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Principles of Macroeconomics ECON 401

Principles of Macroeconomics ECON 401. Dr. Andrew L. H. Parkes “A Macroeconomic Understanding for use in Business”. 卜安吉. Finish Chapter 23. NIPA Accounts – Income and Expenditures – real GDP, more next week Growth rate calculations. The required textbook. Chapter 23 continued.

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Principles of Macroeconomics ECON 401

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  1. Principles of MacroeconomicsECON 401 Dr. Andrew L. H. Parkes “A Macroeconomic Understanding for use in Business” 卜安吉

  2. Finish Chapter 23 • NIPA Accounts – Income and Expenditures – real GDP, more next week • Growth rate calculations The required textbook Principles of Macroeconomics, Day 2

  3. Chapter 23 continued • Midterm Exam: Values of the indicators of the 3 Goals of Any Macroeconomy • For example: 8.7% for the CPI for China • Problem Set #1: Do Question #1, Question #2 a) and b) • Problem Set #2 is on the webpage, download it and complete it for next class. Federal Reserve did what? Principles of Macroeconomics, Day 2

  4. Chapter 24 • Pay attention to the definition of the CPI in class! • CPI in U.S. is what? • Cost of Living is measured by the CPI U.S. Department of LaborBureau of Labor Statistics http://www.bls.gov/cpi/ Principles of Macroeconomics, Day 2

  5. SEE MY WEBSITE: andrewparkes.com • Substitution Bias • Introduction of new goods • Unmeasured quality changes • Typical Average Family Four problems with using the CPI for a Perfect measure of a COLA Principles of Macroeconomics, Day 2

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