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APEC_1102_Study_guide_for_Exam_I

APEC_1102_Study_guide_for_Exam_I - difference can be...

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APEC 1102: Principles of Macroeconomics Study guide for Exam I 1. Demand and Supply Analysis : Be familiar with the factors that cause changes in demand and supply. Be able to solve a simple demand and supply problem. 2. Macroeconomic Issues : Be able to identify the major macroeconomic issues and their relevance to aggregate economic activity. Be familiar with the different types of macroeconomic policies. 3. Measuring Economic Activity: Be familiar with the expenditure approach to GDP. Be familiar with the income approach to GDP. Be familiar with the difference between the two approaches and how the
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Unformatted text preview: difference can be reconciled. • Limitations of using GDP as a measure of aggregate economic welfare. 4. Growth and Productivity; Unemployment and Inflation: • Definition of unemployment rate and how to compute the value numerically. • Types of unemployment. • Costs of unemployment. • Natural rate of unemployment. • Employment output ratio, labor force participation rate, and civilian labor force. • Definition of inflation. • How inflation is measured. • Causes of inflation. • Costs of inflation. • Hyperinflation....
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