Aggregate Demand
Aggregate demand consists of which "four" expenditures?
AD = Consumption expenditure, Investment expenditure, Government expenditure, Net Exports
AD = C + I + G + (X-M)
Define Unemployment rate
(# of unemployed / # of labor force) * 100%
Define CPI in your own words
Typically, it is the measurement of the total average of the market's basket of goods/services of that year
Define GDP
GDP measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time
When are ECON202 SI SESSION?
MON/WED 1000-1115 @PLS255
If Net Exports is where exports are greater than imports, a country is said to be in...
What is "Trade Surplus"?
Who conducts a month survey to gather unemployment data?
What is...
- The Bureau of Labor Statistics
True or False: We measure inflation through CPI
True
What is real GDP?
Real gross domestic product is the inflation adjusted value of the goods and services produced by labor and property
What is your SI instructor's name?
Scott or Scottie
Consumption expenditure makes up approximately how many % in the United States?
What is 70%?
TRUE/FALSE: Unemployment rate always decreases following a recession.
FALSE:
the rate always increases immediately after a recession.
What is Price Level?
appromimate the US GDP
~25.44 trillion dollars
Rank my favorite starbucks drinks in order:
caramel macchiato, ice white mocha, pumpkin spice latte, pecan crunch vanilla creme latte, matcha latte
1. ice white mocha
2. pecan crunch vanilla creme latte
3. pumpkin spice latte
4. caramel macchiato
5. matcha latte
What is one reason the AD slopes down?
What is...
-Wealth effect
-Interest rate effect
-International trade effect
Define Structural Unemployment
Skills demanded by employers are different from skills of potential job candidates
Give me the 5 "flations"
-inflation
-deflation
-disinflation
-stagflation
-hyperinflation
DOUBLE BONUS!!!!!
We consider an economy to be good if...
an economy's GDP per capita is high, unemployment rate is low (3–5 percent), inflation rate is low and nonnegative (0–6 percent)
What are Scott's hobbies?
Just name one!
Possible answers:
-Sports
-Photography/Video
-Gym
-travelling
- running
-collector (sneakers + pop culture stuff)
-Video Games / Final Fantasy
Why does government expenditure increase when a country is at war?
What is...
- A transition from peace to war causes an increase in G. spending because more money is being put into national defenses, military personnel, war inventory/materials, etc.
How long does short term unemployment typically last?
Less than or equal to 15 weeks
Why is this statement wrong: CPI is a percentage of the the market's total average of prices of good and services in a country of that year?
CPI is not a percentage, rather it is just a number that calculates the total average to be leveraged and compared on a per-year basis.
If GDP is high, that usually means what to unemployment?
By understanding cyclical unemployment, unemployment is usually inversely correlated to GDP growth, so there is a low% of it happening is GDP is high
Where does an economist go during Halloween?
[If you get this pun right, you earn 3x the points]
Scarcity!!