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ECON 2301 TEST #2 (Chapters 19, 20, 21, and 22) Suggested Study Topics - Fall, 2018...

ECON 2301 TEST #2 (Chapters 19, 20, 21, and 22) Suggested Study Topics - Fall, 2018

1.Identifying the purpose/reason for measuring inflation on an annual basis

2.How an inflation rate is calculated using price index values

3.How wage rates are affected during periods of inflation.

4.The definition/calculation of Nominal wage rates and real wage rates using inflation rates. ( How inflation rates affect nominal and real wage rates)

5.The mechanics of the so-called “price confusion” problem

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