Final Study Guide.doc

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ECON 104
Valerie Voorheiis

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Final Exam Study Guide - Introduction to Macroeconomics, Econ 104 - Voorheis The Final Exam is on Thursday December 12th at 1:30-3:30pm in Boyden Gym. There are make-ups available later that day (4-6pm in Thompson 102) and the next morning Dec 13th (8- 10am in Thompson 104). Please email Val if you need a make-up. The Learning Resource Center at the Library (10th floor) has tutoring hours for Econ 104 on: (as far as I can tell these are still the hours for finals week…contact them if you are concerned) • Sundays 6:00pm-10:00pm • Mondays 1:00pm-6:00pm and 7:00pm-10:00pm • Tuesdays 1:00pm-10:00pm • Wednesdays 5:00pm-10:00pm • Thursdays 1:00pm-10:00pm.Officer hours: Val will have office hours on Tuesday (by appointment) and Wednesday Dec 11 from 11am- 3pm. On Weds a larger room has been requested and will be posted on moodle (and posted on my office door) (I may leave 30 minutes early if no one is there.) th th • There will be discussion sections on Thursday and Friday Dec 5 and 6 . These will be review sessions. • TA’s will announce their office hours for finals week in discussion sections. The exam will be heavily weighted to cover the material since the midterm, but the big themes and concepts from the first half of the course will also be on the exam. Note that material from many of the lectures, especially social security, comes from sources other than the textbook as listed on the syllabus. I have also asked you to keep up with the current state of the economy and analysis, and asked you to read the columns of Nobel Laureate Paul Krugman in the New York Times. I would pay extra attention to the material covered in the notes, and on the worksheets (6-9), and on this review sheet. Be able to briefly define terms, answer short answers, compare/contrast different topics, and answer multiple choice questions. You should also be able to analyze and use any covered graphs. There will be problems on the exam so make sure you can do problems such as those on the worksheets. The exam will include a lot of choice. There will be less multiple choice than on the midterm. There will be a one-page essay question (examples below). Terms: Monetary Policy TARP Aggregate Supply Deflation Liquidity Trap Monetarism Supply-Side Policy Social Security Trust Fund Paradox of Thrift Social Security Productivity Social Security Cap Deregulation Aggregate Demand Stagflation Multiplier Laissez Faire Inflation Balance of Trade Federal Reserve Bank Classical Theory Consumer Price Index Investment Banks Money GDP Marginal Propensity to Consume Imports Reserve Requirement Growth Keynesian Theory Exports Open Market Operations Consumption Government Expenditures Income Discount Rate Investment Aggregate Expenditures Fiscal Policy Federal Funds Rate Unemployment Real vs. Nominal values Keynesianism Trade Deficit 1 Balance of Trade Questions: 1. What is economics? What is macroeconomics? 2. What are the main goals of macroeconomics? 3. What is the relationship between macroeconomics and the Great Depression? 4. How do you measure economic growth? How big is the US economy today? 5. What is the difference between real and nominal measurments, such as GDP and wages? Why is this important? 6. How do you calculate unemployment in the macroeconomy? What is “hidden” unemployment? What is underemployment? What is the current unemployment situation? 7. What is Inflation? What is the Consumer Price Index? What is the current situation? 8. According to Keynes when a business decides to invest the impact on the macroeconomy is much greater than that business’ initial investment. What is that
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