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Study Guide 5 (2011-03-14 01:13), Study Guide 4 (2011-03-13 20:14), First Midterm (2011-03-12 19:30), show rest >>

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From Second Midterm (by jo611ann):
Question Answer
Ratio of the increase in _____ to the increase in ______ is called the multiplierautonomous expenditure; equilibrium real GDP
According to the Balanced Budget Multiplier, if we increase Government Spending and Taxes by equal amounts, the equilibrium level of output willexpand by an amount equal to the increase in Government spending
Automatic Stabilizerreduces fluctuations in the level of Y
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From Second Midterm (by jo611ann):
Question Answer
Engine of the Classical Modelreal wage adjustments in the labor market
Engine of the Keynesian Modelinventory adjustment
Consumption Puzzle regarding the APC is thatthe long run APC is constant and the short run APC is decreasing
On the 45-degree line diagram, the 45-degree line shows points such thatreal aggregate expenditure equals real GDP
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From Second Midterm (by jo611ann):
Question Answer
What describes the accuracy of the Consumer Price Indexchanges in the CPI overstate the true rate of inflation
The slated interest rate on a loan is the nominal interest rate
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From Second Midterm (by jo611ann):
Question Answer
the Present Value formula isFV(1/(1+i)^n)
The higher the interest (discount) rate, the _________ the present value of a future paymentlower
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From Chapter 13 - pg.1-7 (by jo611ann):
Question Answer
5 desirable characteristics of money1. Must be accepted by traders, 2. Should be of standardized quality, 3. Should be durable, 4. Should be valuable relative to its weight, 5. Should be divisible
4 roles that money plays1. Medium of Exchange, 2. Unit of Account, 3. Store of Value, 4. Standard of Deferred Payment
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