2012.4.20._review_points_of_Final_MACECONORe: Review Points of the Final Exam of Principle of Macroeconomics
1. Final exam questions are composed of eight MCQs (20 marks), two required essay questions (each 20 marks; total 40 marks), and two selective essay questions from four questions (each 20 mark...
Re: Review Points of the Final Exam of Principle of Macroeconomics
1. Final exam questions are composed of eight MCQs (20 marks), two required essay questions (each 20 marks; total 40 marks), and two selective essay questions from four questions (each 20 marks; total 40 marks)
2. 66 % of questions chosen from ch 30 to ch 35 and 33% of questions chosen from ch 23 to ch 29.
3. The review points should be all summary parts and the questions for review parts in ch30 - ch35.
4. The revision list for ch 23 – ch29 is as the followings.
Ch 23; What is Gross Domestic Product (GDP) (in the detail explanation)? What are the components of GDP? How is GDP corrected for inflation?
· Ch 24: What is the Consumer Price Index (CPI)? How is it calculated? What are the problems with the CPI? How does the CPI differ from the GDP deflator? How can we use the CPI to compare dollar amounts from different years?
· Ch25: Why does productivity matter for living standards? What determines productivity and its growth rate? How can public policy affect growth and living standards?
· Ch26: What are the three kinds of saving? What’s the difference between saving and investment? How does the financial system coordinate saving and investment?
· Ch28: How is unemployment measured? What is the “natural rate of unemployment”? Why are the employed, the unemployed, and the non-labor force? How is unemployment affected by unions and minimum wage laws? What is the theory of efficiency wages, and how does it help explain unemployment?
· Ch29: What are the functions of money? What is liquidity? How do banks “create money”? How does the Federal Reserve control the money supply?
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