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Macroeconomics midterm review

Macroeconomics midterm review

The exam tests your conceptual, mathematical and graphical understanding of the material covered in this portion of the course. Please review the content from the units covered before attempting the exam. The summary notes below are concise outlines of the main points covered in each session, but are presented only as a study aid in reviewing for the exam.

They do not provide the in-depth knowledge needed to successfully complete the exam problems. Once you are comfortable with the course content, complete the following practice exams. These exams are from Professor William Wheaton's course site, The exam should be completed in 2 hours.

This is a closed book exam. You are not allowed to use notes, equation sheets, books or any other aids. Don't show me this again. This is one of over 2, courses on OCW.

macroeconomics midterm review

Find materials for this course in the pages linked along the left. No enrollment or registration. Freely browse and use OCW materials at your own pace. There's no signup, and no start or end dates. Knowledge is your reward. Use OCW to guide your own life-long learning, or to teach others.

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Download files for later. Send to friends and colleagues. Modify, remix, and reuse just remember to cite OCW as the source. Midterm Exam 1. Course Home Syllabus. Unit 1: Supply and Demand. Unit 2: Consumer Theory. Unit 3: Producer Theory. Unit 4: Welfare Economics. Unit 5: Monopoly and Oligopoly.

Macroeconomics: Midterm Study Guide

Unit 6: Topics in Intermediate Microeconomics. Unit 7: Equity and Efficiency. Need help getting started? Don't show me this again Welcome!All material covered this semester can show up on your exam and you will not be able to bring in any notecards, formula sheets, etc…. For your multiple choice section of the exam, I will be uploading and passing out practice tests for your references.

Please also consult your past quizzes and worksheets to study from; additionally, all of the class presentations for past units will be available for your reference. Three FRQs from this document will show up on your test word for word; you cannot bring in any aids to help you when you take these FRQs in class. Search for:. All material covered this semester can show up on your exam and you will not be able to bring in any notecards, formula sheets, etc… For your multiple choice section of the exam, I will be uploading and passing out practice tests for your references.

Completing test corrections helps you improve your grade already. Thank you! Share this: Twitter Facebook. Like this: Like Loading By continuing to use this website, you agree to their use.

To find out more, including how to control cookies, see here: Cookie Policy.The value added by the business to these products is:. Recently, the changes in the educational attainment of the Canadian labour force indicate that the percentage of those:. Other things equal, if a full-employment economy reallocates a substantial quantity of its resources to capital goods, we would expect:. For every 1 percent that the actual unemployment rate exceeds the natural rate, there is generated a 2 percent GDP gap.

This is a statement of:.

macroeconomics midterm review

The value added by Setup Corporation is:. If the consumer price index was in one year and in the next year, then the rate of inflation from one year to the next was:. Chapter 6. Chapter 7.

Chapter 8. Chapter 9. Chapter 10 and If the MPC is. The most important contributor to increases in the productivity of Canadian labour is:. A distinguishing characteristic of public transfer payments is that:. One of the distinguishing features of the recent productivity growth is:. Continue ESC. Macroeconomics Midterm Review No teams 1 team 2 teams 3 teams 4 teams 5 teams 6 teams 7 teams 8 teams 9 teams 10 teams Custom.Forgot your password? Speak now.

Economics Midterm Review. Please take the quiz to rate it. All questions 5 questions 6 questions 7 questions 8 questions 9 questions 10 questions 11 questions 12 questions 13 questions 14 questions 15 questions. Feedback During the Quiz End of Quiz. Play as Quiz Flashcard. Title of New Duplicated Quiz:. Duplicate Quiz Cancel. More Economics Quizzes. Quiz: Principles Of Economics Questions! Principles Of Economics Pretest. Featured Quizzes. Are You A Sociopath?

AP Macro Exam Review: EVERY Macro Graph You Need to Know in 5 Minutes!!!

Related Topics. Questions and Answers. Remove Excerpt. Removing question excerpt is a premium feature. A measure of the average price at which consumers sell their resources. Any resources that are made by humans and used to create other goods and services are called. Water available for irrigating a crop because it is used for other crops. The government of a country must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is a.

The different was that a different person might have made the decision. The government of a country must make a decision between spending money on a hospital or spending the same amount of money on border security.

What kind of decision is this? How would you describe an economy that uses its resources to make the greatest possible number of goods and services? Enough workers to finish two jobs because there's a limited supply of workers. Back to top. Sign In with your ProProfs account. Not registered yet? Sign Up. I agree to the Terms of Services and Privacy Notice.

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Set the Language Close. Add to Folders Close. Please sign in to add to folders. Upgrade to Cram Premium Close. Upgrade Cancel. Study your flashcards anywhere! How to study your flashcards. Play button. Card Range To Study through.Macroeconomics is the branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole.

Do you need some practice for an upcoming assignment or test? Do you wanna test your knowledge on it? Take the Quiz! Forgot your password? Speak now. Macroeconomics Practice Quiz! Please take the quiz to rate it. All questions 5 questions 6 questions 7 questions 8 questions 9 questions. Feedback During the Quiz End of Quiz. Play as Quiz Flashcard. Title of New Duplicated Quiz:. Duplicate Quiz Cancel. More Macroeconomics Quizzes.

Trivia Quiz. True Or False Quiz. Featured Quizzes. The Office Trivia Quiz! Related Topics. Questions and Answers. Remove Excerpt. Removing question excerpt is a premium feature. GDP is the market value of all the final goods:. When comparing a nation's economic position with another, one should see its:. Verticle intercept of consumption function indicates:.

In Keynesian Framework, Income is measured along:. If investment is exogenous to the Income determination model it can be shown as. In closed economy GDP equals. Back to top. Sign In with your ProProfs account. Not registered yet? Sign Up. I agree to the Terms of Services and Privacy Notice. Already have an account?Macroeconomics - studies the behavior of the economy as a whole. Business Cycle -long-run economic growth and the short-run fluctuations in output and employment ups and downs in economic growth.

Recession - when in the long run economic growth declines lower output and living standards. Real GDP - measures the value of all final goods and services produced within a country, and usually for one year. It also corrects for price changes so that we know if there is a change in output rather than prices.

Nominal GDP - measures the dollar value all goods and services produced in a country using their current prices during the year that they were produced. Unemployment - when the skills and talents of people remain unused.

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Industrial Revolution England, - factory production and automation, output grew faster than the population, improving so the standards of living since the amount of output per person increased.

Modern Economic Growth - occurred in countries that experienced the influence of the industrial revolution in which output rises. Global Perspective 6. Savings - are generated when current consumption is less than current output, or when current spending is less than current income.

Investment -current resources are devoted to increase future output. Financial Investment - when ordinary people purchase things like stocks, bonds, and real estate with the hope of having a financial gain either by selling the assets later at higher prices, or by receiving periodical payments such as rentsbut here only the ownership is changed nothing new is created.

Economic Investment - the creation and expansion of business enterprises, the money is spent for newly created capital goods such as machines, factories, and warehouses. Principal sources of savings Households. Main economic investors Businesses.

macroeconomics midterm review

Expectations - for future trends affect the current economic behavior e. Demand Shocks - unexpected changes in demand for goods and services.

Economics Midterm 1 Review - Chapters 1-3.docx

Supply Shocks - unexpected changes in the supply of goods and services. Positive Demand Shock - demand higher than expected. Negative Demand Shock - demand lower than expected. Most short-run fluctuations are a result of demand shocks. If prices are flexible than no matter what the demand is, u can still produce at a certain output the price will adjust to the demand.

Comparing levels of production at regular levels. Tracking the economy in the long-run whether it has increased, stagnated, or declined.

Formulating policies to improve the economy. Aggregate output -the annual total output of all goods and services. GDP counts only final goods. Intermediate goods - are purchased for resale or further processing. Final goods -are consumption goods, capital goods that are purchased by final users. Financial transactions and. Secondhand sales. Financial Transactions include:. Secondhand Sales : excluded from GDP since they contribute nothing to current production.

Two ways of looking at GDP: spending expenditure approach and income income approach. Expenditures approach -the sum of all money spent in buying. Income approach - the income derived or created form production. Personal Consumption Expenditures C - all expenditures by households on:.