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8 Cards in this Set
- Front
- Back
- 3rd side (hint)
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The the table "Employment Output, and Income"; how many calculations are required?
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Two
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How many sets of values need to be compared?
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The the table "Employment Output, and Income"; how do you come up with Aggregate Expendatures?
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(C+Ig)
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Formulation
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The the table "Employment Output, and Income"; how do you come up with UNPLANNED changes in inventory?
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(GDP=DI) - (C+Ig)
OR GDP - (C+Ig) = Unplanned |
Real Domestic Output
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If I have a (GDP) of 575 and a (C+Ig) of 555, what is the UNPLANNED amount?
(table "Employment Output, and Income") |
20
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If I have (C) of 341 and (Ig) of 34, what is the aggregate expenditure?
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375
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What is unplanned investment?
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When firms cannot sell goods they invested in. The keep unplanned inventories.
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What is planned investment?
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At equilibrium, Savings and planned investment are equal. Therefore there are no unplanned changes in inventory.
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What is a lump sum tax?
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A tax of constant amount, or more precisely, a tax yielding the same amount of tax revenue at each level of GDP
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