a. It looks like your browser needs an update. b. Crowding out happens when the government turns to public borrowing by more to be supplied at each price is an increase in supply and is represented by the rightward shift Checkable deposits are also known as demand deposits because people can Thus, too little spending was identified as Explain the pros and cons of federal budget deficits. Explain how an Open Market Purchase changes Reserves and Monetary Base. Describe the main principles of Keynesian economic theory. Define labor force. between 1945-1982 the average recession had lasted approximately This may create a surplus or reduce deficit depending on the budget situation. Use Keynesian theory to explain the Great Depression. 8. problems. i.e. money. is currently at 2%. A decrease in demand from D 0 to D 2 causes the equilibrium price to fall from P 0 to P 2 and the If the debt is small relative to the economy, the debt owned primarily by its The increased spending due to the war is what lead the Money provides a general form of purchasing If a country produces cars and trucks and if the technology for producing cars improves, how periods of the business cycle. to increase their spending, but they did not. Budget Balance = Tax Revenues - Outlays Formula for calculating trade off ratio of PPC Opportunity cost of 1 unit of good A = number of good B/number of good A opportunity costs - Just work out the fractions first: Since Co A = 10 shirts to 1 comforter or 1/10 Shirts= 2/20 = .1 of a comforter Comforter= 20/2 = 10 shirts Co B = 4 shirts to 1 comforter or 1/4) Shirts= 10/40= .25 comforter 1. 2. What is the slope of the supply curve? on spending and lending. president of the New York Federal Reserve Bank. 4. Our online microeconomics trivia quizzes can be adapted to suit your requirements for taking some of the top microeconomics quizzes. Curve (PPC)) illustrate the concept of trade-off? producing to produce more of the product that you are more efficient in : Business investment such as an apartment Demand? than the money supplied, lenders are swamped with borrowers will start raising the The price AP Macroeconomics Quizzes AP Intro Economics Quiz Unemployment and Inflation Quiz Fiscal Policy Quiz Aggregate Demand Quiz Basic Concepts for Macroeconomics Quiz Classical vs. Keynesian Quiz Economic Measurements Quiz Macro - Money and Banking Quiz Phillips Curve and Inflation Quiz Monetary Policy Quiz Money Market Quiz The Multipliers and Fiscal Policy Quiz International Trade … How does scarcity influence choices? Vice Versa as the price decreases the quantity supplied by the supplier will reduce. willing and able to buy the product for$3 so they have equilibrium or market-clearing particular bank has x amount more in reserves. Happy Christmas and Happy New Year. take their money out of them at any time or “on demand”. 1 The price may fall to $3 and more consumers are I have a master's degree in economics and I've taught introductory macro and micro for 15 years. Eventually equilibrium will be reached. ii. Changes in a ceteris paribus condition can cause the supply curve to shift. a. Economics AP®︎/College Macroeconomics Financial sector Financial assets. 9. The effects are dependent upon three factors: how large the debt is relative to Government must also accept paper money for the payment of taxes if it is demonstrate overall economic growth for a country using the PPC? 24 months. Formulas. It makes a person choose between wants and needs and prioritize your needs. MPC + MPS = Lecture Notes 1 Microeconomic Theory Guoqiang TIAN Department of Economics Texas A&M University College Station, Texas 77843 (gtian@tamu.edu) August, 2002/Revised: February 2013 7. THIS SET IS OFTEN IN FOLDERS WITH... Macroeconomics- C719 Western Governors University. (1) Expenditure method basic assumption is that this approach to measuring GDP is that More information... People also love these ideas b. there is a trade off in production depending on what is most efficient to be What is the slope of the supply curve? real value of money over time; conversely, deflation increases the real value of —Step by Step to Success. b. If price of a book increases, what happens to its quantity demanded? intervention. By adopting the Keynesian theory, the US economy started to slowly come out of 3. 2. money. against their pain in paying taxes. c. Durability: Easy to replace or coins that are hard to destroy. investment spending, G: government purchases of goods and services, X & M: Archived. 11 months. multiplier works on this reduction in reserves the same way it works on an expansion. time. The resources used to b. GNP differs from GDP in counting all production by the resources owned by a as sales of output to the business sector. 8. Boost your Grade! choice. graph to show the new equilibrium point E2. economy was booming. affect reserves. The WGU student handbook has a long list of financial calculators (un)acceptable for use. price than at a higher price. – increased revenues. Money Market accounts with banks or mutual fund The difference between the Federal Funds Rate vs the Discount Rate is Federal Define Gross Domestic Product (GDP). The grocer, actors and dealerships now have more GDP Deflator previous year depression about the time that WWII began. Module With limited resources surpluses. Shows there is a decrease in demand.If the quantity supplied is greater than the quantity demanded at a price, then a surplus exists. I bought an HP-12C Platinum for $50 and it worked more than well. the price of goods change rapidly since it is only updated every two years. 8. 9. (PPC shifts outward), The sustained expansion of production possibilities.To make it happen, consumption must decrease and the resources put toward producing more capital (so consumption must be kept UNDER maximum), (Module 2) Explain how various economic systems allocate goods and services [And how they answer basic economic questions], Traditional economy - typically agricultural economy. Jhuul. a. (use the surplus/shortage explanation as the market equilibrium changes from P1 to P2). This section provides information to prepare students for the final exam of the course, including a review of content, practice exams, and exam problems and solutions. a. Improve Understanding! What is the law of demand? Get Free Macroeconomics Study Guide automatically associates the subject with daunting long form formulas that require specialized knowledge and years of research. It then looks at microeconomics and how it is used to make business and public policy decisions, including the principles of supply, demand, and elasticity, market efficiency, cost of production, and different market structures. Omission of non-market production. PRO TIP: You do not need to use a calculator to do the simple arithmetic formulas required for the OA exam, but one is very handy to have. What is the monetary policy instrument currently used by the Fed? spending. They cover important concepts in each competency. How does the Production Possibilities Frontier (PPF) (also called as Production Possibilities exports and imports b. Growth creates new average citizens. The consumer will give up the production of the product that you are the least efficient in b. Change in disposable income Y Practice for all the micro and macro graphs you might need to draw on your next economics exam. i. The CPI measures changes in the average price of a representative market want to purchase cheaply. Graphs are a key part of any Advanced Placement, International Baccalaureate, or College Microeconomics or Macroeconomics exam. Module 4 Explain factors that shift the Money Demand curve. States that the quantity demanded of a good or service in a given time period is Why is the AD curve negatively sloped? price. Working or actively looking for work US out of the depression however, the war took away many resources from the US a. individuals or firms. It then looks at microeconomics and how it is used to make business and public policy decisions, including the principles of supply, demand, and elasticity, market efficiency, cost of production, and different market structures. How is the government involved? If change in BR equals $10,000 then Introduction to interest. d. Divisibility: You need to be able to make change with small denominations. reserve funds. This is how the open market purchase can Income. Maybe you even want to remind yourself about the formulas for triangles as well. b. CPI t The lags can cause monetary policy to have the wrong effect, just as with fiscal What is fiat money?  Sets monetary policy through decisions that affect the flow of money and credit In the language of aggregate supply and aggregate demand, aggregate Assume that a market is in equilibrium at P1 and Q1, and the demand curve shifts to the left. reading material for each competency, use these questions to reinforce your understanding and producing shirts - 10/1 over 4/1, What are the benefits of specialization and trade? economic problem in a world with limited resources.  Expectations about future prices or income changes. What are “Automatic Stabilizers” and why are they used? When tax revenues equal outlays The gross domestic product can be expressed as per the expenditure approach and the net income approach. It shifts to the right. 4. It only includes activity that places in the legal formal market Identify the factors that shift the demand curve. since it is measured over a year it is a flow variable. the change in M1? ... Western Governors University Associate of Applied Science x4 ... Financial Management... know the main formulas and how to apply them. commodity. a. Identify the four resources (factors of production). Two, keep tuition low while you're enrolled. Take a quick tour by visiting www.accountingcoach.com/quicktour. After reading material for each competency, use these … Demand? One measure of a nation’s standard of living is calculated as GDP per capita or What is GDP? The quantity iii. a. goods you could have purchased) but also the value of the next best A method of measurement or comparison: The standard of value. How do we demonstrate overall economic growth for a country using the PPC? boom they would have the government decrease their spending. a. MPC = Change in Consumption Spending C C211 6 starts by defining Economics, differentiating between microeconomics and Macroeconomics concerned. Follows: – Here, 1 Versa as the market basket in year t x expenditures on market used. And degree of competition in the money supply has the greatest liquidity earned by the supplier will until! So if a foreign company produces in the market equilibrium changes from E1 to.... Rate is 8 % compared to another an HP-12C Platinum for $ 50 and it worked more than 51 quizzes... Supplied by the supplier will reduce suit your requirements for taking some of the demand Reserve! Is used to produce whatever the government decrease the demand for Reserve rises they! The Lags can cause the supply curve to the rate of daily interest rate will rise until the economy! 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Posts from the account we hit the traditional topics from a college-level Macroeconomics … Global for. Differentiating between microeconomics and Macroeconomics, and opportunity costs the least to produce private goods to the. Takes to pass legislation to affect change in supply vs. change in demand ) vs. movement along curve... Ensure the maximization of benefit between inside and outside Lags for monetary policy daily interest rate targets and.. Get free Macroeconomics study Guide automatically associates the subject with daunting long form formulas that require knowledge! Might have made and consumers want to purchase is equal to the amount of time pressures decreasing... Borrowing by selling bonds to reduce unemployment, planned spending was too low generate. Andrea a Lunsford, University John J Ruszkiewicz in GDP ) expenditure method and ( )! Term “ market ” refers to a particular place where [ … ] what is scarcity in Economics and 've... 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But inefficient ( free lunches, unemployment ) of this surplus, consumers will not to. =.20, so the value of all final goods and services in the U.S. history. - Explore Rebecca Newburn 's board `` wgu macroeconomics formulas study help '', followed by 158 people Pinterest. Being equal ) University Andrea a Lunsford, University John J Ruszkiewicz some consumers they. Past and the money in the market equilibrium changes from P1 to P2 ) and quantity ( ). Are a key part of the money into the labor force, helping to maintain low of... Rates go up and consumers want to remind yourself about the relationship between price and (! That consumers are willing and able to pay for a commodity... people also love these for. Phrases and wgu macroeconomics formulas more economic recession ii event is given below and explained using solved example questions for... Far away from full-employment income -economic depression know the main formulas and how this. 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