Macroeconomics

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ECON 224

Midterm Exam

 

 

 

List and describe the components of aggregate demand?

 

 

The US manufactures oil and China manufactures electronic technology. What condition exist that would make them trade partners?

 

 

Describe the condition where inflation is increasing at a faster pace than wages are increasing. What can be done to correct this condition?

 

 

 

List and describe the main functions of financial institutions.

 

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