First Midterm Study Guide.doc

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Department
Economics
Course Code
ECON 104
Professor
Valerie Voorheiis

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First Midterm Study Guide Intro to Macroeconomics Econ 104a,c,d,e- Fall 2013 The First Midterm is Wednesday October 9th from 7-9pm. All exams are in Thompson Hall Lecture classrooms...102, 104 and 106. The room you should go to is based on who your TA is... • Peter Bent and Berna Dogan - Thompson 102 • Pratistha Joshi and Matson Boyd - Thompson 104 • Serkan Demirkilic and Danish Khan - Thompson 106 Review Sessions will be scheduled for the week of the Exam in the evening. Class time on Weds October 9th will also be review, and there will be a review sheet posted on moodle. There are no discthsion sections the Thursday and Friday following the exam, October 10th and 11 . Please bring a calculator to the test. It should be a simple calculator without storage capacity. The midterm will be made up of about 1/3 multiple choice, true/false, and/or matching questions, the rest made up of problems and short answer (definitions/compare contrast and open response) questions. There will be choice on the problems and short answer sections. BE sure to study the worksheets well…they should be the first things you know. The exam covers chapters 1, 13-14 (not including adding the government and Import and Exports). Make sure you also look at the readings from Real World Macro and those posted on moodle…these will help you come up with examples and better definitions to supplement your answers. The exam will cover all material lectured on through Monday October 7th. (The 25th will probably be partly review session, but some new material will be covered.) Wednesday October 9th class will be review. The questions below are to help you make sure you know/understand the material. 1. Be able to discuss social science and paradigms. 2. What are examples of different economic paradigms? How do they compare? 3. What is economics? What is macroeconomics? 4. What are the main goals of macroeconomics? Explain in detail, knowing specific definitions. 5. How does this recession compare to the Great Depression? What are similarities and differences? (This is a big question!) Partial ANSWERS TO QUESTIONS 26 and 27: Last page. (Note- you should show all of your work on the test 37.1 b. Y = 400, c. S = -100 + .25(DPI), d. mps= .25 37.2 b. Y = 400, c. S = -200 + .5 (DPI), d. mps= .5 38.1 a. Y = 2000, b. Y = 800, d. Y = 2400, e. k=4 38.2 a. Y = 9000, b. Y = 5000, d. Y = 10,000, e. k = 10 38.3 a. Y = 3000, b. Y = 1500, d. Y = 3500, e. k =5 6. How well has the economy (and economic policy) performed in the U.S. Since WWII, especially considered the three main goals of economics? (You should know general trends here, and it will be helpful to highlight statistics…eg 1950’s and 60’s high unemployment was relatively low compared to today, under 6%; inflation in the 70’s hit double digits, and unfortunately unemployment did too; Growth in the past few years has been more than sluggish compared to the 50’2, 60’s and even 90’s, at only about 2%...) 7. How do you measure economic growth? How big is the US economy today? 8. What is the difference between real and nominal GDP? Why is this important? 9. What are two main problems with the measurement of the GDP? Make sure to give specific examples and discuss. 10.Robert Repetto makes an environmental argument about GDP and natural resources, especially non-renewable resoureces. Discuss. (Moodle Article and RWM 2.3) 11.Marilyn Waring thinks the GDP undervalues women. Discuss. (Moodle article and RWM 2.4) 12.What are alternatives to the GDP that sol
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