Chapter 19: The Keynesian Model in ActionWhat is the purpose of this chapter? To complete the Keynesian model by adding the government and the foreign sector to our analysis What percent of GDP is Government and the Foreign sector? About 17% of GDP
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Chapter 18: The Keynesian ModelWho were the Classical Economists? The Classical economists believed that a continuing depression is impossible because markets will eliminate persistent shortages or surpluses When were the ideas of the Classical Economists widely accepted? Prior to the Great Depression of the 1930’s
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Chapter 17: InflationWhat is Inflation? An increase in the general (average) price level of goods and services in the economy What is Deflation? A decrease in the general (average) price level of goods and services in the economy
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Chapter 16: Business Cycles and UnemploymentWhat is a Business Cycle? Alternating periods of economic growth and contraction, which can be measured by changes in real GDP What are the four phases of a Business Cycle? Peak Recession Trough Recovery
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Chapter 15: Gross Domestic ProductWho was Simon Kuznets? Published a report in 1934 titled National Income, 1929 -32, which explained the first national accounting system What is Gross Domestic Product? GDP is the most widely reported measure of a nation’s economic performance
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Chapter 14 Environmental EconomicsWhat assumption is made in this chapter? There is sufficient foreign and domestic competition to allow us to use the perfectly competitive model When does Economic Efficiency exist? Efficiency exists when the price to consumers, reflecting marginal benefit, equals marginal cost
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Chapter 13 Antitrust and RegulationWhat is a Trust? A combination or cartel consisting of firms that place their assets in the custody of a board of trustees What is Predatory Pricing? The practice of one or more firms temporarily reducing prices in order to eliminate competition and then raising prices
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Chapter 12 Income Distribution, Poverty, and DiscriminationWhat is the general trend of Income Distribution? Since 1970, the percentage of income received by families in the lowest 20% has fallen, while the percentage received by families in the 20% highest income groups have risen
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Chapter 11 Labor MarketsIn a Perfectly Competitive Market, what determines the level of Wages? The intersection of the demand for labor and the supply of labor What does the Demand Curve for Labor show? The different quantities of labor employers are willing to hire at different wage rates in a given time period, ceteris paribus
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Chapter 10: Monopolistic Competition and OligopolyWhat is Imperfect Competition? A market structure between the extremes of perfect competition and monopoly What is Monopolistic Competition? many small sellers differentiated product easy entry and exit
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