| Important Economic Actors | The Labor market | The Goods Market | Financial Markets | Exchange Rates |
|---|---|---|---|---|
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Who is Jerome Powell
Who is the chair of the Federal Reserve
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What Is the ratio of the Labor Force to Civilian Non-institutional Population.
What is the Labor Force Participation Rate?
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What is Consumption (C), Investment (I), and Government Spending (G), Net Exports.
What is the composition of GDP?
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Federal Reserve or Fed
Who controls the interest rate and supply of money in the economy?
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What is NAFTA?
Signed in 1993, this agreement created a trading bloc between the US, Mexico, and Canada.
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Who is Bill Clinton
Who is the President that employed a policy mix of fiscal contraction and monetary expansion in the 90s?
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What is the number of unemployed divided by the labor force times 100.
What is the unemployment rate?
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What is the choice of taxes and spending by the government.
What is fiscal policy?
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Currency and checkable deposits
What are the two types of money?
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What is an optimal currency area?
Two countries are said to have this if they experience similar economic shocks or have high factor mobility.
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What is inflation and unemployment rate
A.W Phillips is credited with the Phillips Curve. His diagram plotted which two economic indicators against each other to show a relation?
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What is a higher real wage.
At a given unemployment rate, higher unemployment benefits will lead to a higher this.
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What are endogenous variables depend on other variables in the model and exogenous variables are not explained within the model but are taken instead of given.
What are the differences between endogenous variables and exogenous variables?
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Bonds pay a positive interest rate, but cannot be used for a transaction
What are bonds?
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What is output?
An increase in the domestic interest rate on an IS-LM curve leads to a decrease in this factor.
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What is unemployment rate and output.
Arthur Melvin Okun was credited with comparing what two economic indicators ?
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What is a catch all variable
In the wage determination equation, Z is what type of variable?
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1. Algebra to make sure the logic is correct.
2. Graphs to build the tuition. 3. Words to explain the results.
What 3 tools do Macroeconomists always use?
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It causes an increase in interest rate.
How does an increase in nominal income change the interest rate?
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What is the domestic exchange rate?
Maintaining the exchange rate of the interest rate condition requires an increase in what ahead of a suspected devaluation?
|
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Who are Milton Friedman and Edmund Phelps
What two economist argued that the trade off between unemployment and inflation was an Illusion?
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What is the relation between the real wage and the rate of unemployment.
What is the Wage Setting Relation?
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Savings
What does investment equal?
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An increase in money supply will decrease the interest rate.
How does an increase in money supply change the interest rate?
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What is the European Central Bank?
This agency became responsible for monetary policy in the Euro area following a fixed parity between the euro and other common currencies.
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