study guide exam 2--revised - Exam 2 Study Guide Economics...

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Exam 2 Study Guide Economics 3800 Spring 2016 The exam will take place on Wednesday, March 23. The exam will consist of a few multiple choice questions, a number of short answer questions, graphical questions, problem solving questions, and interpretation of data displayed in tables and or graphs. The material you are responsible for can be found in chapters 13, 15, 16 and up though about page 40 of chapter 2 of the text. You are also responsible for class discussion, class notes, homework and other materials assigned. Be sure you can work with concepts and problems like those in the in-class and homework assignments Good luck! 1. There are 3 income concepts that I expect you to know and to be able to derive from their components. They are Gross Domestic Product (GDP), Gross National Income (GNI) and Gross National Disposable Income (GNDI). To understand these concepts you need to be familiar with the meaning of the trade balance, net unilateral transfers and net foreign interest. Understand these concepts too. Keep in mind the approximate level of GDP for the US economy so you can use that number as a reference for magnitude of other economic flows and stocks.
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