The Canvas Exam will be held in the basement of Ashby Hall. You can go between 9am and 5pm on Wednesday, Thursday or Friday of this week

  • Make sure you can log on to Canvas
  • Bring a pencil
  • Bring a calculator, but you probably will not need it
  • You are not allowed outside paper

Some materials to study

  • Understand interest rates (real and nominal).
  • Understand the difference between prices & inflation.
  • What is the difference between real, nominal, potential, and actual GDP?
  • What growth rates are we usually interested in and how are they measured?
  • What are the different types of unemployment (i.e., U-3, U-6, frictional, structural, cyclical, natural, and actual) and how that might relate to measures like the labor force participation rate and the employment to population ratio?
  • How are unemployment, inflation, and GDP are related and what role does the government, Fed or FOMC play in managing these relationships?
  • What is the difference between a debt and a deficit? What is a stock variable and what is a flow variable?
  • Who is the Fed or FOMC? What do they do? When do they do it? Why do they do it?
  • How do macroeconomic variables change during recessionary and expansionary periods?
  • What is a recessionary or expansionary period?
  • The relationship between real and nominal wages or prices and why we do these adjustments?
  • What is the difference between production, output, productivity, or GDP?
  • What is the difference between an export, an import, a trade deficit, trade surplus?
  • What is the difference between a government dollar spent and a dollar of government revenue? What is a budget deficit or budget surplus?