list of specific goods and services in fixed quantities”
What is a market basket?
The year that OSU was founded.
What is 1868?
What is cyclical unemployment?
Unemployment caused by short-term economic fluctuations
Δ Input prices (production costs)
Δ Expected input prices
Everything that can shift LRAS
What causes the SRAS to shift?
A statement of opinion, oftentimes establishing how things "should be"
What is a normative statement?
This important economic measure is calculated as:
[(CPI Year 2 - CPI Year 1) / CPI Year 1] * 100
What is the inflation rate?
The team that OSU mens basketball played against last Thursday (we won 90-63)
Who are the San Fransisco Dons?
Money paid by the government to people who are unemployed
What is unemployment insurance?
GDP growth =
Tech growth +
Capital growth * Capital share (alpha) +
Labor growth * Labor share (1 - alpha)
What is the growth accounting equation?
- What variables do we use?
A market in which fully informed, price-taking buyers and sellers easily trade a standardized good or service
What is a competitive market?
The theory that purchasing power in different countries should be the same when stated in a common currency
What is purchasing power parity?
The first building to be constructed on the OSU campus; originally named "the Administration Building"
What is Community Hall?
The narrowest classification of unemployment, those unemployed more than 15 weeks that are still capable and looking for work
What is U1 unemployment
This shift will cause increases in both price and quantity in the short run. in the long run, only prices will increase.