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a) What is real GDP equal to?

b) What is the standard of living if there are 300 people living in the country? What about if there were 3000 people living in the country?

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In this first chapter, I learnt a simple and easy definition of economics which helped me gain a clearer understanding of it. In addition, I found out what a Product Production Curve (PPC) meant, as well as the distinctions between the linear and concave graphs. Furthermore, I got a better idea of where each political party stood (left or right) and explored the concept of opportunity cost. I can now determine what the opportunity cost is depending on the situation.

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For chapter 2, I learnt how to draw a demand and a supply curve, which illustrate the relationship between price and quantity demanded/supplied. In addition, I found out which elements can cause a shift in supply/demand vs a movement along the curve and what causes changes in a market. Finally, I learnt that a shortage is when Qs<Qd and a surplus is when Qs>Qd. By gaining a better understanding of these concepts, I was able to analyze how markets function more effectively.

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For the chapter of elasticity, I have discovered new formulas, such as the one used to calculate Ed/Es (Price Elasticity of Demand/Supply). I also learnt the different types of demand and supply curves as well as which ones are elastic, inelastic, perfectly elastic, etc.

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1. Do you consider the elasticity of demand for universities to be elastic or inelastic in Quebec. Why? Graph the appropriate demand curve.

2. There has been a lot of criticism lately on the price of tickets for concerts in Montreal. What do you think drives up more the price of tickets: changes in demand or the fact that the number of seats are limited. Graph the appropriate curves.

3. Technology companies often have difficulties hiring women for certain positions. Even though they have increased the wages for women, the quantity supplied has barely changed. What can you state about the Es (coefficient elasticity of supply with regards to wages)? Illustrate the supply curve.

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In chapter 3, I was introduced to GDP (Gross Domestic Product) and its different types (Nominal - current $ value vs. Real - constant $ value). I also discovered 3 ways to calculate GDP, such as the formula C+I+G+Nx=GDP. Furthermore, I learned about economic growth which is essentially real GDP divided by the population, as well as the factors that can stimulate it.

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For the 4th chapter, I got introduced to two ways of measuring inflation: GDP deflator and CPI. When we are using the GDP deflator, we are dividing nominal GDP by real GDP and multiplying by 100, whereas when we are using CPI, we are calculating the price of a basket at a specific period divided by the price of a basket at base year x 100. I also explored unemployment formulas as well as its different types (Frictional, Structural and Cyclical).

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In chapter 5, I discovered Aggregate Demand and Aggregate Supply (LRAS/SRAS), which corresponds to the sum of all goods and services demanded or supplied. I also explored 3 effects when it comes to AD: Real Wealth Effect, Interest Rate Effect and the Open Economy Effect. Additionally, I explored the factors that can shift AD/AS as well as macroeconomic equilibrium

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In chapter 7, I was introduced to numerous new terms such as Fiscal Policy (and its types - expansionary, contractionary), deficit, debt, and many more. Moreover, I explored certain formulas, like GSM (Government Spending Multiplier) and TM (Tax Multiplier). I now know when to use them and how. Lastly, I got to explore the concerns with Fiscal Policy and I learned new things, such as what automatic stabilizers are for, what lags are, etc. All in all, what's truly important about fiscal policy is that timing is important!