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Final Exam Study Guide

Macroeconomics

complete all questions for all modules.

Chapters – 6 -10 12-16, 18

Chapters 6 – 9

  1. What is GDP?
  2. How does GDP avoid multiple counting and exaggeration of the value of GDP?
  3. What are the things not included in GDP?
  4. Calculate GDP using the expenditure approach.
  5. What is The CPI? What is the biggest problem with the CPI?
  6. What is the difference between NGDP and RGDP?
  7. What is the difference between the CPI and GDP price index?
  8. What are the four phases of the business cycle? Make sure you are able to explain what happens in each phase.
  9. Define and give examples of the types of unemployment?
  10. What is the economic cost of unemployment and how is it measured? What is Okun’s Law?
  11. Define Full employment.
  12. What are the unequal burdens of unemployment?
  13. What is inflation, and how is the rate of inflation measured?
  14. How is the unemployment rate measured?
  15. Compare and contrast demand – pull and cost-push types of inflation.
 
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