pdf - Macroeconomics 2301 Potential questions and study...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Macroeconomics 2301 Potential questions and study guide for exam 2 Any 6 of these questions could be on your exam! 1. GDP is a key concept in Macroeconomics. a. What is the definition of GDP? b. List and explain the 3 different approaches to calculating GDP and explain how they are different. i. List and explain the approaches and how you would use each to calculate GDP. c. List and explain 3 types of transactions that would not be included in GDP and why they should be omitted. i. Look in the notes and find 3 types of transactions that are excluded from the computation of GDP and write them down along with the explanation of each and why they are not included. d. Thoroughly explain the components of GDP and relate those components to the Circular Flow model with government and international trade. i. List and explain the 4 components of GDP ii. Relate each of them to the components of the complete circular flow model that you studied in part 1 of the course. e. Explain the difference between nominal and real GDP, and how to calculate real GDP i. Look in the notes to find this – very straight forward. f. Explain the difference between GDP and Per Capita GDP; explain how to calculate Per Capita GDP, and how Per Capita GDP can be used. i. Should be able to get this from the notes and a bit of research. 2. Economic growth. Two key sources of economic growth have been due to increases in resources and increases in productivity. a. Please discuss 5 factors that might contribute to falling U.S. GDP growth rates into the future, and what we could do to avoid falling GDP growth rates. Provide thorough explanations! b. Please discuss 5 factors that might contribute to rising U.S. GDP growth rates into the future, and what we could do to make that happen. Provide thorough explanations! i. Do a bit of research into our ability to get more resources and the cost associated with getting the hardest to recover bits of resources. ii. What could prevent us from “Engineering our way out of the problem”? 3. The Business Cycle and Built in stabilizers. This study resource was shared via CourseHero.com
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
ii. Include in your discussion how each phase of the business cycle might impact your life.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern