Second Midterm Study Guide2.doc

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Department
Economics
Course
ECON 104
Professor
Valerie Voorheiis
Semester
Fall

Description
Second Midterm Study Guide - Intro to Macroeconomics Econ 104a,c - Fall 2013 The Second Midterm is Tuesday November 5th from 7-9pm. All exams are in Thompson Hall Lecture classrooms. The room you should go to, based on your TA is... • Peter Bent and Berna Dogan - Thompson 102 • Pratistha Joshi and Matson Boyd - Thompson 104 • Serkan Demirkilic and Danish Khan - Thompson 106 If you need to take the make-up you should talk to Val. It is Weds Nov 6th from 4:30-6:30, place TBA. A Review Session will be Monday Nov 4th from 7-9th in Thompson 106. The Learning Resource Center at the Library (10 floor) has tutoring hours for Econ 104 on • 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 and • Thursdays 1:00pm-10:00pm. There are no discussion sections Thursday and Friday after the exam, November 7th and 8th. There will be regular class the day after the exam on Weds November 6th. Please bring a calculator to the test. It should be a simple calculator without storage capacity, or we will clear it if you want to use it. 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 (4 and 5) well…they should be the first things you knoth The exth covers chapters 14-16. It will cover all material lectured on through Wednesday October 30 (The 4 of Nov will be will be review) The questions below are to help you make sure you know/understand the material. 1. What are the different types of Taxes we use in the U.S.? What is the difference between progressive, proportional and regressive taxes? Give examples of each. 2. 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 called and how does it work? 3. Explain why total expenditure, total output, and total income must all equal each other in the macroeconomy. 4. What are the four sectors in Keynesian macroeconomic models? 5. In the Keynesian Model, what determines consumption? Investment? 6. How is Keynesian Investment determined differently than classical investment? 7. What is the difference between discretionary fiscal policy and built-in stabilizers? Give an example of each. 8. If the Federal Government increased spending by $100 billion, or cut taxes by $100 billion what would be the effect on the macroeconomy? Which policy would be expected to have a bigger impact and why? 9. If the Federal Government had to keep a balanced budget, what are the options for fiscal policy? What would Keynes say about requiring balanced budgets? 10. Using words (and formulas if you want) explain the concept of the multiplier in the economy, discussing an increase in Government Spending. Answers to Model Questions from other side—use to check your work: Model 1: A. Y = 6100 B. deficit of 100 C. 10 D. N/A E. Y = 5100 F. G up 100, or Tx down 111.11. Model 2: A. Y = 5250 B. surplus of 100. C. 5 D. trade deficit of 50 E. Y = 4750 F. G up 100, or Tx down 125 Model 3: A. Y = 4615 B. deficit of 138.5 C. 3.07 D. trade surplus of 50. E. Y = 4308 F. G up by 100. 11. Discuss fiscal policy relative to
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