內(nèi)容精講課程

--Instructor:BriefEthics&ProfessionalSS2-tativeSS4-SS6-FinancialReportingandPortfolioSS13-EquitySS15- Brief?StudySession4:MicroeconomicsAndReading14:TopicsinDemandand Reading15:TheFirmandMarketReading16:AggregateOutput,Prices,andEconomicReading17:UnderstandingBusiness?StudySession5:MonetaryandFiscalPolicy,InternationalTrade,andCurrencyExchangeRatesReading18:MonetaryandFiscalReading19:InternationalReading20:CurrencyExchangeBriefReading14:TopicsinDemandand Reading15:TheFirmandMarketReading16:AggregateOutput,Prices,andEconomicReading18:MonetaryandFiscalReading20:CurrencyExchangeReading17:UnderstandingBusinessReading19:InternationalTradeandCapitalBriefBrief 人 交替關(guān) 社 Brief Brief e?CompareSubstitution e?DistinguishbetweennormalgoodsandinferiorBasicConceptsof?Demand:willingnessandabilityofconsumerstopurchaseagivenamountofagoodorserviceatagivenprice.?Lawofdemand(需求定律)aspriceofagoodbuyersbuylessofit,andasitspricefalls,theybuy?Demandfunction:therelationshipbetween tyofdemandandvariablesthathaveinfluenceondemand f(P,I,

BasicConceptsofDemand?Graphoftheinversedemand?Thedifferencebetweenthehighestpriceconsumerswillingtopayforeachadditionalunitandtheactualpricetheypay?Theareabeneaththedemandcurveandabove e?WhenthepriceofAdecreases,therelativepriceofAagainstBwilldecrease,whichresultsinanincreaseinthedemandofA.?Nominal eisconstant,whenthepriceofAdecreases,consumer’srealpurchasingpowerwillincrease,whichresultsinachangeinthedemandofA.NormalandInferior?the eeffectreinforcesthesubstitutioneffect,bothleadingtoanegativelyslopeddemandcurve.?the eeffectandthesubstitutioneffectworkinoppositedirections;the eeffecttendstomitigatethesubstitutioneffect.GiffenandVeblenExceptionstotheLawof?Giffengoods(吉芬商品GiffengoodsareinferiorDemanddecreasesaspricedecreases,demandhaspositive eeffect>PositiveSubstitution?Veblen Demandincreaseaspricerises,goodsarenotDemandcurvehaspositive e eeffectWheneNormal++++-++--WhichofthefollowingstatementsbestillustratesthedifferencebetweenaGiffengoodandaVeblengood?TheGiffengoodaloneisaninferiorThesubstitutioneffectforeachisinoppositeTheVeblengoodalonehasapositivelyslopeddemandAnswer:Veblengoodsarenotinferiorgoods,whereasGiffengoodsare.Anincreasein eforconsumersofaVeblengoodleadstoanincreaseinthe typurchasedateachprice.TheoppositeistrueforaGiffengood.?Importance:?DefinitionofConsumerSubstitution eNormalandInferior?Exam

Demand?CalculateandInterpret elasticityof?Describefactorsthataffecteach?Theresponsivenessof tydemandedtochangein

xQx%Q Q Qd xE x

p %

Q

?Arcmethod(弧彈性):Use tyandpriceasthebaseforcalculatingthepercentage E avg avgPriceElasticityofDemand價格彈性?Totalrevenue izedwhendemandis Whendemandiselastic,priceandtotalmoveinoppositeWhendemandisinelastic,priceandmoveinthesamePriceElasticityofDemand價格彈性?Perfectlyelastic(完全彈性Demandcurveiselasticityis?Perfectlyinelastic(完全不彈性DemandcurveiselasticityelasticityisFactorsthatInfluencePriceElasticityof?Portion espentonaThelargertheproportionof espentonagood,themoreelasticthedemandforthatgood.?AvailabilityandclosenessofIfgoodsubstitutesareavailable,elasticityoftendstobe?Elasticityofdemandtendstobegreaterthelongerthetimeperiodsincethepricechange.?Theresponsivenessof tydemandedtoa %Q

Q Qd E

x %

Qd I?Keypoints eNormalgood(正常商品): eInferiorgood(低檔商品): e?Theresponsivenessof tydemandedtoainpriceofsubstitutesor %Q

Q Q

PyE p %

Qd Complements(互補(bǔ)品):negativecross-price?Importance:☆☆?PriceelasticityofeelasticityofCross-priceelasticityof?Exam

Revenue,Cost,?Calculate,Interpret,andComparetotal,average,andmarginalrevenue;total,average,fixed,andvariablecosts;total,marginal,andaverageproductoflabor?DescribethephenomenonofdiminishingmarginalproductOpportunityCosts(機(jī)會成本?TheforegonereturnfromusingresourcesforactionversusExplicitcosts(accountingcosts)(顯性成本 Paymentstonon-ownerpartiesforgoodsandservicesthattheysupplytothefirm.Implicit 成本?Opportunitycostsof dtothefirmits?TotalEconomiccosts=Explicitcosts+Implicit Accountingprofit=totalrevenue-accountingcostsEconomicprofit=totalrevenue–totaleconomic=totalrevenue-explicitcosts-implicit=accountingprofit-implicit=accountingprofit-normal?NormalProfit(正常 ):Theaccountingprofitthatmakeseconomicprofitzero.Revenue,Cost,Summeryof?TotalrevenueTR)(總收入Sumofindividualunitssoldtimestheirrespectiveprices,TR=P*Q?AveragerevenueAR)(平均收入Totaldivided ty,AR=TR/Q=P*Q/Q=?Marginalrevenue(MR)(邊際收入):Changeintotalrevenuedividedbychange ty,MR=AR=TherelationshipbetweenMRandpriceMRP[1-1Revenue,Cost,Summeryof?Totalfixedcost(TFC):Sumofallfixed?Totalvariablecost(TVC):Sumofallvariable?Totalcosts(TC):TFC+?Averagefixedcost(AFC):TFC÷?Averagevariablecost(AVC):TVC÷?Averagetotalcost(ATC):TC÷QorAFC+?MarginalcostMC)(邊際成本Changeintotalcostbychange Revenue,Cost,Factorsofproduction(生產(chǎn)要素?Theinputs(投入量)totheproductionofgoodsandProductionfunction(生產(chǎn)函數(shù)?AssumeonlyconsidercapitalandQ=f(K,L?Intheshort-run:Capitalisfixed,onlyconsiderQ=f(LRevenue,Cost,Summeryof?TotalproductTP)(總產(chǎn)量Sumoftheoutputfromallinputsduringatimeperiod.?AverageproductAP)(平均產(chǎn)量Totalproductdivided tyofagiven?Marginalproduct(MP)(邊際產(chǎn)量):Theamountofadditionaloutputresultingfromusingonemoreunitofinputassumingotherinputsarefixed.Revenue,Cost,?IncreasingMarginalReturn:theproductivityofeachadditionalunitofaresource—increasesasadditionalunitsofthatinputareemployed.?DiminishinMarginalReturn(遞減邊際回報):moreandmoreworkersareaddedtoa?xedcapitalbase,themarginalreturnofthelaborfactoreventuallydecreases.Revenue,Cost,?Firm’sproductionfunctionhasthreedistinctregionswhereboththedirectionofchangeandtherateofchangeintotalproductvaryasproductionchanges.?Laborexhibitsdiminishingmarginalreturn(遞減邊際回報?Importance:☆?Revenue,cost,and?Exam ysisintheShortandLong?Describehoweconomiesofscaleanddiseconomiesofscaleaffectcosts ysisintheShortandLongTC(totalcost)=TFC(totalfixedcost)+TVC(totalvariable ysisintheShortandLong agecostAVC(averagevariablecost) ysisintheShortandLong ageandmarginalcost?MCintersectsAVCandATCattheirminimum ysisintheShortandLong agecost?Q3(minimumefficientscale,MES)isthescalethefirmcanproduceatlowestaveragecost. ysisintheShortandLong?Afirmmovestolowercoststructureswhenitgrowsin?DivisionofBeingabletoaffordmore-expensive,butmore-efficientEffectivelyreducingwasteandloweringMakingbetteruseofmarketinformationandDiscountedpriceonresourceswhenbuyinglarger ysisintheShortandLongDiseconomiesofscaledecreasingreturnstoscale)(規(guī)不經(jīng)濟(jì) A eslessefficientwith?ManagementOverlapandduplicationofbusinessHigherresourcepricesduetosupplyMinimumefficientscale(成本最低有效規(guī)模?TheminimumpointontheLRATC(long age?Importance:☆? ysisintheshortEconomiesofscaleanddiseconomiesof?Exam

?Describeapproachtodeterminingtheprofit-izinglevelofoutput?Determineanddescribebreakevenandpointsof?Distinguishbetweenshort-runandlong-runprofit?Theindividualfirmhasvirtuallynoimpactonprice(price?Itisassumedtobeaverysmallselleramongaverynumberoffirmssellingessentiallyidentical?Theindividualfirmfacesahorizontaldemand?Theindividualfirmhasenoughshareofthemarketandabletoexertsomeinfluenceoverprice(price?Asmallernumberoffirmsinthemarketandinthecaseonlyone?Firmsfacedownward- demand 最大化?Thedifferencebetweentotalrevenue(TR)andcosts(TC)isthe?Marginalrevenue(MR)equalsmarginalcostShutdownandBreakevenPoint(停業(yè)和盈虧平衡點 AR≥ATC,firmstayinthe ATC>AR≥AVC,firmstayinmarketintheshortrun,butexitthemarketinthelong AR<AVC,firmshutdownintheshortrunandexittheinthelong?Short-runshutdownpoint: agerevenueless agevariable?Long-runshutdownpoint:Whe agerevenueisless agetotalcost.?Breakevenpoint(盈虧平衡點)Whenpricerevenueandmarginalrevenueequalaveragetotal ?MR=MC= ?MR=MC=P=?FirmsearnzeroeconomicprofitsinperfectTheshort-termbreakevenpointofproductionforafirmoperatingunderperfectcompetitionwillmostlikelyoccurpriceisequaltoaveragetotalmarginalrevenueisequaltomarginalmarginalrevenueisequaltoaveragevariableAnswer:Underperfectcompetition,priceequalsmarginalAfirmbreaksevenwhenmarginalrevenueaveragetotalUnderconditionsofperfectcompetition,inthelongrunfirmswillmostlikelyearn:normalnegativeeconomicAnswer:Competitionshoulddrivepricesdowntolong-runmarginalcost,resultinginonlynormalprofitsbeingearned.?Importance:☆☆? ization(short-runandlongShutdownandbreakeven?Exam必須掌

Perfect?Describecharacteristicsofperfect?Explainrelationshipsbetweenprice,marginalrevenue,marginalcost,economicprofit,andelasticityofdemand?Describeafirm’ssupply?Describeanddeterminetheoptimalpriceand?Explainfactorsaffectinglong-run?Thenumberandrelativesizeoffirmssupplyingthe?Thedegreeofproduct?Thepoweroftheselleroverpricing?Therelativestrengthofthebarrierstomarketentryand?Thedegreeofnon-price?Therearealargenumberofpotentialbuyersand?Theproductsofferedbythesellersarevirtually?Therearefewbarrierstoentryand?Sellershavenomarket-pricingpower(price?Non-pricecompetitionis? izationinput:MC

MR=MC=P=D=EconomicP

izingLong-run?MR=MC=P=D=?NofirmearnseconomicD

PriceandS

Short-runsupply?Firm’sshort-runsupplycurveisMClineabove?Allindividualshort-runsupplycurvesarefirm’sshort-runaddedtoarriveattheshort-runmarketfirm’sshort-runIfcompaniesearneconomicprofitsinaperfectlycompetitivemarket,overthelongrunthesupplycurvewillmostlikely:shifttotheshifttotheremainAnswer:Theeconomicprofitwillattractnewentrantstothemarketandencourageexistingcompaniestoexpand?Importance:☆☆? izationintheshortrunandlongShortrun?Exam

?Describecharacteristicsofmonopolistic?Explainrelationshipsbetweenprice,marginalrevenue,marginalcost,economicprofit,andelasticityofdemand?Describepricingstrategyundermonopolistic?Describeanddeterminetheoptimalpriceand?Explainfactorsaffectinglong-runMonopolisticCompetitionCharacteristicsofmonopolisticcompetition?Alargenumberofbuyersandsellers.?Differentiated?Firmsarefreetoenterand?Somepricing rsdifferentiatetheirproductsthroughadvertisingandothernon-pricestrategies.? izationinput:MC?Long-runP=NofirmearnseconomicEconomic?Monopolisticcompetitionfirmsfacedownward-slo,highlyelasticdemandcurves;Perfectcompetitionfirmsfacehorizontaldemandcurve.?Becausefirmsarefreetoenterandexit.Long-runequilibrium,bothmonopolisticcompetitionfirmsandperfectcompetitionfirmsearnnoeconomicprofits.?Long-runequilibrium tyofmonopolisticcompetitionindustryislessthanoptimal(perfectcompetitionindustry).?Productdifferentiationhascosts,ithaspositivevalue Perfect?Importance:☆?Characteristicsofmonopolistic izationintheshortrunandlong?Exam掌 競爭的特

?Describecharacteristicsof?Explainrelationshipsbetweenprice,marginalrevenue,marginalcost,economicprofit,andelasticityofdemand?Describepricingstrategyundermonopolistic?Describeanddeterminetheoptimalpriceand?Explainfactorsaffectinglong-run ?Thereisasinglesellerofahighlydifferentiated?Theproductofferedbythesellerhasnoclose?Entryintothemarketisverydifficult,withhighcostssignificantbarriersto?Thefirmhasconsiderablepricing?Theproductisdifferentiatedthroughnon-pricesuchasTypeofbarriersto ernmentlicensingandlegal?Resource?Naturalmonopoly(自然 ):ProductionisbasedonsignificanteconomiesofscaleanddecliningcoststructureintheExamples:electricpowergeneration,naturaldistribution,andthewaterandsewer?Firmsfacedownward- ,inelasticdemand? izationinput:MC?Economicprofitscanexistintheshort/longrunduetohighentrybarriers.economic?Monopolyfirmproducelesstotaloutputandchargeahigherpricethanperfectcompetitivefirmto profits.DWLinmonopolyindustry. ernmentinterferenceimprovesresourceallocationbyregulatingthepricesmonopolies.?Averagecostpricing:P=ATC,noeconomic?Marginalcostpricing:P= ernment ernmententitythatregulatesanauthorizedmonopolywillmostlikelybaseregulatedpriceson:long agefirstdegreepriceAnswer:Thisallowstheinvestorstoreceiveanormalreturnforrisktheyaretakinginthe?Importance:☆☆?Typesofbarrierstoentryandnatural izationintheshortrunandlongernmentregulationon?Exam掌 市場的特

Price?Describepricediscrimination,anditsPrice?Pricediscrimination(價格 ):Chargingdifferentconsumersdifferentpricesforsameproductorservice.Customerswithdifferentpriceelasticitiesofdemandforsameproduct.Preventonewhoboughttheproductwiththelowpricefromresellingittoanotherwhoiswillingtopaythehigherprice.Price?First-degreepricediscrimination(一級價格 Chargeeachcustomerthehighestpricethecustomeriswillingtopay.ConsumersurplusreducedtoTotal ized(social Price?Second-degreepricediscrimination(二級價格 Monopolistoffersa tybasedpricingoptionsdesignedtoinducecustomerstoself-selectbasedonhowhighlytheyvaluetheVolumediscounts,volume?Third-degreepricediscrimination(三級價 CustomersaresegregatedbydemographicorotherPrice?Comparedwithmonopolyindustry,pricediscriminationreducesallocationinefficiencybyincreasingoutput,andDWLissmaller.?Consumersurplus:?Producersurplus:?Company’sprofitscanbeincreasedbypriceWhichofthefollowingistheleastlikely ewhenamonopolyadoptsperfectpricediscriminationbecauseofthecustomers’differingdemandelasticities?ThemonopolistsharesthetotalsurpluswithThepriceformarginalunit eslessthanthepriceforotherunits.TheoutputincreasestothepointatwhichpricethemarginalAnswer:Inamonopoly,perfectpricediscriminationresultsintotalsurplusbeingkeptbytheproducer,the?Importance:☆?PrerequisitesofpriceTypesofprice?Exam 了解價 的三種類

?Describecharacteristicsof?Explainrelationshipsbetweenprice,marginalrevenue,marginalcost,economicprofit,andelasticityofdemand?Describepricingstrategyunder?Describeanddeterminetheoptimalpriceand?Explainfactorsaffectinglong-run?Describeindustryconcentration?Asmallnumberofpotential?Productscloseordifferentiated.?Entryintothemarketisdifficult.?Substantialpricingpower.?Productsarehighlydifferentiatedthroughfeatures,andothernon-price?Assumption:Anincreaseinafirm'sproductpricewillbefollowedbyitscompetitors,butadecreaseinprice?ElasticityofdemandisgreaterwhenpriceincreasesthanMRP1 PMRP1 P?Nashequilibrium(納什均衡Participantsinanon-cooperativegamehavenoincentivetodeviatefromtheirrespectivestrategiesaftertheyhaveconsideredandanticipatedtheiropponent'srationalchoicesorPrisonerBisPrisonerBPrisonerAAgets6Bgets6Agets10BgoesPrisonerAgoesBgets10Agets2Bgets2?Collusion(串謀FirmsmakeanagreementthemselvestoavoidvariouscompetitiveReason:Increasedprofits,reducedcash?FactorsthataffectthechancesofsuccessfulThenumberandsizedistributionofThesimilarityoftheCostOrdersizeandThestrengthandseverityofThedegreeofexternal?DominantfirmDF)(主導(dǎo)企業(yè)hasalargemarketsharewithscaleeffect,determiningthemarketpriceasamonopolycompany,whenMR=MC.?Othercompetitivefirms(CF)takemarketpriceas?Nfirmsconcentrationratio(N個公司集中值SumofmarketsharesofthelargestNfirmsinaItdoesn’tshowthepotentialentryItisunaffectedbyItdoesn’tconsidertheelasticityof?HHI(Herfindahl- anIndex)(赫芬達(dá)爾- 指數(shù)SumofthesquaredmarketshareofeachItdoesn’tshowthepotentialentryItdoesn’tconsidertheelasticityofCollusionislesslikelyinamarkettheproductiscompanieshavesimilarmarketthecoststructuresofcompaniesareAnswer:Whencompanieshavesimilarmarketshares,forcestendtooutweighthebenefitsof?Importance:☆☆?Kinkeddemandcurvemodel,NashDominantfirmIndustryconcentration?Exam法GrossDomesticProduct?CalculateandExplaingrossdomesticproduct?Comparethesum-of-value-addedandvalue-of-final-outputmethodsofcalculatingGDP?Comparenominalandreal?CalculateandInterprettheGDP?CompareGDP,national aldispensable ?Grossdomesticproduct(GDP)(國內(nèi)生產(chǎn)總值Thetotalmarketvalueofthegoodsandproducedinacountrywithinacertaintime?KeypointsofInagivenperiodofNewlygoodsandservicesMarketExceptions:rentofown ernmentFinalgoodsandMeasureof?AggregateOutput(總產(chǎn)量AOThevalueofallthegoodsandservicesproducedinaspecifiedperiodoftimes.?Aggregate e(總收入)(AI):Thevalueofallthepaymentsearnedbythe rsoffactorsusedintheproductionofgoodsandservices.?AggregateExpenditure(總開支)(AE):Thetotalamountspentonthegoodsandservicesproducedinthedomesticeconomyduringtheperiod. e=Aggregate?ValueofFinalOutput(終值法andSumofValueAdded(增值疊加法)MethodReceiptsEachValueatEachReceiptsofValueaddedfromReceiptsofValueaddedfromReceiptsofValueaddedfromReceiptsofValueaddedfromfinal?NominalGDP(名義GDPGDPmeasuredbycurrentN?RealGDP(實際GDPGDPmeasurebyconstantNNominalGDPtPi,currentyearQi,currentNNReal Pi,baseyearQi,current?GDPdeflator(GDP平減指數(shù)=(NominalGDP/RealGDP)XGDP=C+I+G+(X–M?C:Consumerspendingonfinalgoodsand?I:Grossprivatedomesticinvestment(e.g.,plantandequipment)andchangesininventory(inventoryinvestment)? ernmentspendingonfinalgoodsand?X:?M:? =employees’wagesand + +unincorporatedbusiness ++indirectbusiness- = Indirectbusiness eUndistributedcorporate al e al?Importance:☆☆?DefinitionandmeasuresofValueoffinaloutputversussumofvalueaddedNominalandrealGDP,andGDP al, al ?Exam

?Explainthefundamentalrelationshipamongsaving,investment,thefiscalbalance,andthetradebalance?ExplaintheISandLMcurvesandhowtheycombinetogeneratetheaggregatedemandcurveSaving,Investment,FiscalBalanceandTradeBalance?Usingtheexpenditureapproach:GDP=C+I+G+(X-M)?Usingthe eapproach:GDP=C+S+TS:HouseholdandbusinessT:?S–I=(G–T)+(X–MG–T:fiscal G–T> ernment G–T< X–M:netexports,ortrade X–M>0,trade X–M<0,tradeIS?Aggregate e(AI)=Aggregateexpenditure(AE)C+S+T=C+I+G+(X–M) S=I+(G–T)+(X–M ?Tosimplifyweignore ernmentandforeignS(Y)=I(r Marginalpropensitytoconsume(MPC)(邊際消費(fèi)傾向Theproportionof espentonIS?IScurvepresentsaninverserelationship andtherealinterest tytheoryofmoney(貨幣數(shù)量理論MV=M:MoneyV:VelocityofmoneyinP:Price?MonetaristsconsiderthatvelocityofmoneyandGDPchangeonlyMoneyneutrality:Changeofmoneysupplyonlycausefluctuationofpricelevelanddoesn'taffectrealoutputinlongrun.Keynes'sdemandformoneyMs/P=Md(r,Y?Transactionsdemandformoney交易性貨幣需求Moneyheldtofinancetransactions,transactionrisingwithlarger?Precautionarydemandformoney(預(yù)防性貨幣需求Provideabufferagainstunforeseeneventsthatmightmoney,precautionarydemandrisingwithlarger?Speculativedemandformoney投機(jī)性貨幣需求Moneyheldtotakeadvantageofthepotentialorrisks,speculativedemandrisingwithlowerinterest?Supplyofmoneyisdeterminedbythecentralbankandisnotaffectedbychangesininterestrates.LM?Md(r,Y)increaseswiththedecreaseofinterestrateandtheriseofGDP.?LMcurvepresentsanpositiverelationshipeandtherealinterestLS-LM?TheintersectionoftheISandLMcurvesdeterminesthecombinationofrealoutputandtherealinterestrate.AggregateDemand?Aggregatedemandcurvepresentsaninverserelationshipbetweenthepricelevelandrealoutput.IS-LM ADAsthepriceleveldeclinesalongtheaggregatedemandcurve,theinterestrateismostlikelyto:remainAnswer:AdecreaseinthepricelevelincreasestherealmoneysupplyandshiftstheLMcurvetotheright.SincetheIScurveisdownwardslo ,theISandLMcurveswillintersectatahigherlevelof eandalowerinterestrate.?Importance:☆?Expenditure eISandLMtytheoryofDemandfor?ExamAggregateSupplyandMacroeconomic?Explaintheaggregatesupplycurveintheshortrunandlongrun?Explaincausesofmovementsalongandshiftsinaggregatedemandandsupplycurves?Describemacroeconomic?Veryshortrun(超短期CompaniesincreaseoroutputtosomedegreewithoutchangingVeryshort-runaggregatesupply(V )curveisperfectly?Longrun(長期Wagesandotherinputprices ysothathigheraggregatepricelevelhasimpactonaggregateLong-runaggregatesupply )curveisperfectly ThelevelofoutputaspotentialGDP(潛在 FullemploymentGDP(充分就業(yè) Naturalrateofunemployment(自然失業(yè)率?Short-runaggregatesupply( )(短期):curveisupward ShiftsinAggregateDemandandAggregate?Fiscal?Monetary?Household?Consumerandbusiness?Capacity?Theexchange?GrowthinglobalShiftsinAggregateDemandandAggregate?Nominal?Inputprices,includingthepriceofnatural?Expectationsaboutfutureoutputpricesandtheoverallpricelevel?Businesstaxesand?TheexchangeShiftsinAggregateDemandandAggregate?Underlong-runfullemploymentequilibrium,theeconomyisatpotentialrealGDP.Bothlaborandcapitalarefully?Importance:☆☆?Veryshortrun,shortrun,andlongrunaggregateShiftsinaggregatedemandandaggregatesupplyMacroeconomic?ExamRecessionaryGap,InflationaryGap,?Distinguishtheshortrunrecessionarygap,shortruninflationarygap,andshortrunstagflation?Explainhowashortrunmacroeconomicequilibriummayoccuratalevelaboveorbelowfullemployment yzetheeffectofcombinedchangesinaggregatesupplyanddemandontheeconomyRecessionary ?Causedbyadecreasein?ActualGDP<PotentialUnemploymentrate>NaturalRecessionaryGap Policy?Donothingsincethere’saself-correcting?FiscalandmonetarypolicytoshiftADtothe?Causedbyanincreasein?ActualGDP>PotentialUnemploymentrate<NaturalPolicy?Donothingsincethere’saself-correcting?FiscalandmonetarypolicytoshiftADtothe?Causedbyadecreasein?HighUnemploymentrate>NaturalEffectofcombinedchangesinADand?ThebusinesscycleandtheresultingfluctuationsinrealGDParecausedbyshiftsintheADandAScurves.ChangeChangeEffectonEffecton?Importance:☆☆?ShortrunrecessionaryShortruninflationaryShortrunEffectofcombinedchangesinADand?Exam Economic?Describetheproductionfunctionapproachtoyzingthesourcesofeconomicgrowth?DistinguishbetweeninputgrowthandgrowthoftotalfactorproductivityascomponentsofeconomicgrowthSourcesofEconomic?Laborsupply?Humancapital?Physicalcapital?Technology?NaturalProductionY=Af(L,K?Atotalfactorproductivity(全要素生產(chǎn)率or?GrowthinpotentialGDP=Growthin+WL(Growthinlabor)+WC(GrowthinOutputperY/L=Af(K/L?GrowthinpercapitapotentialGDP=Growthin+WC(Growthincapital-to-labor?Laborproductivity:The tyofgoodsandservices(realGDP)thataworkercanproduceinonehourofwork.?Laborproductivity=RealGDP/Aggregatehours?PotentialGDP=AggregatehoursworkedXLabor?PotentialGDPgrowthrate=Long-termgrowthrateoflaborforce+Long-termlaborproductivitygrowthrateWhichofthefollowingcanbemeasuredPotentialLaborTotalfactorAnswer:Laborproductivitycanbedirectlymeasured?Importance:☆?SourcesofeconomicProductionfunction yzeeconomicMeasuresofsustainableeconomic?Exam?Describethebusinesscycleandits?Describetheoriesofthebusiness?Businesscycleischaracterizedbyfluctuationsineconomicactivity.?Businesscycleconsistsoffourphasestroughexpansion、peak、?CharacteristicsofdifferentphasesinbusinessLateFromdeclinetoofgrowth.rateofgrowth.ratefalls.Businessslowsrateofhiring.trateCapitalspendingexpands,growthrateslowdown.witha?SummarizethemainCauseofBusinessDoFiscalormonetarySameasKeynesian,otherinputpricesFiscalormonetaryrateofmoneyNewtechnologyandexternalDon’tintervenetocounteractbusinessCyclesTheAustrianeconomicschoolattributestheprimarycauseofthebusinesscycleto: ernmentthecreativedestructionoftechnologicalstickypriceandwageexpectationsthatexaggerateAnswer:AustrianeconomistsseemonetarypolicymistakesleadingtoboomsandDuringthecontractionphaseofabusinesscycle,itismostlikelythat:inflationindicatorsareaggregateeconomicactivityisinvestorpreference Answer:Thenettrendduringcontractionis?Importance:☆?Theoriesofbusiness?Exam?Describetypesofunemploymentandmeasuresof?Employed(就業(yè)Numberofpeoplewithajob.Notincludeinformalsectore.gunlicensedcabdriversillegal?Laborforce(勞動力NumberofpeoplewhoeitherhaveajoborareactivelylookingforajobExcludingretirees,children,stay-at-homeparents,full-timestudents,etc.?Unemployed(失業(yè)Peoplewhoareactivelyseekingemploymentbutarecurrentlywithoutajob.?Underemployed(未充分就業(yè)): whohasajobbuthasthequalificationstoworkahigher-payingjob.?Discouragedworker(灰心/氣餒的工人): whohasstoppedlookingforajob.OutsideoflaborforceandUnemployed?Voluntarilyunemployed(自愿失業(yè) outsidethelaborforce,suchasajoblessworkerrefusinganavailablevacancyforwhichthewageislowerthantheirthresholdorthosewhoretiredearly.?Unemploymentrate(失業(yè)率Ratioofunemployedtolaborforce.?TheUnemploymentrateisalaggedindicator(滯后指標(biāo)DiscouragedworkersinandoutoflaborFirmsarereluctanttolayoff?Participationratio(activityratio)(勞動參與率=laborforce/working-age?Unemploymentrate(失業(yè)率Ratioofunemployedtolaborforce.?TheUnemploymentrateisalaggedindicator(滯后指標(biāo)DiscouragedworkersinandoutoflaborFirmsarereluctanttolayoff?Participationratio(activityratio)(勞動參與率=laborforce/working-ageTypesof?Frictionalunemployment(摩擦性失業(yè))resultsfromittakesemployersandemployeestofindeach?Structuralunemployment(結(jié)構(gòu)性失業(yè)resultsfromtermchangesintheeconomythatrequireworkerstogainnewskillstofillnewjobs.?Cyclicalunemployment(周期性失業(yè))resultschangesineconomicFullemployment:Whentheeconomyhasnocyclicalunemployment,Structuralandfrictionalunemploymentalwaysexist.Theunemploymentrateisconsideredalaggingindicatornewjobtypesmustbedefinedtocounttheirmulti-workerhouseholdschangejobsataslowerbusinessesareslowtohireandfireduetorelatedAnswer:Thiseffectmakesunemploymentrisemoreslowlyrecessionsstartandfallmoreslowlyasrecoveries?Importance:☆☆?MeasuresofTypesof?Exam

?Explaininflation,hyperinflation,disinflation,and?Explainandcompareindicesusedtomeasure?Distinguishbetweencost-pushanddemand-pull?Describeeconomic?Inflation(通貨膨脹Asustainedriseintheoveralllevelofspeedofoverallpricelevellevelofunemploymentandaslowdownofthe):level,negativeinflation):inflationIndicesusedtomeasure?Laspeyresindex(拉斯拜爾指數(shù)Holdingthecompositionoftheconsumptionbasketconstant(asthebaseyear).?BiasfromusingtheLaspeyresSubstitutionbias,qualitybias,newproduct?Paascheindex(派許指數(shù)Usingthecurrentofthe?Fisherindex(費(fèi)雪指數(shù)ThegeometricmeanoftheLaspeyresindexandthePaascheindex.Indicesusedtomeasure?Consumerpriceindex(CPI)(消費(fèi)者價格指數(shù)ThevalueofabasketofgoodsandserviceboughtbyatypicalCPI=(costofbasketatcurrentprices)/(costofbasketatbaseperiodprices)?Producerpriceindex(PPI):Thevalueofabasketofgoodsandserviceboughtbyfirms.PPIinfluencethefutureCPI.?Headlineinflation(整體通脹Priceindexesthatincludeallgoodsandservices.?Coreinflation( 通脹):PriceindexesthatexcludefoodandenergyFoodandenergypricesaresubjectlargeshort-termfluctuationsthatcanmagnifythetrueinflationrate.?Cost-pushinflation(成本推動通脹AninitialincreaseincostsresultinadecreaseinAS.?High?Demand-Pullinflation(需求拉動通脹AninitialincreaseinAD.?ActualGDP>PotentialLeadingIndicators(領(lǐng)先指標(biāo)?Averageweeklyhours,?Averageweeklyinitialclaimsforunemployment?Manufacturers'newordersforconsumergoodsand?Vendorperformance,slowerdeliveriesdiffusion?Manufacturers'newordersfornon-defensecapital?Buildingpermitsfornewprivatehousing?Moneysupply,real?Interestratespreadbetween10-yeartreasuryyieldsandovernightborrow