Final_Exam_Review_Sheet

Final_Exam_Review_Sheet - Final Exam Review Sheet final is...

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Final Exam Review Sheet – final is cumulative (except for current events) You should study your old exams for the cumulative portion of the exam.  Expect at least   one multiple choice question on Frontline’s “Ten Trillion and Counting”. Ch. 1 What is fiscal policy?  Monetary Policy? Positive versus normative analysis Classical versus Keynesian schools of macro Ch. 2 What is GDP?  GNP? Know expenditure approach to measuring GDP What is value added? National saving is sum of private and government saving CA = NX, CA = S-I Relation between savings and wealth Real versus nominal variables Know how to calculate real GDP, inflation Relation between real and nominal interest rate Ch. 3 Production function, slope of production function, diminishing marginal productivity Supply shocks (productivity shocks) and how they impact the production function Firms choose labor by hiring labor up to the point where real wage equal to marginal 
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Final_Exam_Review_Sheet - Final Exam Review Sheet final is...

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