Macroeconomics Study Guide

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					                        Macroeconomics Final Exam Study Guide

1. Review impact of minimum wage laws on employment. P. 224.
2. Equilibrium wage for highly skilled professionals.P.222
3. Strength of labor unions. P. 231,232
4. What is a barter system? P. 243
5. Liquidity P. 258
6. Fiat Money P. 248
7. Fractional Reserve Banking P. 260
8. Characteristics of bonds. We discussed in class at length. See P. 277
9. The Dow Jones Industrial Average. P. 290
10. Mutual Funds vs. stocks. Class discussions. Also see P. 282
11. Components of GDP P. 301,2
12. 2 Ways of measuring GDP P.302,3
13. Phases of the business cycle P P. 311
14. Nominal vs Real GDP P. 304
15. Final goods vs intermediate goods P. 301
16. The Market Basket P. 339
17. Distribution of income in the U.S. P. 349
18. Demand Pull Inflation P. 341
19. Types of unemployment P.331-3
20. Causes of inflation P. 341
21. Social Security P. 367-8
22. Tax structures P. 361
23. Tax withholding P. 366
24. Expansionary fiscal policy P. 389
25. Budget deficit P. 403
26. Supply side economics P. 399
27. Crowding-out effect. P. 406
28. Monetary policy tools – when to use them P. 429
29. Easy money v. tight money P. 431
30. How banks create money P. 425-8
31. Discount rate P. 427
32. Interest rates and the demand for money P. 423
33. Sources of local government revenue P. 379
34. Contractionary fiscal policy P. 390
35. Cost-push inflation P. 341
36. Factors contributing to poverty P. 346
37. Lender of Last Resort P. 421-2
38. 3 macroeconomic goals – we went over this many, many times
39. Entitlements P. 372
40. Federal debt – what is it and how big P. 405

				
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