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ESSENTIALQUESTIONSS08 - Intro Macro Sheflin Essential...

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Intro Macro - Sheflin Essential Questions in Intro Macroeconomics – 4/08 Many/most Final Exam questions will deal with these issues (as did the HW assignments in one form or another). Graph means show the appropriate graphical analysis – aggregate Supply and Demand, Money Supply and Demand, Yield Curve, etc. Arrow diagram means be able to trace out steps - M ↑→ i ↓→ I ↑→ D ↑→ P ,Y Equation means be able to write out a related equation NOTE THAT WE HAVE NOT COVERED ALL OF THESE YET. BACKGROUND AND MICRO 1. How do economists measure the value of anything? 2. What determines the price and quantity of any good or service? graph 3. What is opportunity cost and why is there no free lunch? 4. What does the invisible hand mean, and why does it suggest laisser-faire? 5. What are the three questions answered by any economic system and how are they answered under a market-based system 6. What is the difference between capitalism, socialism, communism 7. What is the definition of Microeconomics? Macroeconomics? Economics? CIRCULAR FLOW AND NATIONAL INCOME ACCOUNTS AND OTHER MEASUREMENTS 1. 2 Important punch lines of the Circular flow model 2. What are 5 key points in the definition of GDP? 3. 3 Ways to calculate GDP (Value Added is one) 4. What is the relation between Gross and Net Investment and Depreciation 5. Definition of Real and Nominal GDP 6. How do you calculate real gdp from nominal? formula 7. What is meant by deflating nominal gdp? 8. How do we measure/calculate Unemployment, Labor Force, Employment 9. What are Discouraged Workers and Hidden Unemployment 10. What is the CPI? What is it used for? 11. How is the CPI calculated, roughly? 12. What are shortcomings of the CPI? 13. What is the GDP deflator? 14. What is meant by chained ($2000) GDP?
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