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?