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Economics 201 Review of Chapters 23 - 26

Chapter Review. Economics 201 Review of Chapters 23 - 26. Chapter Review. CHAPTER 23: Performance & Policy P.473-74: Real/Nominal GDP, Unemployment, Inflation Modern Economic Growth P.474-76 Uncertainty, Expectation & Shock P. 476-80: Demand and Supply Shock, Flexible and Sticky Prices

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Economics 201 Review of Chapters 23 - 26

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  1. Chapter Review Economics 201 Review of Chapters 23 - 26

  2. Chapter Review CHAPTER 23: Performance & Policy P.473-74: Real/Nominal GDP, Unemployment, Inflation Modern Economic Growth P.474-76 Uncertainty, Expectation & Shock P. 476-80: Demand and Supply Shock, Flexible and Sticky Prices How Sticky Are Prices? P.480-82

  3. Chapter Review CHAPTER 24 : Assessing the Economy’s Performance P.486 Gross Domestic Product P.486-88: Monetary Measure, Avoid Multiple Counting, Excluding Nonproduction Transactions Expenditure Approach P.488-91: Personal Consumption, Investment Spending, Government Expenditures, Net Exports Disposable Income P. 495 Nominal vs. Real GDP P.497-99: GDP Index, Divide Nominal GDP by Price Index Shortcomings of GDP P.499-500

  4. Chapter Review CHAPTER 25: Economic Growth: P.506-07: Growth as a Goal, Rule of 70, Growth in U.S. Modern Economic Growth P.508-11: Uneven Growth, Leader/Follower Countries Institutional Structures That Promote Growth P511-12 Determinants of Growth P. 512-13: Supply/Demand/Efficiency Factors Production Possibilities Analysis P513-14: Growth & Production Possibilities, Labor & Productivity

  5. Chapter Review CHAPTER 25: Accounting for Growth P514-17: Labor Input vs. Productivity, Technological Advance, Quantity of Capital, Education & Training, Economies of Scale & Resource Allocation Rise of Average Rate of Productivity Growth P 518-20: Reasons, Implications, Skepticism, Conclusion. Growth Desirable & Sustainable? P521-23: Antigrowth View, Defense of Economic Growth

  6. Chapter Review CHAPTER 26: Business Cycle P527-29: Peak, Recession, Trough, Expansion & Causation Unemployment P529-34: Measurement, Types, Full Employment, Economic Cost (Okun’s Law, Unequal Burden) Inflation P.535-38: Measurement (CPI), Facts, Types, Core Redistribution Effects of Inflation P538-40: Nominal/real Income, Who is Hurt or Unaffected?, Anticipated Inflation, Other Issues Does Inflation Affect Output? P541-43: Cost Push/Demand Pull & Real Output, Hyperinflation

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