Lecture Notes for ECON 2006 - Principles of Economics with Cothren at Virginia Tech (VT)

Notes Information

Material Type:Review Sheet
Class:ECON 2006 - Principles of Economics
University:Virginia Polytechnic Institute And State University
Term:Spring 2009
  • Employment at Will
  • Employment-at-Will
  • Government Purchases
  • The Economy
  • Seasonal Unemployment
  • Living Will
  • Nominal Wage
  • Underemployment
  • Consumption Expenditures
  • Phases of Business Cycle
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Sample Questions, Part 1, Chapters 4-8 Spring 2009 CHAPTER 4 [1]What are the three important macroeconomic goals about which most economists, and society at large, agree? 1. economic growth, full employment, and low interest rates 2. economic growth, full employment, and stable prices 3. economic growth, zero unemployment, and falling prices 4. economic growth, low unemployment, and a balanced budget 5. economic growth, a balanced budget, and balanced international trade [2]The two phases of the business cycle are (1)high economic growth and low economic growth (2)expansion and contraction (3)expansion and depression (4)high inflation and low inflation (5)potential economic growth and actual economic growth [3]At the peak of a business cycle, employment and GDP are (1)at their lowest (2)at their highest (3)rising (4)falling (5)it is impossible to state for certain what is happening to employment and GDP [4]If the economy is currently experiencing a high u...

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