Final Exam Study Guide nnMacroeconomicsnncomplete all questions for all modules.nnChapters – 6 -10 12-16, 18nnChapters 6 – 9n

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1. What is GDP?

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2. How does GDP avoid multiple counting and exaggeration of the value of GDP?

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3. What are the things not included in GDP?

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4. Calculate GDP using the expenditure approach.

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5. What is The CPI? What is the biggest problem with the CPI?

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6. What is the difference between NGDP and RGDP?

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7. What is the difference between the CPI and GDP price index?

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8. What are the four phases of the business cycle? Make sure you are able to explain what happens in each phase.

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9. Define and give examples of the types of unemployment?

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10. What is the economic cost of unemployment and how is it measured? What is Okun’s Law?

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11. Define Full employment.

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12. What are the unequal burdens of unemployment?

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13. What is inflation, and how is the rate of inflation measured?

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14. How is the unemployment rate measured?

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15. Compare and contrast demand – pull and cost-push types of inflation

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