ECON 210 FINAL EXAM
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| What is opportunity cost? Give a real life example. | show 🗑
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| What is incentive? Give one real life example. | show 🗑
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| What is GDP? How is GDP calculated using the expenditure approach? What is CPI? | show 🗑
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| show | counting a G&S twice
we can this by only counting NEW things
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| What are the limitations of GDP measures? | show 🗑
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| A firm's labor demand and labor supply equations are shown below. Ld = 70 -6(w) Ls = -20 + 12(w) Where w is the wage per hour worked. What is the equilibrium quantity of labor? | show 🗑
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| Three main functions of money and how banks create money? | show 🗑
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| The classical theory of inflation: definition and graph | show 🗑
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| The quantity theory of money: definition and graph | show 🗑
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| The Aggregate Demand and Aggregate Supply model and Phillips curve | show 🗑
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| What is the fiscal policy? Explain the expansionary and contractionary fiscal policy and draw graphs. | show 🗑
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| Using the AD-AS model to present financial crisis in 2008 | show 🗑
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