ECON 133 Midterm: ECON 133 MT STUDY GUIDE

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11 Oct 2018
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Videos, readings (hypothesis, why it"s important, conclusions, estimation issues (what skews results such as in endogeneity, cross section v time series, gini or another measure, how to measure income) Gdp: market value of final goods and services produced over time. Us gdp is 19. 4 trillion (2017) barely under debt. Purchasing power parity - how amounts from different countries and years are equalized, measuring unit. I and c but no transfers or interest. Measures what is produced in the country not what is bought. Growth is important for well being but inequality also factors in. Only includes market transactions rather than the health and changes in the environmental. Value of goods and services in current price. Nominal gdp = price level * real gdp. Value of goods and services in constant price adjusted for inflation. So is it a good measure of wellbeing? resources. Gdp deflator (bls has basket of goods to calculate inflation.

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