Macroeconomics at Universität Luzern | Flashcards & Summaries

Lernmaterialien für Macroeconomics an der Universität Luzern

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What value of unemployment rate is normal for a economy?

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A value between 3% and 10%.

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What is the CPI?

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The average price of consumer goods.

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Which 3 basic macroeconomic variables are there?

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1. The Aggregate Output


2. The Unemployment Rate


3. The Inflation Rate

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What 2 kind of periods of GDP growth rate are there?

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Periods of positive growth called expansions 


and


Periods of negative growth called recessions.

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What is a so called labor share?

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The distribution rate of the total revenue among employees and capital holders is defined as the labor share (in percentage).

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Why can the difference between GDP

 deflator and CPI can be neglected and what cause does that have?

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Both move together most of the time. In what follows, we do not distinguish between the two - but simply talk about the price level.

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What role does the GDP have in economics?

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It is an important measure of aggregate income.

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What is a Real GDP?

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The sum of the quantities of final goods produced times constant prices (e.g. the specific price at year 2013).

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What are the main differences between Nominal and Real GDP?

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Nominal GDP reflects quantity and prices changes in a market.


Real GDP only reflects the quantity changes over time.

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What do economists consider to assess the year-to-year performance of an economy?

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The growth rate of the Real GDP.

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What is the Inflation Rate?

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The rate at which the general level of prices (price level) changes.

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What is the GDP deflator?

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It is a measure for Inflation.

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Beispielhafte Karteikarten für deinen Macroeconomics Kurs an der Universität Luzern - von Kommilitonen auf StudySmarter erstellt!

Q:

What value of unemployment rate is normal for a economy?

A:

A value between 3% and 10%.

Q:

What is the CPI?

A:

The average price of consumer goods.

Q:

Which 3 basic macroeconomic variables are there?

A:

1. The Aggregate Output


2. The Unemployment Rate


3. The Inflation Rate

Q:

What 2 kind of periods of GDP growth rate are there?

A:

Periods of positive growth called expansions 


and


Periods of negative growth called recessions.

Q:

What is a so called labor share?

A:

The distribution rate of the total revenue among employees and capital holders is defined as the labor share (in percentage).

Mehr Karteikarten anzeigen
Q:

Why can the difference between GDP

 deflator and CPI can be neglected and what cause does that have?

A:

Both move together most of the time. In what follows, we do not distinguish between the two - but simply talk about the price level.

Q:

What role does the GDP have in economics?

A:

It is an important measure of aggregate income.

Q:

What is a Real GDP?

A:

The sum of the quantities of final goods produced times constant prices (e.g. the specific price at year 2013).

Q:

What are the main differences between Nominal and Real GDP?

A:

Nominal GDP reflects quantity and prices changes in a market.


Real GDP only reflects the quantity changes over time.

Q:

What do economists consider to assess the year-to-year performance of an economy?

A:

The growth rate of the Real GDP.

Q:

What is the Inflation Rate?

A:

The rate at which the general level of prices (price level) changes.

Q:

What is the GDP deflator?

A:

It is a measure for Inflation.

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