Macroeconomics

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28 Οκτ 2013 (πριν από 3 χρόνια και 11 μήνες)

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CIA 4U1 F09 Final Exam Review Sheet Mr. Raposo

Macroeconomics


Chapter 8: Measures of Economic Activity

• Know what national income accounts are
• Define GDP, GDP per capita, and calculate GDP with the statistical discrepancy
• Demonstrate how GDP avoids double counting and considers only the final value
(not intermediate) of goods and services produced
• What are the 2 views/approaches for calculating GDP?
• What do the acronyms C, I, G, X and M represent and how do they affect GDP?

Chapter 9: Inflation and Unemployment

• Define inflation, deflation and hyperinflation
• What does CPI stand for and how is it measured? How has it changed over the
years (timeline/article/handout)
• Calculate inflation over a given year with CPI provided
• Unemployment: Types of unemployment, definitions and examples
• What is full employment and the natural rate of unemployment?

Chapter 10: Economic Fluctuations

• Define aggregate demand (AD) and understand how increases (decreases) shift
the AD curve
• Define aggregate demand (AS) and understand how increases (decreases) shift the
AS curve
• Correctly label and understand the interaction of AD and AS, the impact on price
levels and output and identify the potential output target level
• Inflationary and recessionary gap identified,
• Draw and label the business cycle, identifying when contractionary and
expansionary fiscal policy is required