Macroeconomics Midterm Review

Macroeconomics Midterm Review - Changes in NGDP and RGDP...

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Macroeconomics Midterm Review 34 questions 8 true/false (16 points) 20 multiple choice (60 points) 6 short answer (24 points) Topics to review Chapter 1 Normative v. Positive Economics Scarcity and Opportunity Cost Production Possibilities Frontier Chapter 2 Market System Features Command System Features Fundamental Questions - basically how is each answered Circular Flow Diagram Chapter 3 Demand/Supply Determinants Changes in Demand v. Changes in Quantity Demanded Chapter 4 Government Revenues Government Functions (what they entail) Public Goods Chapter 6 Nominal GDP and Real GDP
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Unformatted text preview: Changes in NGDP and RGDP Investment Chapter 7 GDP and what it includes/excludes GDP components Chapter 9 Business Cycle Unemployment types Natural rate of Unemployment/Full Employment Types of Inflation Chapter 10 Movements along the Consumption Schedule v. Shifts The Marginal Propensity to Consume Short Answer Be able to do the calculations that we have been doing in class, on quizzes and in the worked problems This includes GDP, RGDP, NGDP, Price Index, Unemployment, Unemployment Rate(s), Rates of Inflation, and Real Income...
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